Warthog PLC
2 March 2001

                         Warthog plc (the 'Company')


 EXERCISE OF OVER-ALLOTMENT OPTION BY NOMINATED ADVISER AND BROKER ('NOMAD')


As outlined in the Prospectus dated 25 January 2001 relating to the Company's
placing and admission to the Alternative Investment Market of the London Stock
Exchange, certain directors and other shareholders of the Company granted to
Beeson Gregory Limited ('Beeson Gregory') as NOMAD, an option, exercisable up
to 2 March 2001, to purchase or procure purchasers for up to 1,744,186
existing ordinary shares of 1p each in the Company ('Ordinary Shares') at 43p
per share (the 'Over-allotment Option'). The Company announces that Beeson
Gregory has today exercised the Over-allotment Option in respect of 1,744,186
Ordinary Shares, which are expected to be delivered to Beeson Gregory on 6
March 2001.


                            DIRECTOR SHAREHOLDING


As a result of the exercise of the Over-allotment Option, the Company was
today informed that the following directors of the Company have disposed of
the following number of Ordinary Shares at 43p per share:

Name of   Number of  Percentage of the Directors'       Percentage interest in
director  Ordinary   Company's issued  interest in the  the Company's issued
          Shares     share capital     Company          share capital following
          disposed   disposed          following        disposal
                                       disposal
Iain      151,699    0.36              1,297,301        3.10
Macdonald
Ashley    277,016    0.66              5,846,584        13.99
Hall
Simon     143,784    0.34              1,229,616        2.94
Elms
Eric Elms 277,016    0.66              2,368,984        5.67




                            HOLDING(S) IN COMPANY


As a result of the exercise of the Over-allotment Option, the Company was
today informed that the following shareholders of the Company have disposed of
the following number of Ordinary Shares:

Name of     Number of  Percentage of the  Interest in   Percentage interest in
shareholder Ordinary   Company's issued   the Company   the Company's issued
            Shares     share capital      following     share capital following
            disposed   disposed           disposal      disposal
Nicholas    262,505    0.63               2,244,895     5.37
Elms
Paul Hughes 116,279    0.28               1,244,521     2.98
Philip      263,824    0.63               2,256,176     5.40
Meller
Derek       166,320    0.40               1,912,680     4.58
Senior


2 March 2001