RNS Number:6675H
L. Gardner Group PLC
19 February 2003


L. Gardner Group Plc announces that on 17 February 2003, following discussions
with a number of interested parties, it entered into an exclusivity agreement
with ABN Amro Capital (ABN) under which ABN has been given the exclusive right
until 7 March 2003 to negotiate for the acquisition of a number of the Company's
subsidiaries which together comprise the whole of the group's aerospace
division.  The ABN proposal is to acquire the aerospace division via a
newly-incorporated acquisition vehicle and the proposal envisages the
participation of the Company's former management, Simon Frost, Steve Hollis and
Ian Whybrow should an acceptable proposal be agreed.

All of the group's investments in subsidiary companies are charged to its
syndicate of bankers as security for the group's borrowings and the proceeds of
any disposals will therefore be applied in reduction of those outstanding
borrowings.  However, the likely terms of any such acquisition would not realise
a sum sufficient to repay the whole of the group's indebtedness to its bankers
and it is therefore most unlikely that this process would result in any funds
being available to ordinary shareholders.


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