AVI Avisen

RNS Number:6553E
Availeon PLC
31 January 2000

Placing and Open Offer to raise approximately #1.3 million.
Appointment of New Chairman



Availeon PLC ("the Company"), whose activities are now focused on contract
catering, announces that it proposes to raise approximately #1.5 million, after
expenses, by way of a Placing and Open Offer of approximately 42.3 million new
Ordinary Shares at 3.0 pence per share. The new Ordinary Shares have been placed
by Ellis & Partners at 3.0p per share subject to the entitlements of qualifying
shareholders to acquire approximately 38.8 million of such shares at 3.0p per
share pursuant to the proposed 1 for 4 Open Offer.

The Placing and Open Offer has been underwritten by Ellis & Partners save in
respect of 3,007,409 new Ordinary Shares which the directors of the Company have
irrevocably undertaken to take up.

A circular, comprising listing particulars, giving full information regarding
the Placing and Open Offer and dealing with certain other matters will be sent
to shareholders shortly. The circular will include a Notice convening an
Extraordinary General Meeting at which resolutions will be proposed, inter alia,
to approve and implement the Placing and Open Offer.

The Company is also making application for 45 million Ordinary Shares arising
from the conversion of its Convertible Unsecured Loan Stock to be admitted to
the Official List. Dealings in these shares are expected to commence on 3rd
February 2000.

The Company is also pleased to announce the appointment of Jeremy Long as its
Non-executive Chairman. Jeremy Long, who is aged 46, is currently deputy
chairman and chief executive of GB Railways Group PLC and has been involved in a
number of leisure and hospitality businesses.


END



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