RNS Number:7486O
London Forfaiting Company PLC
15 August 2003

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


15th August 2003



                 London Forfaiting Company PLC (the "Company")

                          Update on Offer discussions



The Board of the Company notes the statement by Resurge PLC dated 15th August
2003 announcing an all share offer of 3.43 New Resurge Shares for each London
Forfaiting share. On the basis of the closing price of Resurge PLC's shares as
at 14th August 2003 (10.75p) the Resurge PLC offer would value each London
Forfaiting share at 36.87 pence.

As at the present time Resurge PLC are offering no cash alternative to London
Forfaiting shareholders.

Resurge PLC have also today announced a proposed placing of up to #20 million of
New Resurge Shares. Currently #5 million of that placing is committed. Resurge
PLC are, at today's date a smaller company than London Forfaiting. Resurge PLC
disclosed net assets as at 30th April 2003 of approximately #5 million. Clearly
the Board and shareholders would need to reflect, inter alia, on the financing
of the enlarged business and on whether the levels of profitability which
Resurge PLC envisage for the enlarged entity would, on a sensible price earnings
ratio, be capable of sustaining an equivalent share price in excess of the level
of FIMBank's cash Offer of 29.5 pence.

The Board will review the terms of the Resurge PLC offer with its advisers and
revert to shareholders with a further statement as soon as possible.

Shareholders are reminded that the revised closing date for the Offer from
FIMBank is 3.00pm on 19th August 2003.

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                                020 7481 3410
Jack Wilson / Stathis Papoutes

Kinmont                                          020 7493 8488
Gavin Kelly / Fraser Shand

Hogarth Partnership                              020 7357 9477
Nick Denton / Andrew Jaques





Terms defined in the announcement of the offers for the Company by FIMBank and
Resurge PLC 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 in 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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