RNS Number:8082R
Quayle Munro Holdings PLC
07 November 2003

                           ANNOUNCEMENT TO SHAREHOLDERS


The Directors have noted the recent fall in our share price which may have been
caused by holders of PEP and ISA accounts selling their stock following our
transfer from the main market to AIM.  The Directors would like to reassure
shareholders that this fall is not in any way related to the trading of the
company which remains very encouraging.



In my statement to shareholders contained in the annual report and issued on 17
September I advised that we remained committed to two main areas of growth,
namely Morris Group and PFI investments and that professional activity has
started the year satisfactorily.



At the Annual General Meeting of the Company to be held in Edinburgh today,
Friday 7 November, I shall extend my statement by referring to continued growth
of sales and profits in Morris Group in their current financial year and to
growth in values in our PFI portfolio.  In addition our professional activity
has remained at robust levels with the team fully committed to a wide range of
projects.  The growth in value of our investments and in our professional
activity is expected to be reflected in our financial performance in the current
financial year.



I Q Jones

Chairman

7 November 2003




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