RNS Number:2280N
Ferraris Group PLC
07 July 2003





For Immediate Release                                             7th July 2003


    Not for release, distribution or publication in or into the USA, Canada,
                          Ireland, Australia or Japan

                               FERRARIS GROUP PLC
                   RESULTS OF PLACING AND OPEN OFFER AND EGM

On 13 June 2003, Ferraris Group plc (the "Company" or "Ferraris"), the medical
diagnostics and life sciences group, announced a placing and open offer (the
"Placing and Open Offer") to raise approximately #7.3 million (approximately
#6.8 million net of expenses) through the issue of 7,619,902 new Ferraris shares
of 25p each (the "New Shares") at an issue price of 96p per share.


The Open Offer to Qualifying Shareholders of New Shares closed at 3.00 pm on 4
July 2003. Applications were received in respect of 2,520,717 New Shares,
representing 66 per cent. of the New Shares available under the Open Offer. This
includes the 40,043 New Share that the Directors of Ferraris agreed to take up
under the Open Offer. The 1,289,234 remaining New Shares that were not taken up
under the Open Offer and the 3,809,951 New Shares that were placed firm
(constituting a total of 5,099,185 New Shares), will be taken up by new and
existing institutional investors pursuant to the Placing arranged by Investec
Securities and Nomura International.


The Board of Ferraris also announced on 13 June 2003 that Ferraris has
conditionally agreed to acquire the entire issued share capital of Bionostics,
Inc. for a total consideration of $31.0 million (approximately #18.7 million)
(the "Acquisition"). Bionostics, a private US company, is a leading provider of
liquid quality control standards used to confirm the performance of medical
testing devices. These are proprietary formulations, predominantly used in
blood-based diagnostics, which are provided to the customer in a pre-packaged,
ready to use form. Its customers include many of the world's leading diagnostics
companies.


The consideration will be satisfied by the payment of $7.4 million (#4.4
million) in cash, which is being raised through the Placing and the Open Offer,
the issue to the Bionostics vendor of 6,483,622 new Ferraris shares (the
"Consideration Shares") having a value of $10.3 million (#6.3 million) and $5.0
million (#3.0 million) of loan notes, and a vendor placing of 5,208,333 new
Ferraris shares (the "Vendor Placing Shares") to raise $8.3 million (#5.0
million). The consideration is subject to downward adjustment on a $ for $ basis
to the extent that the financial indebtedness of Bionostics at completion
exceeds $2.2 million. $2.5 million of the cash element of the consideration will
be paid into an escrow account to establish a source of payment to satisfy
indemnification obligations of the Bionostics vendor. It is anticipated that the
Acquisition will complete on 9 July 2003.


At the Extraordinary General Meeting held earlier today, the resolutions to
approve the Acquisition and to implement the Placing and the Open Offer were
duly passed.


Application has been made to the UK Listing Authority for the New Shares, the
Consideration Shares and the Vendor Placing Shares (totalling 19,311,857 new
Ferraris shares) to be admitted to the Official List and to the London Stock
Exchange for admission to trading. It is expected that dealings in the New
Shares, the Consideration Shares and the Vendor Placing Shares on the London
Stock Exchange will commence at 8.00 a.m. on 9 July 2003, following their
admission to the Official List of the UK Listing Authority and to trading on the
market for listed securities of the London Stock Exchange. CREST stock accounts
are expected to be credited on 9 July 2003 and definitive share certificates in
respect of New Shares are expected to be posted, where applicable, by 15 July
2003.


Ferraris was advised by Nomura International in relation to the acquisition of
Bionostics. The Placing was arranged by Investec Securities and Nomura
International, Ferraris' joint stockbrokers, and underwritten by Nomura
International under the terms of a placing agreement dated 13 June 2003.


Enquiries

Ferraris Group plc
Steven Mills, Chief Executive                Tel: 0121 782 6000

Nomura International
Charles Spicer/Steve Adkin                   Tel: 020 7521 2000

Investec
Keith Anderson/Michael Ansell                Tel: 020 7597 5970

Binns & Co PR Ltd
Peter Binns/Emmie Peryer                     Tel: 020 7786 9600


Nomura International plc is acting exclusively for Ferraris in relation to the
Acquisition and the Placing and the Open Offer and is not advising any other
person or treating any other person as its client in relation thereto, and will
not be responsible to any person other than Ferraris for providing the
protections afforded to its clients nor for providing advice in relation to the
Acquisition, the Placing or the Open Offer.

Investec Securities is acting exclusively for Ferraris in relation to the
Placing and is not advising any other person or treating any other person as its
client in relation thereto, and will not be responsible to any person other than
Ferraris for providing the protections afforded to its clients nor for providing
advice in relation to the Placing.

The Directors and Proposed Directors (bring Bruce Blessington and Dr Gerald
Moller) of Ferraris accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the Directors and the
Proposed Directors (who have taken all reasonable care to ensure that such is
the case) the information contained in this announcement is in accordance with
the facts and does not omit anything likely to affect the import of such
information.

This announcement does not constitute or form part of any offer or invitation to
sell or issue, or the solicitation of any offer to subscribe for, the New
Shares, the Vendor Placing Shares or the Consideration Shares in any
jurisdiction in which such offer or solicitation is unlawful. The New Shares,
the Vendor Placing Shares and the Consideration Shares have not been, and will
not be, registered under the US Securities Act of 1933 (as amended), under the
securities laws of any state of the US or under the applicable securities laws
of Canada, Ireland, Australia or Japan. Accordingly, unless an exemption under
any applicable law is available, the New Shares, the Vendor Placing Shares and
the Consideration Shares may not be offered, sold, transferred, taken up or
delivered, directly or indirectly, in the US, Canada, Ireland, Australia or
Japan or any other country outside the United Kingdom where such distribution
may lead to a breach of any legal or regulatory requirement..






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

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