Purchase of Own Securities

Panther Securities PLC
26 July 2000



The Company announces that following the passing of the necessary resolution
at the extraordinary general meeting of the Company held on 21st July, 2000,
the Company has entered into the Share Buy-back Agreement as set out in the
circular to shareholders dated 28th June, 2000 pursuant to which it acquired
on 25th July, 2000 1,065,307 Ordinary Shares at a price of 120p per share.

Following the above purchase there are now 16,976,357 Ordinary Shares in
issue.

Enquiries: 

Panther Securities PLC         020 7278 8011
Peter Rowson