Corporate Action

Pennant International Group PLC
25 February 2002

CAPITAL REORGANISATION
SECURITY TITLE
*Ord Shs 
MNEMONIC CODE   *PEN
SEDOL CODE      *257-066
TERMS           *To Subdivide each existing Ordinary Share of 20p into 1 New
                 Ordinary Share of 5p and 1 Deferred Share of 15p
PROVISIONAL EFFECTIVE DATE *08-03-02
NOTES * The effective date for the Capital Reorganisation is subject to approval at the EGM.











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