RNS Number:8923I
Lombard Medical PLC
18 March 2003

For immediate release

18 March 2003



                              Lombard Medical plc


              Statement re funding and annual report and accounts


In its strategy update announced on 22 January 2003, Lombard Medical plc 
("Lombard Medical" or the "Company") stated that it was in the process of
evaluating funding options to fulfil its stated strategy and to secure success.
The board of directors of the Company (the "Board") has not been able to raise
additional equity funding to fulfil its stated strategy and to secure its future
as a stand-alone AIM quoted entity and does not expect to be able to do so given
the general market conditions and the stage of the Company's development.  The
Board believes that without additional equity being raised, the Company's
bankers will not be prepared to increase or extend the Company's current banking
facilities which remain repayable on demand.



Pursuant to Rule 2.4 of the City Code on Takeovers and Mergers, the Board is in
advanced talks that may or may not result in an offer being made for the entire
issued share capital of the Company.  No formal offer for the Company has been
made or received at this time.  The Company's bankers have indicated that they
would not expect to call for repayment of the current facility whilst these
talks, that may or may not lead to an offer for the Company, are ongoing.



The talks are with a vehicle, backed by financial investors, and which may
include Mr Alistair Taylor, Mr Stephen Terry and Mr John Kerslake, who are all
existing directors of Lombard Medical.  Accordingly Messrs Taylor, Terry and
Kerslake have each agreed not to opine on the value or nature of any offer that
may or may not be made for Lombard Medical pursuant to these talks. In addition,
Mr Alfred Elbrick, Professor Martin Rothman and Dr Bill Potter, who are all
non-executive directors of Lombard Medical, are associated with one of the
proposed equity funders of the offer vehicle and, therefore, they have also
agreed not to opine on the value or nature of any offer that may or may not be
made for Lombard Medical pursuant to these talks.  As a result, an independent
committee of directors of Lombard Medical has been established for the purposes
of considering any offer that may or may not be made for Lombard Medical
pursuant to these talks.  This independent committee of directors comprises
Christopher Stainforth and Nigel Gray, both existing non-executive directors of
the Company ("Independent Board") who will be so advised by Nabarro Wells & Co
Limited as Rule 3 adviser.



In light of the Company's current financial condition, the Independent Board
believes that any offer that may be made pursuant to these talks is unlikely to
be at a significant premium to the Company's current share price but that it is
likely to consider favourably an appropriate offer for the Company subject to
its formal posting to shareholders.



The Board believes that the making of an offer pursuant to these talks prior to
31 March 2003 should allow the Company to post its report and accounts for the
year ended 30 September 2002 to shareholders by close of business on 31 March
2003.  Pending the terms of the offer, the accounts may be on a qualified basis.



Shareholders will be kept informed of any relevant developments.



Enquiries:



Christopher Stainforth                 020 7459 3600
Chairman of the Independent Board
Lombard Medical plc



Simon Hirst/Richard Swindells          020 7459 3600
Durlacher Limited
Nominated Adviser to Lombard Medical


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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