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Orchard Furniture (OFU)

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Thursday 09 August, 2001

Orchard Furniture

Result of Open Offer

Orchard Furniture PLC
9 August 2001


9 August 2001

Orchard Furniture plc ('Orchard' or the 'Company')

Result of Open Offer

On 16 July 2001, Orchard announced a placing of 8,847,772 new ordinary shares
of 20p each ('new Ordinary Shares') at an issue price of 153 per share ('Issue
Price'), incorporating an open offer of 3,579,241 new Ordinary Shares ('Open
Offer Shares') on the basis of 1 Open Offer Share for every 600 existing
Ordinary Shares ('Open Offer').


The Company announces that the Open Offer closed at 3.00pm on 8 August 2001
and that valid applications had been received at that time for 1,287,956 Open
Offer Shares, representing approximately 36 per cent. of the Open Offer
Shares.


The Company obtained an irrevocable undertaking not to take up his entitlement
under the Open Offer from Richard Armstrong in respect of 137,858 Open Offer
Shares. The number of valid applications for Open Offer Shares therefore
represents approximately 37 per cent. of the Open Offer Shares which were
capable of being taken up by qualifying shareholders.


The remaining 2,291,285 Open Offer Shares not taken up by qualifying
shareholders under the Open Offer, together with the 137,858 Open Offer Shares
in respect of which the above irrevocable undertaking was obtained, have been
conditionally placed by Investec Henderson Crosthwaite at the Issue Price.


The Open Offer remains conditional upon shareholder approval which is being
sought at an extraordinary general meeting to be held tomorrow, Friday 10
August 2001, and upon admission of the new Ordinary Shares to trading on the
Alternative Investment Market, which is expected to take place on 15 August
2001.


Enquiries:

Orchard Furniture plc/Fiske plc                                020 7448 4700

Richard Armstrong, Director


Investec Henderson Crosthwaite                                 020 7597 5970

Jagjit Mundi, Managing Director of Corporate Finance


Bell Pottinger Communications                                  020 7353 9203

Wendy Timmons

Jonathan Brill


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