Board Change

Highcroft Investments PLC
20 June 2002


Highcroft Investments PLC

Board Changes


Further to the 2002 Annual General Meeting held on Wednesday 12 June, and the
announcement dated 13 June 2002, the Highcroft Board is pleased to announce the
following:

The Board has invited John Hewitt to re-join the Board as Senior Independent
Director, and following his agreement his appointment takes effect immediately.
Shareholders will be asked to confirm his appointment at the 2003 Annual General
Meeting.

In addition, an amicable agreement has been reached with Tony Phillips who,
being close to retirement age, would not have wished to accept reappointment.

The Highcroft Board believes that it is now well placed to pursue the strategy,
announced on 14 June, to the benefit of all shareholders.


20 June 2002


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