Sale of Small Engineering Business

Ascot PLC
31 January 2000


Contacts:     Howard Dyer, Executive Chairman
              Martin Rogers, Finance Director
              Ascot Plc                                   0171 815 0805

              David Bick
              Holborn Public Relations                    0171 929 5599
              [e-mail]

Ascot Plc

Sale of Small Engineering Business

During the course of the past eighteen months, Ascot Plc ('Ascot') has
acquired the Haltermann Group, making Ascot the world's largest independent
chemical custom processor, and ChiroTech, a world leading chiral technology
company.  Following the successful integration of these acquisitions, the
Board of Ascot decided to concentrate the Group's future activities on the
chemicals sector as announced on 17 November 1999.  Two separate divisions
have been formed - Ascot Fine Chemicals and Ascot Speciality Chemicals - to
focus the Group's chemical assets in the most appropriate way.

As a result of this decision, the Group will divest of its four small
engineering businesses - Floform, WDS, Peter Stubs and Mitchell Cotts
Transmissions.  John Grant, Chief Executive, has expressed an interest in
pursuing a management buy-out of these four businesses and will be leaving the
Group with effect from the middle of the year.  In the meantime, he will
relinquish his day to day responsibilities within the Group whilst he
formulates his offer.

These divestments and more non-core assets which will be divested of over the
next 18 months are in total expected to raise £150 million.  This will enhance
the Group's financial ability to look for acquisitions to complement both the
Fine Chemicals and Speciality Chemicals interests, and to grow both businesses
organically.

Chairman, Howard Dyer commented:-

'We believe that there are opportunities to continue to build upon our world
leading chemical businesses through organic growth and acquisitions.  The
focusing of financial and management resources will enable us to benefit from
developments in both the chemical and pharmaceutical markets.'