RNS Number:2354Z
Hightower Construction PLC
01 June 2004


For immediate release                                            1 June 2004


                            HIGHTOWER CONSTRUCTION PLC

           First Day of Dealings on the Alternative Investment Market
                          of the London Stock Exchange


Hightower Construction plc (Hightower) (AIM: HTW), a company formed as the
initial step in the creation of a specialist outsourcing business to provide
services to the UK house building industry, is pleased to announce its flotation
today on the Alternative Investment Market (AIM).

  * Hightower has a strong management team led by Haresh Kanabar, Chairman,
    who has extensive business experience. He is supported by non-executive
    Director Aidan Wright, who has more than 30 years' experience of the
    building and related industries.
  * The Company has been formed to acquire businesses that provide services to
    the UK's house building sector. By acquiring such businesses the Company
    will seek to benefit from growth in the sector while avoiding the working
    capital costs of acquiring and maintaining a land bank.
  * The Directors believe there is likely to be continuing demand for new
    housing stock and that demand for low-cost housing in particular will lead
    to the increased use of specialist outsourcing businesses.
  * The Company has no trading businesses although a number of potential
    targets have been identified.
  * Hightower has raised net proceeds of #430,000 by way of a Placing.
  * The funds raised by the Placing will be used for carrying out due
    diligence and contributing towards the funding of potential acquisitions.
  * W H Ireland is the Company's nominated adviser and broker.



On the flotation Hightower's Chairman, Haresh Kanabar, said:

"I am delighted by the response to our flotation. We now look forward to
implementing our business strategy and securing suitable acquisitions to build
value for our shareholders."


                                                                                               PLACING STATISTICS

Number of Ordinary Shares in issue prior to the Placing                                             5,000,000

Placing Price                                                                                              5p

Number of new Ordinary Shares being issued under the Placing                                       10,000,000

Percentage of the enlarged issued share capital of the Company held by New
Shareholders following completion of the Placing                                                       66.67%

Number of Ordinary Shares in issue immediately following completion
of the Placing and Admission                                                                       15,000,000

Gross proceeds of the Placing                                                                        #500,000

Estimated net proceeds of the Placing                                                                #430,000





For further information:

Hightower Construction plc
Haresh Kanabar                                       Tel: 07802 858893

W H Ireland                                          Tel: 0121 616 2101
Tim  Cofman

Buchanan Communications                              Tel: 020 7466 5000
Mark Court/James Strong




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

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