Statement re: Chapelthorpe

Second Advance Value Realisation Co
11 March 2005


PRESS RELEASE BY SECOND ADVANCE VALUE REALISATION COMPANY LIMITED AND NORTH
ATLANTIC VALUE LLP (for the Requisitionists) TO HOLDERS OF ORDINARY SHARES IN
CHAPELTHORPE PLC


Response to Chapelthorpe's statement of 11 March 2005


The Requisitionists of the Extraordinary General Meeting to be held on 18 March
2005 note the statement issued by the Company earlier today and would like to
draw attention to the following key issues:


1. Announcing the conditional sale of the Penistone site, before receiving
planning permission is, the Requisitionists believe, motivated by the current
Board's desire to be seen to be active.


The current Board states that it believes that the selected purchaser is best
placed to handle the complexity of the transaction. The Requisitionists question
why the current Board is not negotiating the planning permission, especially as
the majority of the consideration, up to £6 million, is linked to the scope of
the planning permission.


IS THIS THE BEST DEAL FOR SHAREHOLDERS?


2. The Board states that it 'believes that we have delivered value since 2002'.
This statement, by omission, appears to endorse the Requisitionists' consistent
view that the current Board did not deliver value to shareholders in the five
years from 1997 to 2002.


3. Perhaps the current Board would now quantify what value it believes it has
delivered to/for shareholders since 2002, bearing in mind that:


     the Company's broker is forecasting a pre tax loss of £7.4 million for the 
     year to 31 March 2005;

     shareholders' funds on 31 March 2002 were £51.4m and have already been 
     reduced to £39.4m as at 30 September 2004.


4. The Requisitionists consider that shareholders may wish to take particular
note that the Chairman has failed in recent exchanges to endorse publicly the
record and positions of Mr Leckie and/or Mr Thompson, his two senior executive
and highest paid directors, or to express his full confidence in them in being
able to restore value for shareholders.


The Requisitionists propose that the time for change is NOW and urge
shareholders to vote for all the resolutions at the forthcoming Extraordinary
General Meeting of the Company.

Contact: Robert Legget
Progressive Value Management Limited
Tel: [phone]

Anthony Spiro
Spiro Financial
Tel: [phone]

This is important and requires the immediate attention of holders of ordinary
shares in CHAPELTHORPE PLC. If you are in any doubt as to the action you should
take you should immediately consult your usual financial adviser.



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