RNS Number:5241O
FIMBank (UK) Ltd
11 August 2003

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN




FOR IMMEDIATE RELEASE          11 August 2003


                             Recommended cash offer

                                   by WestLB
                       on behalf of FIMBank (UK) Limited

                          a wholly owned subsidiary of

                    First International Merchant Bank p.l.c.

                       for London Forfaiting Company Plc



                                  Offer Update


FIMBank (UK) announces that as at 5 p.m. on 8 August 2003, it had received valid
acceptances of the Offer or irrevocable undertakings to accept the Offer (in
respect of London Forfaiting Shares for which acceptances have not yet been
received) from the holders of, in aggregate, 54,281,118 London Forfaiting
Shares, representing approximately 51.8 per cent. of the issued share capital of
London Forfaiting.


Valid acceptances of the Offer have been received from the holders of, in
aggregate, 44,328,376 London Forfaiting Shares, representing approximately 42.3
per cent. of the issued share capital of London Forfaiting. Prior to making the
Offer, FIMBank had received irrevocable undertakings to accept (or procure the
acceptance of) the Offer in respect of, in aggregate, 38,970,897 London
Forfaiting Shares, representing approximately 37.2 per cent. of the issued share
capital of London Forfaiting. The terms of these irrevocable undertakings are
detailed in the Offer Document. Valid acceptances of the Offer have been
received in respect of 29,018,155 of the London Forfaiting Shares which were the
subject of such irrevocable undertakings and are included in the total number of
valid acceptances referred to above.


Since 30 September 2002, when the directors of London Forfaiting invited offers
for the company, there have been no other offers. The cash Offer from FIMBank is
the only offer available to London Forfaiting Shareholders. It represents full
and fair value and has the unanimous recommendation of the Directors of London
Forfaiting. The Offer will remain open for acceptance until 3.00 p.m. on Tuesday
12 August, 2003. London Forfaiting Shareholders who have not yet accepted the
Offer are urged to do so as soon as possible but, in any event, so that their
acceptances are received not later than 3.00p.m. on Tuesday 12 August, 2003.


FIMBank (UK) also announces that it has received clearance for the Offer from
the Malta Financial Services Authority and that, accordingly, the condition of
the Offer relating to its approval is satisfied.


London Forfaiting Shareholders, holding London Forfaiting Shares in certificated
form, who wish to accept the Offer should complete the Form of Acceptance
enclosed with the Offer Document and return it, together with supporting
documents, to the receiving agents to the Offer, Capita IRG Plc, at Corporate
Actions, PO Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH as
soon as possible. Additional Forms of Acceptance are available from Capita IRG
Plc, by telephoning 0870 162 3100 (if calling from within the UK) or +44 20 8639
2157 (if calling from outside the UK). London Forfaiting Shareholders, who hold
their London Forfaiting Shares in uncertificated form, wishing to accept the
Offer should do so using the procedure set out in the Offer Document.


Save as disclosed in this announcement or in the Offer Document, neither
FIMBank, FIMBank (UK) nor any persons acting or deemed to be acting in concert
with them, held any London Forfaiting Shares (or rights over any London
Forfaiting Shares) prior to the Offer Period and neither FIMBank, FIMBank (UK)
nor persons acting or deemed to be acting in concert with them have acquired or
agreed to acquire any London Forfaiting Shares (or rights over any London
Forfaiting Shares) since the commencement of the Offer Period.


Terms used in this announcement shall have the meaning given to them in the
Offer Document, save where the context requires otherwise.


Enquiries

FIMBank - Margrith Lutschg-Emmenegger                          +356 23 280 180
WestLB - Ian Soanes                                            020 7020 4000




This announcement does not constitute an offer or invitation to purchase any
securities or a solicitation of an offer to buy any securities pursuant to the
Offer or otherwise. The full terms and conditions of the Offer (including
details of how the Offer may be accepted) are set out in the Offer Document and
the Form of Acceptance.


WestLB, authorised and regulated in the United Kingdom by the FSA, is acting
exclusively for FIMBank and FIMBank (UK) as financial adviser (within the
meaning of the Rules of the FSA) and for no one else in connection with the
Offer and will not be responsible to anyone other than FIMBank and FIMBank (UK)
for providing the protections afforded to its customers or for providing advice
in relation to the Offer.


Dawnay, Day, authorised and regulated in the United Kingdom by the FSA, is
acting exclusively for FIMBank and FIMBank (UK) as financial adviser (within the
meaning of the Rules of the FSA) and for no one else in connection with the
Offer and will not be responsible to anyone other than FIMBank and FIMBank (UK)
for providing the protections afforded to its customers or for providing advice
in relation to the Offer.


The Offer will not be made, directly or indirectly, in, into or from or by the
use of the mails or any means of instrumentality (including without limitation,
facsimile transmission, telex, telephone or internet) of the United States, or
in, into or from Canada, Australia or Japan or any other jurisdiction if to do
so would constitute a violation of the relevant laws of such jurisdiction.
Accordingly, copies of this announcement are not being, and must not be, mailed
or otherwise distributed or sent in or into or from the United States, Canada,
Australia or Japan. Persons receiving this announcement (including without
limitation custodians, nominees and trustees) must not distribute or send it in,
or into or from the United States, Australia, Canada or Japan.



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