On 25 November 1999, Umeco announced a 2 for 9 Rights Issue of up to 3,517,561 New Ordinary Shares at 475p per share. At the time of the announcement, Umeco had received irrevocable undertakings from certain shareholders to take up their rights to subscribe for 346,667 New Ordinary Shares. These New Ordinary Shares have now been subscribed for in full. In addition, Goldenash Pension Scheme, a trust of which Osman Abdullah is a beneficiary, which had intended to sell such number of its entitlement as would allow it to subscribe for the balance, after providing for estimated costs and taxation, instead subscribed for its full entitlement of 61,825 New Ordinary Shares.

The latest time and date for acceptance and payment in full under the terms of the Rights Issue was 3.00pm on 16 December 1999.

The Board of Umeco announces that, in total, valid applications have been received in respect of 3,402,459 New Ordinary Shares, representing 96.7 per cent. of the New Ordinary Shares being issued pursuant to the Rights Issue.

The balance of 114,763 New Ordinary Shares not taken up were placed on 17 December 1999 at 620p per share with institutional and other investors. In accordance with the terms of the Rights Issue, the premium over the Rights Issue price (after deducting the expenses of procuring subscribers) will be distributed without interest pro rata amongst the allottees originally entitled thereto, except that individual amounts of less than £3.00 per holding will be aggregated and retained for the benefit of Umeco.

It is expected that definitive share certificates will be despatched by first class post by 23 December 1999.