RNS Number:1861U
Raven Mount plc
13 January 2004

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

FOR IMMEDIATE RELEASE  13 January 2004


                        Raven Mount plc ("Raven Mount")

Shareholder circular posted


Today, a circular is being posted by Raven Mount to Raven Mount Shareholders and
Swan Hill Shareholders containing the following:


"1. Introduction


The Raven Mount Offer for Swan Hill was declared unconditional in all respects
on 17 December 2003.


In paragraph 10 of Part IV of the AIM Admission Document, the Directors of Raven
Mount explained that they had not been in a position to consider the impact of
the acquisition of Swan Hill on the working capital of Raven Mount and that it
was their intention to send a further circular to Shareholders, within 28 days
of the Offer being declared wholly unconditional, containing a working capital
statement on the combined group.


2. Working capital


The Directors are of the opinion, having made due and careful enquiry, that
Raven Mount and its subsidiaries have sufficient working capital for their
present requirements, that is, for at least the next twelve months from the date
of this document.


3. Responsibility


The Directors of Raven Mount accept responsibility for the information contained
in this document. To the best of the knowledge and belief of the Directors of
Raven Mount (who have taken all reasonable care to ensure that such is the
case), the information contained in this document is in accordance with the
facts and does not omit anything likely to affect the import of such
information.


4. Other information


As at 3.00 p.m. on 12 January 2004 Raven Mount had received valid acceptances of
the Offer in respect of 54,345,453 Swan Hill Shares representing 91.06 per cent.
of the issued share capital of Swan Hill."


A copy of this circular is available for collection from the offices of WestLB,
Woolgate Exchange, 25 Basinghall Street, London EC2V 5HA up to 13 February 2004
during normal business hours.


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.


WestLB, which is regulated in the United Kingdom by the Financial Services
Authority, is acting for Raven Mount and no one else in connection with the
Offer and will not be responsible to anyone other than Raven Mount for providing
the protections afforded to its customers or for providing advice in relation to
the Offer.


The contents of this announcement have been approved by WestLB for the purposes
of section 21 of the Financial Services and Markets Act 2000.


All terms and expressions used in this announcement shall, unless the contrary
is expressly stated or the context requires otherwise, have the same meaning as
in the AIM Admission Document and Offer Document, save that "WestLB" now refers
to WestLB Basinghall Limited.


The Offer will not be made, directly or indirectly, in or into, or by use of the
mails or by any means or instrumentality (including, without limitation,
telephonically or electronically) of interstate or foreign commerce of, or by
any facilities of a national state or other securities exchange of, the United
States, 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, Canada, Australia, or Japan.



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