RNS Number:5825U
Weatherly International PLC
23 January 2004



                          Weatherly International PLC
                              Announcement re:-
                           CVA, EGM and Board Meeting

Pursuant to the meetings of creditors and shareholders, EGM and Board Meeting
held today between 1000hrs and 1120hrs, the newly appointed board of Weatherly
International PLC ("Weatherly" or the "Company") consisting of Mr Peter Redmond
(Chairman) and Mr Richard Armstrong, is pleased to announce the following:


1. Company Voluntary Arrangement ("CVA")

Creditors and shareholders today passed by the requisite majorities the terms of
a CVA pursuant to Part 1 of The Insolvency Act 1986, which was filed at court
and despatched to shareholders and creditors on 30 December 2003;



2.EGM

All resolutions were passed by the requisite majorities;



3. Advisers

Nabarro Wells & Co Limited will continue as Nominated Advisers to the Company;



4.Brokers

 Fiske PLC has been appointed as broker to the Company;



5. Funds raised

#250,000 has been raised before expenses through the placement of 8,333,334 New
Consolidated Ordinary shares at 3p per share; These funds will provide
approximately #189,000 in working capital going forward after the expenses of
the fundraising, the CVA, EGM and audited financial statements for the year
ended 31 December 2002 as well as the unaudited interims for the six months
period to 30 June 2003;



7. Capital reorganisation

As a result of the reorganisation, whereby the existing shareholders will retain
one New Consolidated Ordinary Share of 0.5p for every 500 ordinary shares they
held formerly, the company's issued share capital now comprises, 240,750,000
deferred shares of 0.099p and an aggregate of 8,814,801 New Consolidated
Ordinary Shares of 0.5p;



8. Recommencement of Trading

The company's shares are expected to recommence trading on AIM at 0800 hrs on
Thursday 29 January 2004;



9.New opportunities

The company is now in a sound position to look for new opportunities for
investment;









10. Information on the New Directors



Peter Redmond (Chairman)

Peter Redmond has over 18 years' experience in corporate finance and venture
capital, currently with Merchant House Group plc.  He is an experienced
corporate financier with broad experience in IPOs, reverse takeovers, mergers
and acquisitions and corporate reconstructions.  He has been actively involved
over many years in assisting companies to raise capital.  He has also been
instrumental in reconstructing and recapitalising failed companies and
subsequently helping them to acquire new businesses.  Formally an investment
analyst with Hoare Govett & Co, he has subsequently managed or advised a wide
range of public and private companies.  He is at present director of Merchant
House Group Plc, Fortfield Investments Plc, BWA Group Plc and Future Internet
Technologies Plc, all quoted on AiM and also of Merchant Capital Plc and Stratus
Holdings Plc;

Richard Armstrong (Director)



Richard Armstrong is an associate with Fiske Plc, the AiM quoted stockbrokers,
who have been appointed as the Company's brokers following the CVA and
fundraising.  He has had extensive experience over many years in assisting
companies to raise capital.  He has also been instrumental in reconstructing and
recapitalising failed companies and subsequently helping them to acquire new
businesses.  He is currently a director of Future Internet Technologies Plc,
Fortfield Investments Plc, BWA Group Plc and Merchant House Group Plc, all
quoted on AiM and also of Holroyd Consultants Plc and Zoa Corporation plc. He
was also previously a director in the last 5 years of Bella Media Plc, Parallel
Media Group Plc and Briar Abbey Services Limited;



11. Chairman's comment

Following the CVA, the Company's past problems have been resolved and it is now
ready to move forward. This is most likely to be via a reverse takeover and we
shall be looking for new opportunities immediately. Once the shares are restored
to AiM, the Directors are likely to consider a further fundraising in due course
to give the Company more substantial cash resources.



Date: 23 January 2004



Contact details:

               Peter Redmond (Weatherly International plc): 
               020 7332 2200
               Richard Armstrong (Weatherly International plc):
               020 7448 4700
               Harry Sutherland (Nabarro Wells & co Limited):
               020 7710 7400
               Allan Piper (First City Financial Public Relations):
               020 7436 7486 & 07050 203 304




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