RNS Number:7078K
Seymour Pierce Group PLC
06 May 2003


Date:    6 May 2003

Contact: Keith Harris, Executive Chairman
         Seymour Pierce Group Plc                         020 7648 8700

         David Bick
         Holborn                                          020 7929 5599



                    Seymour Pierce Group Plc ("the Company")

                                  Board Change

The Board of Seymour Pierce Group Plc announces that it has reached agreement
with Mr Harpal Randhawa whereby Mr Randhawa steps down from his current role as
Executive Vice Chairman of the Group but remains on the Board as a non-executive
director.  This change takes place with effect from 1 May 2003.

In addition, antfactory Investments BV, a wholly owned subsidiary of the Group,
which holds the portfolio of remaining, unrealised antfactory investments, has
been acquired by an unconnected company, antfactory Holdings Netherlands BV ("
AHNBV"), for a nominal sum.  These investments were fully provided against in
the Group's 2002 annual report and accounts. AHNBV has assumed the burden of
certain intra-group debts owed to antfactory Investments BV.  In reviewing the
prospects for the successful realisation of the investments, which were
considered remote, the Board of the Company reviewed proposals for their
additional funding, as well as the ongoing expenses of their management, and
declined to make further commitments. Agreement has also been reached for the
termination of the investment management agreement relating to these investments
between the Company, antfactory Investments BV and Gem Investment Management
Limited, a company ultimately controlled by a trust whose beneficiaries include
members of Mr Randhawa's family.

Disposals of investments from the antfactory portfolio have contributed #11m
cash to the Company since February 2002.

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