RNS Number:3454O
London Forfaiting Company PLC
05 August 2003


Not for release, publication or distribution in or into the United States of
America, Australia or Canada

5 August 2003


                 London Forfaiting Company PLC (the "Company")

                          Update on Offer discussions

On 22 July 2003, FIMBank (UK) Limited announced a recommended offer of 29.5p in
cash for the entire issued and to be issued share capital of the Company.

The Company confirms it has received an approach from Resurge PLC with a view to
a potential competing offer for the Company.

At this stage, there is no certainty that an alternative offer will be made for
the Company by Resurge PLC. Accordingly, the Board continues to recommend
acceptance of the offer made by FIMBank on 22 July 2003. The first closing date
for the Offer from FIMBank is 3.00pm on 12 August 2003.

In the event that Resurge PLC indicates a firm intention to make an offer for
the Company, the Board will re-assess its recommendation in the prevailing
circumstances.


A further announcement will be made as soon as Resurge PLC clarifies its
intentions.


Shareholders who are in any doubt about the action they should take should
consult immediately their stockbroker, bank manager, solicitor, accountant or
other independent financial advisor authorised under the Financial Services and
Markets Act 2000.


Contacts:


London Forfaiting

Jack Wilson / Stathis Papoutes                          020 7481 3410


Kinmont

Gavin Kelly / Fraser Shand                              020 7493 8488


Hogarth Partnership

Nick Denton / Andrew Jaques                             020 7357 9477



Terms defined in the announcement of the offer for the Company by FIMBank bear
the same meaning when used in this announcement.


In relation to matters set out herein and all matters related thereto, Kinmont
Limited ("Kinmont") and Intelli Corporate Finance Limited ("ICF"), who are
authorised and regulated;- the United Kingdom by the Financial Services
Authority are acting as financial advisors to the company and will not regard
any person other than the Company as their customer or be responsible to anyone
other than the company for providing the protections afforded to customers of
Kinmont and/or ICF, or advice in relation to matters set out herein or the
preparation and distribution of this document and all matters related thereto.


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