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Torch Holdings PLC (TRH)

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Thursday 30 September, 1999

Torch Holdings PLC

Subsidiary Capacity Offer

30 September 1999

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

Torch Holdings PLC announces that its subsidiary, Bates Cunningham
Underwriting Limited (the managing agent of the Syndicate) has made a further
extension to 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 revised closing date of 30 September 1999.
 The closing date for the extended offer is now 4 p.m. on 19 October 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 23 September 1999 (being the last practicable date
prior to this announcement) cumulative acceptances of the offer had been
received in respect of £5,675,947 of capacity.  This represents 47.5 per cent.
of the £11,952,102  of capacity under offer and increases Torch Dedicated's
ownership of capacity to approximately 88.6 per cent. of the overall Syndicate


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