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Orchard Furniture (OFU)

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Friday 07 April, 2000

Orchard Furniture

Placing of New Ordinary Shares & Executive Change

Orchard Furniture PLC
7 April 2000

                         Orchard Furniture PLC

          Placing of new ordinary shares to raise £6.2 million            

                         Appointment of director

Orchard Furniture PLC  ('Orchard') has today placed 310,000,000  new  ordinary
shares at a  price of lp per share, raising £3.1m before expenses. Application
will be made for these shares to be admitted to trading on  AIM, and it  is
expected that dealings in the new ordinary shares will commence on 18 April
2000.  The Company has placed a further 310,000,000 new ordinary shares at lp
subject to shareholder consent. Application will be made for these shares to  be
admitted to trading on AIM.
An Extraordinary General Meeting has been convened for 2 May 2000 at which  a
Resolution  will be proposed to approve the issue of 310,000,000 new  ordinary

It is the intention that existing shareholders will also be given an entitlement
to subscribe for additional shares at lp per share on the basis of 1 new
Ordinary  Share for every 1 Ordinary Share currently held. The record  date for
such entitlement will be 17th April 2000. A circular giving further details will
be sent to shareholders shortly.

Orchard also announces that Mark Wilsher has been appointed to the Board of  the
Company.  Mr Wilsher is Chief Executive of Venture Technologies Limited,  an
independent venture  capital firm specialising in early  stage investments in
companies involved with emerging technologies. He is on the board of  several
technology  companies  in  which  funds he  advises  have  taken major stakes,
including Durlacher Corporation pie. A fund advised by Mr Wilsher has subscribed
for 50,000,000 shares in the placing. In addition, Hugh Gillespie, a director of
the company, has subscribed for 5,000,000 shares in the placing.

Orchard intends to strengthen its Board further by appointing additional
directors with expertise in emerging technologies.

When Orchard's shares were requoted on 25th January, the Directors stated that
it was the intention of the Board to identify suitable investments of a single
acquisition with a view to enhancing shareholder value. Since that time,  a
number of opportunities have been examined. The Board believes that it will be
better  able to take advantage of opportunities available by raising additional
capital.   Following both the placing and the subsequet Open Offer to
shareholders, Orchard will be able to invest selectively, while its ability  to
acquire a business that is considering a flotation will be enhanced.

6 April 2000


Mark Wilsher currently holds, or has held within the last five years,
directorships in the following companies:

Blaze Imaging Limited
Cyberlife Technology Limited
Durlacher Corporation plc
Flying Null Limited
ImagoQA Limited
Venture Consulting Limited
Venture Technologies Limited Limited
Winvista Corporation

Within the last five years
Infemet Limited
JCP Computer Services Limited
Peopledoc Limited
Zoo Corporation Plc

Blaze Imaging Limited is in liquidation. Zoo Corporation was wound up in
1998, within 12 months of Mr. Wilsher's resignation as a director.


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