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Minerva PLC (MNR)

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Wednesday 26 January, 2005

Minerva PLC

Statement re Allders

Minerva PLC
26 January 2005



26.01.05

                      ANNOUNCEMENT MINERVA PLC RE: ALLDERS

Minerva plc ("Minerva") confirms that as of 26th January 2005, Allders
Department Stores Limited and Allders Stores Limited ("Allders") have been
placed into administration by their directors.

Minerva is disappointed by the failure of the sales process and the resulting
administration as it has worked very hard in its attempt to secure the future of
Allders as a going concern. Minerva will be cooperating with the administrators
in all respects.

Minerva has been advised that it has no liability for the pension fund deficit
and that any action which may be taken against it by the new pension regulator
is unlikely to succeed. At no time has any director or employee of Minerva had
any involvement with the pension scheme, which has at all times been
administered by independent trustees. Since Minerva acquired its shareholding in
Scarlett Retail Group Limited (the holding company of the Allders group of
companies) the deficit in the pension fund has been significantly reduced.

Enquiries:

Brunswick Group
Susan Gilchrist/Michaela Hopkins +44 (0) 20 7404 5959



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