5 January 2001
On 24 November 2000 Union PLC announced that Athenian Capital Holdings SA
('Athenian') had failed to meet one of its material obligations under the
terms of the Sale and Purchase Agreement dated 1 August 2000 for the sale of
its subsidiary, Union Discount Company Limited, but that the Agreement was
still capable of being completed. Union PLC today announces that Athenian has
failed to complete on the transaction within the deadline specified. The Board
of Union PLC is considering its options with its legal advisers.