RFI Reflex Grp

RNS Number:4124E
Reflex Group PLC
30 May 2001



                               REFLEX GROUP PLC

    Proposed Acquisition and Disposal, Suspension of Trading and Proposed
                               Migration to AIM


Reflex Group plc ("Reflex") announces that it has entered into discussions to
sell its operating subsidiary, First Rental Limited, to its management. These
discussions are subject to contract and are conditional, inter alia, on
approval by Reflex shareholders and on completion of the Proposed Acquisition
referred to below.

Reflex also announces that it has entered into discussions which may or may
not result in the acquisition of a new business (the "Proposed Acquisition").
These discussions are subject to contract and are conditional, inter alia, on
completion of the disposal of First Rental Limited and migration to the
Alternative Investment Market of the London Stock Exchange ("AIM").

The Proposed Acquisition is deemed to constitute a reverse takeover under the
Listing Rules of the Irish Stock Exchange and the UK Listing Authority and
under the Irish Takeover Panel Act, 1997 (Takeover) Rules. In accordance with
the Listing Rules, Reflex has requested an immediate suspension of trading in
its shares and this has been granted by the Irish and London Stock Exchanges.

Reflex will request the Irish Stock Exchange and the UK Listing Authority,
conditional on completion of the Proposed Acquisition and Proposed Disposal,
to cancel its listing on the Official Lists as it intends to apply for
admission of its shares to trading on AIM.

As a result of the matters set out above, the listing of Reflex's existing
ordinary shares will remain suspended pending the issue of a circular to the
Reflex shareholders describing the proposed transactions and related matters.

A further announcement will be made in due course.

Enquiries:

Mr Tony Kilduff

Chairman, Reflex Group plc

Tel: + 353 1 660 0213


Mr Des Carville

Davy Corporate Finance

Tel: + 353 1 679 6363

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