Director Shareholding

Highcroft Investments PLC
16 October 2003



                     Highcroft Investments plc ('the Company')



The board was informed yesterday that 5,000 Highcroft ordinary shares were
transferred to the JM Kingerlee Settlement Trust on 14 October 2003, of which
the children of Mr David Kingerlee, an Executive Director, are beneficiaries.



Mr Kingerlee and Mr David Bowman, Finance Director, are both trustees to the JM
Kingerlee Settlement Trust.



Following this transfer Mr Kingerlee's interest in the Company's ordinary share
capital increases and is registered in the following names:


                          Number of Ordinary Shares      Per cent. of issued ordinary share
                                                         capital
Mr and Mrs DH Kingerlee                      98,900                       1.9%
Kingerlee Settlement Trust                   65,600                       1.3%

Total                                       164,500                       3.2%



Accordingly as a trustee Mr Bowman's non-beneficial interest increases to 82,748
ordinary shares representing 1.6% of the Company's issued ordinary share
capital.



16 October 2003




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