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Armour Trust PLC (AMR)

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Wednesday 05 December, 2001

Armour Trust PLC

Fthr re Disposal

Armour Trust PLC
5 December 2001

                 Armour Trust plc ('Armour' or the 'Company')


In the preliminary results for the year ended 31 August 2001, it was announced
that the Board had received a conditional offer to acquire the Audio
Electronics division of Armour from a company in which the Chief Executive,
George Dexter, together with the Divisional management had an interest. After
careful consideration of the offer it was felt that it did not fully value the
Audio Electronics business; consequently the offer was rejected and the Audio
Electronics business will be retained by Armour.

With regards to the capital reductions and Tender Offer announced in the
preliminary results, full details will be circulated to shareholders in a
circular in due course.

5 December 2001

For further details please contact:

Roger Pinnington     Armour Trust            Tel:     07624 430 299

Rob Collins          Beeson Gregory          Tel:     020 7488 4040