AVI Avisen

RNS Number:9883D
Availeon PLC
19 January 2000


Restoration of Listing
Proposed Fundraising
Appointment of New Directors

Availeon PLC, the contract catering group, announces that it has today
requested the London Stock Exchange to restore the Listing of the Company's
Ordinary Shares on the Official List following termination of the discussions
for an acquisition which was announced on 22nd September 1999 and which, had
it been completed, would have amounted to a reverse takeover.  It has not
proved possible to agree satisfactory terms with the vendors on that
acquisition.

The Listing is expected to be restored on Wednesday 19th January 2000.

Availeon now has the opportunity of significantly increasing its business,
both by organic growth and by the acquisition of catering and events
businesses.  However, in order to do so within a reasonable timeframe and to
participate in larger contract tendering arrangements, Availeon needs to
improve its working capital and strengthen its balance sheet.  Accordingly,
the Company announces that it proposes to raise approximately #1.3 million,
before expenses, by way of a placing and open offer of Ordinary Shares.  It is
proposed that the new Ordinary Shares will be placed at 2.5p per share by
Ellis & Partners, subject to the rights of shareholders under the Open Offer.

The Company also pleased to announce the appointment, with immediate effect,
of two new operations directors who have the experience to assist the Company
in developing its new business opportunities.  These new directors are:

Chris Miller, aged 38, who joins the Group from Mosimanns Limited, where he
was general manager for Anton Mosimanns Party Service division.  He will be
Managing Director of the Group's Leisure and Events division.

Michael Audis, aged 46, who joins the Group after 25 years with Gardner
Merchant Limited, most recently as managing director - business and industry
south.  He will be Managing Director of the Group's Catering Management and
Business Development division.

The Company intends to appoint a new non-executive chairman and expects to be
in a position to confirm the appointment at the time of issuing its circular
to shareholders in relation to the placing and open offer.

A circular, which will include the Company's interim results for the six
months ended 30th September 1999 is intended to be issued to shareholders
shortly.



END
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