RNS Number:1379P
FIMBank (UK) Ltd
28 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          28 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 Declared Unconditional in all Respects

On 22 July 2003, the Boards of London Forfaiting and FIMBank (UK) announced a
recommended cash offer for the entire issued and to be issued share capital of
London Forfaiting. The Offer was made by WestLB on behalf of FIMBank (UK) by
means of the Offer Document which was posted on 22 July 2003.

FIMBank (UK) announces that as at 3.00 p.m. (London time) on Wednesday 27 August
2003 valid acceptances of the Offer had been received from the holders of, in
aggregate, 68,234,824 London Forfaiting Shares, representing approximately 65.1
per cent. of the London Forfaiting Shares to which the Offer relates.

Prior to making the Offer, FIMBank (UK) 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. Valid acceptances of the Offer
have been received in respect of all 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.

All conditions to the Offer have now been satisfied or, where permitted, waived.
Accordingly, the Offer is declared unconditional in all respects. The Offer will
remain open for acceptance until further notice.

FIMBank (UK) has entered into new financing arrangements and amended its
existing financing arrangements in order to permit it to declare the Offer
unconditional in all respects at this stage. Further details will be set out in
a circular to London Forfaiting Shareholders.

London Forfaiting Shareholders who have not yet accepted the Offer are urged to
do so as soon as possible.

London Forfaiting Shareholders, holding London Forfaiting Shares in certificated
form, who wish to accept the Offer, and who have not yet done so, 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.

Consideration

Consideration to which any London Forfaiting Shareholder is entitled under or in
consequence of the Offer will be paid within 14 days of today's date in respect
of acceptances received by that date which are valid and complete in all
respects, and within 14 days of the date of receipt in respect of any further
acceptances which are received after today's date and which are valid and
complete in all respects.

De-listing

If FIMBank (UK) receives sufficient further acceptances under the Offer, it is
probable that the listing of London Forfaiting Shares on the Official List will
be cancelled and that such shares will cease to be admitted to trading on the
London Stock Exchange's market for listed securities. A decision in relation to
the de-listing will be made by the Board of Directors of London Forfaiting at
the appropriate time in light of the then prevailing circumstances, when London
Forfaiting Shareholders will be informed of that decision. De-listing would
significantly reduce the liquidity and marketability of any London Forfaiting
Shares not assented to the Offer.

Save as disclosed above, neither FIMBank (UK) nor any person acting, or deemed
to be acting, in concert with FIMBank (UK) held any London Forfaiting Shares (or
rights over any London Forfaiting Shares) prior to the commencement of the Offer
Period nor has any such person since the commencement of the Offer Period
acquired or agreed to acquire any London Forfaiting Shares (or rights over any
London Forfaiting Shares).



Enquiries
FIMBank - Margrith Lutschg-Emmenegger                        +356 23 280 180
WestLB - Ian Soanes                                            020 7020 4000
Bell Pottinger - David Rydell                                  020 7861 3886



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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