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Penmc PLC (PNC)

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Wednesday 31 March, 2004

Penmc PLC

Receivership of subsidiary

Penmc PLC
31 March 2004





31 March 2004


PRESS RELEASE

Penmc Plc


Penmc plc announces that a wholly owned subsidiary of the Group, Kingsbridge
Advisers Limited ('Kingsbridge'), yesterday appointed receivers.  The directors
are not aware of any external creditors who will not be paid in full.  The
Company has operated in the financial services market and withdrew from that in
practical terms when its business was sold on the 23 October 2003 since when it
has had no employees or approved advisor.  The directors believe that this
action was appropriate in allowing the parent to become a clean shell as all
trading businesses have now been disposed of in a manner that provides comfort
to any business reversing into the quoted shell.


                                     -ends-





This press announcement has been issued by Insinger de Beaufort on behalf of
Penmc Plc

Insinger de Beaufort is a subsidiary of Bank Insinger de Beaufort.  Authorised
and regulated by the Financial Services Authority

Registered in England and Wales No. 2479169


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