RNS Number:2058P
London Forfaiting Company PLC
29 August 2003


29 August 2003


                 London Forfaiting Company PLC (the "Company")

             Update on wholly unconditional offer from FIMBank (UK)


The following text is extracted from a letter which will shortly be sent to
London Forfaiting Shareholders by the Board of London Forfaiting, containing
details in respect of FIMBank (UK)'s wholly unconditional offer, and certain
Board changes which have been made with immediate effect:

On 28 August, FIMBank (UK) announced that as at 3.00 p.m. (London time) on 27
August 2003 valid acceptances of the recommended cash offer made by WestLB on
behalf of FIMBank (UK) for the entire issued and to be issued share capital of
London Forfaiting (the "FIMBank 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 FIMBank Offer
relates.

FIMBank (UK) also announced on that date that the FIMBank Offer had been
declared unconditional in all respects.

FIMBank (UK) has, therefore, acquired 65.1 per cent. of the London Forfaiting
Shares to which the FIMBank Offer relates.

On 15 August 2003, Resurge plc announced its intention to make an offer for
London Forfaiting. Resurge plc has today announced that it is no longer
proceeding with an offer for London Forfaiting.  London Forfaiting Shareholders
will not now receive any further correspondence from Resurge plc and there is no
further action they need to take in respect of previous correspondence from
Resurge plc.

In accordance with the arrangements set out in Appendix IV paragraph 6(b) of
FIMBank's offer document dated 22 July 2003 the directors of London Forfaiting
have today resigned from the Board of London Forfaiting. The Board has
instructed Kinmont, which has given financial advice to London Forfaiting in the
context of the FIMBank Offer, to monitor the outstanding obligations of FIMBank
(UK) in the context of the FIMBank Offer. Shareholders with outstanding queries
in relation to the offer should contact Capita IRG on telephone number 0870 162
3100.

Najeeb H.M., Al-Saleh, Claude L. Roy and Margrith Lutschg-Emmenegger have been
elected Directors with immediate effect.

London Forfaiting Shareholders should note FIMBank (UK)'s intention to seek
cancellation of the listing of London Forfaiting Shares on the Official List and
the cancellation of trading in London Forfaiting Shares on the London Stock
Exchange and the fact that this would significantly reduce the marketability of
any London Forfaiting Shares not assented to the offer. The Directors of London
Forfaiting urge London Forfaiting Shareholders who have not already accepted the
FIMBank Offer do so as soon as possible, as they have done in respect of all of
the London Forfaiting Shares in which they are interested.


Yours sincerely


Jack Wilson
Chairman

Terms used in this announcement shall have the meaning given to them in the
FIMBank (UK) offer document, save where the context requires otherwise.


Enquiries

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.



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