Issue of Equity - Replacement

PipeHawk PLC
29 January 2003

The Company announces that the following amendment has been made to the 'Issue
of Equity' announcement released on Friday 24 January at 9:00am under RNS number
5589G.

The percentage shareholding of Jubilee in PipeHawk following the share exchange
transaction detailed in the final sentence of the penultimate paragraph should
have read '11.2%' rather than '1.8%'.  All other details remain unchanged. The
full corrected version is shown below.


PipeHawk plc ('PipeHawk' or the 'Company')



Share Exchange



PipeHawk announces that it has participated in the placing ('Placing') recently
completed by Jubilee Investment Trust PLC ('Jubilee').  Jubilee is a new
investment trust which has been set up to invest in securities traded on a range
of public markets, primarily in the United Kingdom.  Jubilee's principal
strategic objective is to generate capital appreciation in the medium and long
term through investment in a broadly diversified portfolio of securities, which
it believes have potential but are being neglected by investors in current
market conditions.

Jubilee raised £13,484,039 in qualifying securities pursuant to the Placing, and
was admitted to the Official List of the United Kingdom Listing Authority and to
trading on the London Stock Exchange's market for listed securities today.



Under the terms of the Placing, PipeHawk subscribed for 328,919 ordinary shares
in Jubilee ('Jubilee Shares') at a price of 100p per share, which was settled by
the issue to Jubilee of 2,268,408 new ordinary shares of PipeHawk at a price of
14.5p.  Application has been made for these shares to be traded on AIM and
admission is expected to become effective on 29 January 2003.  Jubilee's holding
in PipeHawk will represent approximately 11.2% of PipeHawk's issued share
capital following the issue of the new shares.



PipeHawk has agreed not to dispose of any part of its holding of Jubilee shares
for a period of three months from Admission and has further agreed to be limited
to selling a maximum of 10% of its initial holding of Jubilee shares in each
month thereafter.





For further information, please contact:



Gordon Watt, PipeHawk, 01420 590990
Fiona Kindness, Grant Thornton, 0870 991 2520






                      This information is provided by RNS
            The company news service from the London Stock Exchange