Exercise of Warrants

Foreign & Colonial U.S. Smaller Companies PLC 6 December 1999 EXERCISE OF WARRANTS 109 warrantholders exercised their right to subscribe for ordinary shares on 30th November 1999. This resulted in the allotment of 46,392 ordinary shares of 25p ranking pari passu with the existing ordinary shares in issue. The number of issued ordinary shares outstanding is now therefore 35,772,883 and the number of warrants has decreased to 4,342,484 accordingly.
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