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Penmc PLC (PNC)

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Monday 01 March, 2004

Penmc PLC

Statement re. Suspension

Penmc PLC
01 March 2004


1 March 2004

Penmc Plc

Suspension of Shares

Penmc Plc ('the Company') was due to announce the results for the year ending
31st August 2003 before the end of February 2004.  The directors expect to
announce the results on the 10th of March.

The Company undertook a number of disposals in the year and the auditors did not
receive from the companies that were sold, the relevant statutory information
that was needed to complete the accounts in the time required.  Legal agreements
with the purchasers provided that the information was to be forthcoming however
the purchasers delayed providing the relevant information.

The failure to meet the deadline is not due to the Company's controls or
accounting systems.  It was due entirely to third parties who were obligated to
provide the statutory information and did not within the time scale required.
There are no issues regarding capital adequacy and there are systems and
controls in place that ensures that the Company is properly accounting in a
prudent manner.

Consequently the shares are suspended until the results are announced.

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