Stmnt re Share Price Movement

Northacre PLC
15 August 2003


                                 Northacre PLC

                              Preliminary Approach


Northacre PLC ('Northacre') notes the recent movement in its share price and
confirms it has received a preliminary approach from Messrs Nilsson and Hunter,
Chairman and Chief Executive respectively, that may or may not lead to an offer
for Northacre. An independent committee of the Board has been formed to consider
any resultant proposal. This approach is at an early stage and a further
announcement will be made in due course.






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