Related Party Transaction

Judges Capital PLC
28 January 2003



For Immediate Release                                28 January 2003



                             Judges Capital plc

                           Related Party Transaction

The Directors of Judges Capital plc ('Judges Capital' or the 'Company') announce
that the Company yesterday acquired 75,000 Ordinary shares in Lionheart PLC 
('Lionheart') from David Cicurel (Investments) Limited ('DCI'), representing 
1.04% of the issued share capital of Lionheart.  The shares were acquired at a 
price of  £1.2973 per share, for a total cash consideration of £97,299, which
represents a no loss no gain basis for DCI.

The Company also made a market purchase of 200,000 Ordinary shares in Lionheart
at £1.34 per share for a total consideration of  £268,000.  This purchase,
together with the shares acquired for DCI, takes the Company's total interest in
Lionheart to 275,000 Ordinary shares representing 3.81% of the issued share
capital of Lionheart.

Since the disposal in November 1999 of the Croydex Company Limited and its
subsidiary companies, Lionheart has had no trading businesses and its only
material asset has been its cash on deposit.  As at the 31 December 2002,
Lionheart had cash resources of approximately £11.6 million.

David Cicurel, Chief Executive of Judges Capital, has an interest in DCI and
consequently the acquisition of the shares in Lionheart from DCI is a related
party transaction.  The Board of Judges Capital, excluding David Cicurel, have
consulted with Dawnay, Day Corporate Finance Limited, nominated adviser to
Judges Capital, and believe that the terms of the acquisition are fair and
reasonable insofar as Judges Capital shareholders are concerned.




                                      Ends





For further information please contact:

Judges Capital

Alex Hambro, Chairman            Tel:  [phone]
David Cicurel, Chief Executive   Tel:  [phone]       Mobile: [phone]


Dawnay Day, Corporate Finance

Gerald Raingold                  Tel:  [phone]       Mobile: [phone]
Sandy Jamieson                   Tel:  [phone]       Mobile: [phone]


CardewChancery

Melvyn Marckus                   Tel:  [phone]       Pager: 07659 104 878
Tim Robertson                    Tel:  [phone]       Pager: 07693 286 493



Note to Editors:


  • Judges Capital is a new company established to invest in a small number of
    quoted companies where the Directors believe an opportunity exists to
    increase shareholder value and where the size of Judges Capital's stake will
    enable it to influence the target to pursue this opportunity.

  • Judges Capital was floated on the Alternative Investment Market earlier
    this month.

Dawnay, Day Corporate Finance Limited ('Dawnay Day'), which is regulated by the
Financial Services Authority, is acting exclusively for Judges Capital as
nominated adviser to the Company  and not for any other person.  Dawnay Day will
not be responsible to any other person other than Judges Capital for providing
the protections afforded to customers of Dawnay Day or for advising any such
person in connection with this transaction.





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