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Warthog PLC (WHOG)

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Thursday 18 March, 2004

Warthog PLC

Results of Rights Issue

Warthog PLC
18 March 2004


Not for release, publication or distribution in or into the United States of
America, Canada, the Republic of Ireland, the Republic of South Africa,
Australia, or Japan or their respective territories.


18 March 2004

                                  
                                   WARTHOG PLC
  3 for 2 Rights Issue of 73,562,166 New Ordinary Shares at 2 Pence per Share
                             Result of Rights Issue

The Board of Warthog plc announces that, by 9.30 a.m. on Wednesday, 17 March
2004, the deadline for acceptances under the Rights Issue, valid acceptances had
been received in respect of 45,743,201 new Ordinary Shares, representing
approximately 62 per cent. of the new Ordinary Shares offered by way of rights
at 2 pence per share. This raises an additional £0.9 million for the company.

It is expected that definitive certificates in respect of the new ordinary
shares will be despatched to shareholders by 15 April 2004, with CREST accounts
being credited on 8 April 2004.

Enquiries:

Warthog plc                                               0161 608 1200
Steven Law (Chief Operating Officer)
Simon Elms (Chief Financial Officer)

Merlin                                                    020 7653 6620
David Simonson
Kirsty Black

Acorn Corporate Finance Limited                           0870 122 5420
Harry Dutson






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