8 January 2004

                             Microcap Equities Plc                             

                         (`Microcap' or the Company')                          

Microcap Equities Plc announces that, on 16 December 2003, Hoodless Brennan &
Partners Plc resigned as broker to the Company with immediate effect.

Microcap will seek a replacement broker over the coming days and shareholders
will be kept fully informed of any progress as and when it occurs.

For Further Information:

Adam Reynolds                                                     0207 245 1100
                                                                               
Hansard Communications                                                         



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