RNS Number:6787K
Sky Capital Holdings Limited
02 May 2003


for immediate release

                          Sky Capital Holdings Limited

                            ("Sky" or the "Company")

              Proposed Acquisition of Cardinal Capital Management


The Company is pleased to announce that it has entered into a conditional
agreement to acquire the entire issued share capital of Cardinal Capital
Management Incorporated ("Cardinal"), the Miami based full service broker dealer
and registered investment advisor, for a total consideration of  #2.56 million.
The consideration is to be satisfied by the issue of 1.0 million common shares
of US $ 0.0001 ("Consideration Shares") at 256p in the Company, being the
average of the last five days trading prior to the signing of the agreement. The
Consideration Shares are subject to lock-in provisions for a minimum of 24
months. Thereafter the lock-ins will be released ratably over 2he following 24
months.

The transaction is conditional on approval from the NASD Regulators regarding
the change of control of Cardinal and the Consideration Shares being admitted to
trading on the Alternative Investment Market ("AIM").

In the last audited accounts to 31 December 2002, Cardinal achieved a net loss
of US $ 1.79 million (#1.11 million) from revenues of US $1.87 million (#1.17
million).

Following the approval of the acquisition Sky expects to realise significant
cost savings following Cardinal's integration into the infrastructure of Sky.
Whilst Sky currently has operations in both Wall Street and London, this
acquisition will provide the Company a foothold in the South East of United
States and access to Cardinal's client base.

2 May 2003

Note:

The rate of exchange used for the purpose of this announcement is #1:US$ 1.60


For further details please contact:

Ross Mandell - Chief Executive                     Tel:  (00 1) 212 709 1900
Mike Recca
Sky Capital Holdings Ltd
www.skycapitalholdings.com

Adam Reynolds / Ben Simons                         Tel:  020 7245 1100
Hansard Communications                             ben@hansardcommunications.com
www.hansardcommunications.com


Notes to Editors

Sky Capital Holdings Ltd is a recently incorporated company established to
provide financial and investment advisory services to corporate clients and
private individuals, both in the United States and the United Kingdom.  Sky
Capital intends also to expand its operations into other European countries.
The Company has two wholly owned subsidiaries, Sky Capital LLC in the United
States and Sky Capital Holdings Ltd in the United Kingdom.  In July 2002 Sky
Capital Holdings Ltd floated successfully on the Alternative Investment Market
of the London Stock Exchange.

In July 2003, Sky Capital acquired Everett Financial Limited, the London private
client stockbroker.

Based in two of the most important financial centers in the world, New York and
London, Sky Capital addresses the need for financial advice and working capital
customized for small and medium sized companies with market capitalisations of
$10 million to $100 million.


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