RNS Number:3961U
ICE SAS
19 January 2004

                                                        FORM SAR 3


                                       Date of disclosure 19 JANUARY 2004

                 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of acquisition 16 JANUARY 2004

Acquisition in THE INNOVATION GROUP PLC (name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares acquired      acquired, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ORDINARY SHARES OF 2P     9,000,000.......shares    SEE BELOW (*)
    EACH                      ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    -                         64,700,000  (15.4%)       (15.4%)


(3) Party making disclosure ICE SAS

(4)  (a)  Name of person acquiring shares or rights over shares     ICE SAS
          and, if different, beneficial owner     CANTOR FITZGERALD EUROPE

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)............................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory) ROBERT J.H. BONNIER

Telephone and extension number +447769592533

(*)  ICE SAS ("ICE") has an agreement with Cantor Fitzgerald Europe ("CFE"), 
     which is the legal owner of the entire 64,700,000 shares in The Innovation 
     Group plc to which this notice relates (the "Shares"), pursuant to which 
     ICE may:

(i)  purchase from CFE the legal and beneficial interest in the Shares;

(ii) until ICE either purchases the Shares of the CFD to which the Shares relate 
     is closed, whichever is the earlier, require CFE to exercises the voting 
     rights attaching to the Shares in accordance with ICE's instructions.


Note 1. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person.  Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

Note 2: The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: monitoring@disclosure.org.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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