DATA Globaldata Plc

RNS Number:6603R
Provalis PLC
28 September 2000

                         PROVALIS PLC

PLACING AND OPEN OFFER TO RAISE APPROXIMATELY #10.8M AFTER
EXPENSES


The Board of Provalis plc ("the Company") today announces that
it proposes to raise approximately #10.8m (after expenses) by
means of a Placing and Open Offer of 39,055,863 new Ordinary
Shares of 1p ("the Offer Shares") at 29.5p per share (the

("Offer Price") to Qualifying Shareholders.  The Placing and
Open Offer is fully underwritten, save in respect of 21,587
shares irrevocably committed to being taken up by the
Directors ("Committed Shares").  The Placing and Open Offer
are conditional on the approval of shareholders at an
extraordinary general meeting, on the placing agreement
becoming unconditional and not having been terminated in
accordance with its terms, and on the admission of the Offer
Shares to the Official List and the London Stock Exchange.
234,335,181 Ordinary Shares will be in issue after completion
of the proposed Placing and Open Offer.

To the extent that the Offer Shares are not taken up by
Qualifying Shareholders, they have been conditionally placed
(apart from the Committed Shares) at the Offer Price with
institutions and other investors.  Qualifying Shareholders are
eligible to apply for Offer Shares in the Open Offer up to
their pro rata entitlement on the following basis:

1 Offer Share for every 5 Existing Ordinary Shares held on the
Record Date, payable in full on application.  Application
Forms are personal to shareholders and may not be transferred
except to satisfy bona fide market claims.  When fully paid,
the Offer Shares will rank pari passu in all respects with the
Existing Ordinary Shares.

The Company will hold an extraordinary general meeting, at
which it will seek approval of shareholders to the Placing and
Open Offer, at 10.00 a.m. on 23 October 2000 at 30 Lombard
Street, London EC3.  It is expected that dealings in the Offer
Shares will commence on 26 October 2000.

The Company will raise approximately #10.8m (after expenses)
under the Placing and Open Offer.  These net proceeds will be
used to assist the Company in further developing its three
business divisions, (Healthcare, Medical Diagnostics and
Therapeutics R&D) and thereby accelerating the growth of the
Group.  In particular, the Group plans to finance

(i)  the expansion of the manufacturing and supply capability
     to meet increasing demand for Glycosal  following earlier
     than expected approvals in the US and Japan;

(ii) the acquisition or in-licensing of new products for the
     Healthcare division;

(iii)the continued expansion of the sales force of the
     Healthcare division and the extension of the distribution
     of medicines into Europe, initially in the Republic of
     Ireland;

(iv) the development of new diagnostic tests using the
     technology platform applied in the Glycosal product;

(v)  the development of a new diagnostic product for home use
     by diabetics and to use this new technology platform to
     develop further diagnostic tests in areas such as cardiac
     markers, thyroid disease and prostate cancer; and

(vi) the pre-clinical development of at least one of the
     Group's vaccine candidates, specifically targeted at
     bacterial infection.


The Offer Shares issued in the Placing and Open Offer have not
been and will not be registered under the US Securities Act of
1933 as amended and may not be offered or sold in the United
States absent registration or an applicable exemption. An
exemption from such registration has not been sought or
obtained. Consequently, neither the Open Offer nor the Placing
is being made in the United States or to US persons.  In
addition, the Open Offer is not being made to shareholders in
Canada, Australia, Japan or the Republic of Ireland.


Timetable

Record Date for the Open Offer           21 September 2000

Circular and Application Forms 
posted to Qualifying Shareholders        28 September 2000

Latest time for splitting 
Application Forms(to satisfy bona 
fide market claims only           3.00 pm- 17 October 2000

Latest time for receipt of 
completed Application Forms 
and payment in full              3.00 pm - 19 October 2000

Extraordinary General Meeting   10.00 am - 23 October 2000

Admission to Official List - 
and trading on the London 
Stock Exchange and dealings
expected to commence in Offer 
Shares andCREST Stock 
Accounts credited                         26 October 2000

Definitive certificates for 
Offer Shares expected to be 
dispatched on or before                   3 November 2000

For further information please contact:


Dr. Philip Gould/Neil Kirkby            01244 288781
Provalis plc

Rod Venables/David Rasouly              020 7489 4600
Old Mutual Securities

Lisa Baderoon                           020 7466 5000
Buchanan Communications

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