RNS Number:3006R
Sky Capital Holdings Limited
24 October 2003



             Sky Capital Holdings Ltd. ("Sky Capital" or "Company")

                              Admission of shares


Sky Capital, is pleased to announce that it has awarded restricted shares to
employees of its New York stock brokerage unit, Sky Capital LLC. The award
totalling 4.2 million common shares of US $0.0001 (the "Restricted Shares") in
the Company has been made to employees who recently joined Sky from the
Thornwater Company LP ("Thornwater") pursuant to an agreement between Thornwater
and  Sky.


In addition Sky Capital issued 1.5 million common shares of US $0.0001 to
Thornwater (the "Thornwater Shares") to enable the Company to commence
negotiations with the employees mentioned above.


All of the Restricted Shares have been issued, but eighty per cent. of such
shares are subject to forfeiture. The risk of forfeiture will lapse monthly
until June 2006 based on the continued employment of each individual. All of the
Restricted Shares are subject to lock-in agreements extending for twenty-four
months following the lapse of the risk of forfeiture.


Pursuant to Generally Accepted Accounting Principles in the United States, Sky
Capital will immediately recognise a non cash expense ("Expense") of
approximately US $6.9 million arising from the Thornwater Shares. Additionally,
the Company will immediately recognise, pursuant to the Restricted Shares which
are not now subject to forfeiture, an Expense of approximately US $4.9  million
for the six months ended 30 September 2003.  The Company will record a further
Expense representing the equity value of the Restricted Shares which remain
subject to forfeiture, of approximately US $14.3   million. The recorded Expense
for future quarters, assuming that all employees receiving the Restricted Shares
remain with the Company, will be, on average, approximately US $ 1.3 million
each quarter until June 2006.


Neither the issuance of the Thornwater Shares or the award of the Restricted
Shares will have any effect on the Company's cash position.


In compliance with Rule 15 of the AIM Rules the Company discloses that,
following the issue of the Restricted Shares, the following additional persons
will be shareholders of 3 per cent. or more  of common shares in the Company:


Name                          Common Shares                Percentage of 
                                                       issued Common Shares

Arn Wilson                       900,000                         3.9
Robert Grabowski                 1,000,000                       4.3



Thornwater has ceased to be a shareholder of 3% or more  of common shares in the
Company.


An application for the 5.7 million common shares to be admitted to trading on
the Alternative Investment Market has been made to the London Stock Exchange.
Dealings in these shares are expected to commence on 30 October 2003.


The Restricted Shares and the Thornwater Shares will rank pari passu in all
respects with the existing common shares in issue.


Ross H Mandell, Group Chief Executive, commented,


"These awards, which have been made in lieu of option grants, are intended to
bind the employee to the firm, and to more closely align the employee's
long-term personal financial interests with those of the Firm and thus its
shareholders. The use of restricted stock, rather than stock options, has
increasingly become the norm in the United States, and has been adopted by
leading Companies including General Electric and Microsoft. Sky Capital
anticipates that its future stock compensation will be in the form of restricted
stock."


24 October 2003

                                     -Ends-



For further information please contact

Ross H Mandell
Chairman and CEO, Sky Capital Holdings Ltd



Adam Reynolds
Hansard Communications
020 7245 1100 / 07785 908 158


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