RNS Number:7562O
FIMBank (UK) Ltd
15 August 2003


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN



FOR IMMEDIATE RELEASE          15 August 2003


                             Recommended cash offer

                                   by WestLB
                       on behalf of FIMBank (UK) Limited,

                          a wholly owned subsidiary of

                   First International Merchant Bank p.l.c.,

                       for London Forfaiting Company Plc


                                  Offer Update


Further to the earlier announcement from Resurge Plc ("Resurge"), FIMBank (UK)
believes that London Forfaiting Shareholders should consider the following:

  * The Resurge proposal contains no cash.

  * The Resurge proposal consists entirely of shares in a small, thinly traded
    company which contains a range of small investments.

  * Shareholders are essentially being invited to retain their investment in
    London Forfaiting through taking shares in a small company with management
    who do not appear to be trade finance experts.

  * On 27 September 2002 and in the absence of bid speculation, the Closing
    Price of a London Forfaiting Share was 13.5 pence. London Forfaiting
    Shareholders should consider the likely price at which shares in Resurge
    would trade if its proposal were to complete.

  * As announced on 13 August 2003, a majority of London Forfaiting
    Shareholders have already indicated their desire for cash by accepting
    FIMBank (UK)'s offer.

  * The cash offer from FIMBank (UK) provides London Forfaiting Shareholders
    with a certain 29.5 pence in cash whereas the proposal from Resurge risks
    continued uncertainty.

  * The offer from FIMBank (UK) will remain open for acceptance until 3.00
    p.m. on Tuesday 19 August 2003. London Forfaiting Shareholders who have not
    yet accepted the Offer are urged to do so as soon as possible.

Terms used in this announcement shall have the meaning given to them in the
Offer Document, save where the context requires otherwise.

Margrith Lutschg-Emmenegger, Executive Vice President of FIMBank commented:

"We believe the Resurge proposal lacks credibility and seems to be an attempt by
Resurge to get control of London Forfaiting's cash.

London Forfaiting Shareholders are being asked to take shares in a company
containing a basket of largely unrelated investments without the certainty that
our cash offer provides.

Now that London Forfaiting Shareholders can see how comparatively little Resurge
has to offer I hope that they will accept the FIMBank cash offer soon."


Enquiries

FIMBank - Margrith Lutschg-Emmenegger                               07739 592016
WestLB - Ian Soanes                                                 020 7020 4000
Bell Pottinger - Jonathon Brill, David Rydell                       020 7861 3865

This announcement does not constitute an offer or invitation to purchase any
securities or a solicitation of an offer to buy any securities pursuant to the
Offer or otherwise. The full terms and conditions of the Offer (including
details of how the Offer may be accepted) are set out in the Offer Document and
the Form of Acceptance.

The Directors of FIMBank and FIMBank (UK) (whose names are set in paragraph 2(a)
of Appendix IV to the Offer Document) accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of each
of the Directors of FIMBank and FIMBank (UK) (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.

WestLB, authorised and regulated in the United Kingdom by the FSA, is acting
exclusively for FIMBank and FIMBank (UK) as financial adviser (within the
meaning of the Rules of the FSA) and for no one else in connection with the
Offer and will not be responsible to anyone other than FIMBank and FIMBank (UK)
for providing the protections afforded to its customers or for providing advice
in relation to the Offer.

Dawnay, Day, authorised and regulated in the United Kingdom by the FSA, is
acting exclusively for FIMBank and FIMBank (UK) as financial adviser (within the
meaning of the Rules of the FSA) and for no one else in connection with the
Offer and will not be responsible to anyone other than FIMBank and FIMBank (UK)
for providing the protections afforded to its customers or for providing advice
in relation to the Offer.

The Offer will not be made, directly or indirectly, in, into or from or by the
use of the mails or any means of instrumentality (including without limitation,
facsimile transmission, telex, telephone or internet) of the United States, or
in, into or from Canada, Australia or Japan or any other jurisdiction if to do
so would constitute a violation of the relevant laws of such jurisdiction.
Accordingly, copies of this announcement are not being, and must not be, mailed
or otherwise distributed or sent in, or into or from the United States, Canada,
Australia or Japan. Persons receiving this announcement (including without
limitation custodians, nominees and trustees) must not distribute or send it in,
or into or from the United States, Australia, Canada or Japan.

This announcement has been approved by WestLB solely for the purposes of section
21 of the Financial Services and Markets Act 2000.



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