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Torch Holdings PLC (TRH)

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Tuesday 17 August, 1999

Torch Holdings PLC

Further Re Capacity Offer

TORCH HOLDINGS PLC
17 August 1999


Mandatory Offer for Capacity on Syndicate 877 ('the Syndicate')

Further to the announcement on 20 July 1999, Torch Holdings PLC announces that
its subsidiary, Bates Cunningham Underwriting Limited (the managing agent of
the Syndicate) has extended the offer on behalf of its dedicated vehicle,
Torch Dedicated Corporate Member Limited, to all members of the Syndicate to
acquire all the capacity rights on the Syndicate that Torch Dedicated does not
already own.  The extension is effective from the original closing date of 17
August 1999.  The closing date for the extended offer is 30 September 1999.

The terms and conditions of the extended offer are identical to those
contained in the capacity offer document issued on 19 July 1999.  The offer is
at a price of 0.1p in cash per £1 of capacity.

At the close of business on 13 August 1999 (being the last practicable date
prior to this announcement) cumulative acceptances of the offer had been
received in respect of £1,157,029 of capacity.  This represents 9.68 per cent.
of the £11,952,102 of capacity under offer.

                                                                                                                                            

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