Director Shareholding

Highcroft Investments PLC
30 April 2004


                           Highcroft Investments plc

                             Director Shareholding


The board was informed yesterday that 3,700 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              Per cent. of issued
                                                          ordinary share capital
                                   Ordinary Shares

Mr and Mrs DH Kingerlee                     98,900                      1.91%

Kingerlee Settlement Trust                  69,300                      1.34%

Total                                      168,200                      3.25%


Accordingly as a trustee Mr Bowman's non-beneficial interest increases to 86,448
ordinary shares representing 1.67% of the Company's issued ordinary share
capital.


30 April 2004



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