AGM Statement

Magnum Power PLC
21 March 2003

Magnum Power PLC ('the Company')



At its AGM today, Magnum Power PLC announced that, following the disposal of its
operating subsidiaries in January 2003, it is now in negotiation with a group of
investors with a view to their investment of funds to recapitalise the Company
and enable it to pursue development alternatives.



21st March 2003






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