AGM Statement

Dinkie Heel PLC 7 June 2002 At the Annual General Meeting of Dinkie Heel plc held today the Chairman, Mr Richard Organ, said that the business is generally proceeding according to plan. Davies Odell continues successfully to develop its body armour and matting businesses and increased resources have been made available to facilitate their development. The footwear side of the division continues to decline but remains profitable given the particular markets that it supplies. The reorganisation of the Dinkie-Phillips business is progressing to plan. This implies that the toe cap business will continue to be loss making while production is run down in Bristol and transferred to Botswana. Production of Phillips rubber products in South Africa is now greatly improved but the Company has temporarily had to incur high carriage costs in order to maintain continuity of supply. The continuing reorganisation of Dinkie-Phillips will have significant exceptional costs associated with it during this year. At the same time completion of the sale of the Manchester premises is expected later today, realising a book profit for the Company in excess of £500,000. At the same time completion of the sale of the Manchester premises, for which contracts have been exchanged, is expected to be achieved at a value considerably in excess of its book value. The Company also announces that all resolutions proposed to shareholders at the Annual General Meeting were duly passed. This information is provided by RNS The company news service from the London Stock Exchange

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