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Armour Trust PLC (AMR)

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Thursday 08 November, 2001

Armour Trust PLC

Strategic Review

Armour Trust PLC
8 November 2001

                               Armour Trust plc


                               Strategic Review


Armour Trust plc ('Armour') announces that as part of its review of strategic
options, the Board has decided to proceed with a cost reduction programme and
a capital reduction scheme in order to return surplus cash to shareholders.

In the interim report dated 18 May 2001, the shareholders were informed that
Armour was still pursuing its interest in the technology markets through both
organic development and acquisitions. Despite extensive efforts, no suitable
acquisition has been found which the Board was able to recommend to
shareholders. As Armour now only has one trading division, the Audio
Electronics division, it has been decided to close Armour's head office in
Tunbridge Wells in order to reduce central costs. As a consequence of this
decision, it has been amicably agreed both with George Dexter, the Chief
Executive and John Harris, the Finance Director, that they will leave Armour
to pursue other interests in the New Year and they have agreed to step down as
directors of Armour on 31 January 2002. Furthermore, both have agreed to
co-operate and provide assistance thereafter to Armour to help resolve any
ongoing operational matters.

The terms of the capital reduction programme have yet to be finalised but it
is envisaged that the company's share premium account will be reduced. It is a
requirement of a capital reduction that shareholders pass a special resolution
at a shareholders' meeting and it is envisaged that the meeting will be held
later this year or early in 2002 and a circular will be sent to shareholders
in due course. The capital reduction will also be subject to Court approval.

Mr Pinnington, the Chairman of Armour, said 'I want to thank George Dexter and
John Harris for their substantial contribution to Armour over the last few
years. Armour is now in a much stronger financial position than when they
joined and we wish them well in their future endeavours'.

Further announcements will be made in due course.

8 November 2001

For further details please contact:

Roger Pinnington, Chairman of Armour Trust plc 
Telephone Number 07624 430299

Tony Bartlett, Beeson Gregory 
Telephone Number 020 7488 4040