Result of Equity Issue

Stanelco PLC
09 February 2004


NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF
IRELAND, JAPAN OR SOUTH AFRICA


                         STANELCO PLC ('the Company')

                          RESULTS OF RIGHTS ISSUE


The Company announces that the 1 for 12 rights issue of 58,527,479 New Ordinary Shares of 0.1p at 3 pence per share, as 
detailed in the Prospectus published by the Company on 15 January 2004 and in the announcement made on 15 January 2004, 
closed at 10:30 a.m. on 6 February 2004.

Valid acceptances have been received in respect of 28,060,068 New Ordinary Shares from Qualifying Shareholders, which 
represents a take-up of approximately 47.94 per cent.

The balance of the New Ordinary Shares which were not taken up, being 30,467,411 New Ordinary Shares, has been placed 
with institutional investors at a price of 4.90 pence per share (Net of expenses) representing a premium of 1.9 pence 
per share.

Non-participating shareholders will be sent a cheque for their share of the premium over the Rights Issue Price and the 
related expenses of procuring those investors including commissions and amounts in respect of value added tax, save that
amounts of less than £3 will be retained for the benefit of the Company. Fractional entitlements to New Ordinary Shares 
have been sold in the market for the benefit of the Company as part of the placing referred to above.

It is expected that definitive share certificates in respect of the New Ordinary Shares will be despatched by 13 
February 2004. New Ordinary Shares are being credited to CREST accounts today.


Directors' shareholdings

In accordance with the intentions stated in the Prospectus, the figure for valid acceptances noted above includes 
352,083 New Ordinary Shares subscribed for by Philip Lovegrove taking up his rights.

Following the Rights Issue, and as notified to the Company today by each of the Directors, the shareholdings of the 
Directors (and their associates) are as follows:


Director            No. of shares        Resultant holding       % of issued
                      subscribed                                  share capital

Philip Lovegrove      352,083              4,577,083               0.60%

Barrie Hozier            Nil              13,333,333               1.75%


Following the rights issue of 58,527,479 Ordinary 0.1p shares the total number of shares in issue will be 760,857,229 
Ordinary 0.1p shares.

Definitions used in the Prospectus dated 15 January 2004 and the announcement made on 15 January 2004 shall have the 
same meanings when used in this announcement, unless the context requires otherwise.


For further information please contact:


Robert Duggan
Company Secretary
01489 570991

James Harrison
Fiske Plc
020 7448 4700



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