Issue of Equity

Cheerful Scout PLC
14 November 2003



                               Cheerful Scout plc

                                ('the Company')

                              Issue of new equity


The Company announces that it has placed 21,000,000 new ordinary shares at
1.4375p per share to raise £301,875 before expenses for use as additional
working capital.

Application has today been made for the admission of 21,000,000 new ordinary
shares of 0.5p each to trading on the AIM market.

The new ordinary shares will rank pari passu with the existing ordinary shares
of the Company and dealings are expected to commence in the new ordinary shares
on 20 November 2003.




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