SIR Secure Income Reit Plc

RNS Number:5313E
Sirius Group PLC
1 June 2001


Sirius Group PLC

Payment of deferred consideration


On  10th November 2000, Sirius Group PLC (formerly  named
Policy  Master Group PLC) ("the Company"), the  insurance
software provider, announced the acquisition of Insurance
Business Solutions Inc. subsequently renamed as  PM  inc.
("PM  inc.") for a maximum consideration of US$7 million.
Consideration of US$1m was  paid on completion  with  any
additional  consideration payable over the next  3  years
dependent on future profits.

The earn out in respect of the profits of PM inc. for the
financial  year ended 31 December 2000 is to be satisfied
by the allotment of ordinary shares in the Company at the
prevailing price at the time of allotment.

The  Company  announces  that deferred  consideration  of
US$333,000  is payable in respect of the profits  for  PM
inc. in the last financial year. The consideration is  to
be  satisfied by the immediate allotment of 93,324 shares
at 219 pence per share, being the share price at close of
business  on  31 May 2001 with the balance  of  US$43,290
being satisfied at a date to be agreed. These shares will
rank  pari passu with the existing issued ordinary  share
capital.

Application has been made to the UK Listing Authority and
the  London  Stock  Exchange plc  for  the  consideration
shares to be admitted to trading on the Official List and
to  trading  on  the  main market  of  the  London  Stock
Exchange  plc.  It  is  expected  that  dealings  in  the
consideration shares will commence on 8 June 2001.

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