GFF Griffin Grp.

RNS Number:1145D
Griffin Group PLC
31 August 2007


Griffin Group Plc (the "Company")
Placing and Open Offer

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR PUBLICATION
OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF
AMERCICA, CANADA, AUSTRALIA OR JAPAN OR ANY JURISDICTION IN WHICH SUCH
PUBLICATION OR DISTRIBUTION IS UNLAWFUL

The Board of the Company announce that subject to the approval of Shareholders
the Company will raise #982,725 (#892,725 net of expenses) by way of a Placing
and Open Offer of 65,514,944 New Ordinary Shares at a price of 1.5 pence per
Offer Share.

All of the Placing Shares have been placed with Global Investments, subject to
the rights of Qualifying Shareholders under the Open Offer.

Qualifying Shareholders may participate in the Open Offer at the Offer Price on
the basis of 3 Offer Shares for every 2 Existing Ordinary Shares.

A Circular has today been posted to Shareholders convening an Extraordinary
General Meeting of the Company on 25 September 2007.

Reasons for the Fundraising and use of proceeds

The reason for the proposed Fundraising is to provide the Company with
additional working capital resources. The Company has recently utilised
significant cash resources to restructure and undertake substantial investment
in a number of PLUS investments where it has not yet exited or realised its
investment.

The Board believe that the additional working capital will enable the Company to
continue its current momentum of deal flow without undue constraints.

Current Trading Prospect and Strategy

As announced by the Company on 18 June 2007, the results for the six months to
31 March 2007 were disappointing. Trading since this date has improved but
continues to be challenging and in line with the Directors' expectations.

Extraordinary General Meeting

The Extraordinary General Meeting of the Company to be held at 11 a.m. on 25
September 2007 at the offices of Beachcroft LLP, 100 Fetter Lane, London EC4A
1BN.

At the EGM the following ordinary resolutions will, if passed:

1. approve the Waiver in respect of Rule 9 of the Takeover Code;

2. grant authority of the directors pursuant to section 80 of the Act to allot
relevant securities for the purposes of the Fundraising and otherwise up to an
aggregate nominal amount of #66,700;

and the following special resolution will if passed:

3. disapply the pre-emption rights conferred by the Act in connection with the
Fundraising and otherwise up to an aggregate nominal amount of #66,700.

The circular may be downloaded from the Company's website at
www.griffingroupplc.com

The Expected Timetable of Principal Events is set out below:-


                                                                          2007


Record Date for entitlement under the Open Offer   Close of business 29 August


Open Offer Entitlements credited to stock accounts of 
Qualifying CREST Shareholders in CREST                             3 September


Recommended latest time and date for requesting 
withdrawal of Open Offer Entitlements from CREST     4.30 p.m. on 17 September


Latest time and for depositing Open Offer 
Entitlements in CREST                                   3 p.m. on 19 September


Last time and date for splitting of Application Forms   3 p.m. on 20 September
(to satisfy bona fide market claims only)


Latest time and date for receipt of Forms of Proxy      11 a.m. on 23 September


Latest time and date for receipt of completed           11 a.m. on 24 September
Application Forms and payment in full under the Open 
Offer or settlement of relevant CREST instruction 
(as appropriate)


Extraordinary General Meeting                           11 a.m. on 25 September


Admission and commencement of dealings in New 
Ordinary Shares                                          8 a.m. on 26 September


CREST members' accounts credited in respect of Offer Shares in    26 September
uncertificated form


Despatch of definitive share certificates for Offer Shares in        1 October
certificated form by not later than


Placing and Open Offer Statistics are set out below:-

Offer Price                                                              1.5 p

Number of Ordinary Shares in issue on the Record Date               43,676,629

Number of New Ordinary Shares to be issued pursuant to the          65,514,944
Placing and Open Offer

Number of Ordinary Shares in issue on completion of the            109,191,573
Proposals

Percentage of the Enlarged Ordinary Share Capital represented    60.0 per cent.
by the New Ordinary Shares

Maximum holding of the Concert Party                             71.9 per cent.

Gross proceeds of the Placing and Open Offer                           #982,725

Net proceeds of the Placing and Open Offer                             #892,725

Market capitalisation on completion of the Placing and Open          #1,637,874
Offer at the Offer Price


AIM symbol                                                                GFF.L
                                                                      

ISIN                                                               GB0009530188




Contact:-

Vincent Nicholls, Director
Griffin Group Plc
Tel 01732 836 180

Liam Murray, Nominated Adviser
City Financial Associates Limited
Tel 020 7492 4777


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