AGM and EGM Statement

Guinness Peat Group PLC
2 June 2000


                    Guinness Peat Group plc
                               
                               
     Results of AGM and EGM and Effecting of Share Buyback
                               
Guinness  Peat Group plc ('GPG') announces that at its  Annual
General  Meeting  ('AGM')  and Extraordinary  General  Meeting
('EGM')  held this morning all resolutions put to the meetings
were approved by shareholders.

At  the AGM the retirement of Maurice Loomes as a Director  of
the  Company was confirmed.  Maurice had worked with the Group
since  the early 1990s and was appointed a Director  in  1996.
The meeting joined with the Board in wishing him well.

A the EGM a special resolution was duly passed authorising GPG
to  repurchase  its own shares pursuant to  the  contract  for
repurchase  produced  to the meeting (the 'Buyback  Contract')
from the persons set out in the schedule to such contract.

Pursuant to the Buyback Contract, GPG has agreed to repurchase
a  total of 38,625,036 Ordinary Shares at a price of 50  pence
per share in respect of which it will issue an equal number of
Convertible  Loan Notes as described in the document  relating
to the Buyback Offer dated 18 April 2000.

GPG  also announces that the listing condition set out in  the
Buyback Offer document has been satisfied in that satisfactory
evidence  of quotation has been received from the New  Zealand
Stock  Exchange (formal confirmation in respect of the  London
and  Australian  Stock Exchanges remains  outstanding  but  is
expected  shortly). It is therefore anticipated that  dealings
will commence in the Convertible Loan Notes on 6 June 2000.

                              
Enquiries:

Guinness Peat Group plc                         020 7236 0336
Richard Russell, Company Secretary

Square Mile Communications                      020 7601 1000
Susan Ellis