SBA -1x Boeing

RNS Number:2335E
Shalibane PLC
21 January 2000


Shalibane is pleased to announce that at the Extraordinary General Meeting of
the Company held this morning all of the resolutions in respect of the
refinancing, details of which were announced on 24 December 1999, including
the approval of the Placing and Open Offer, share subscription by Millennium
Industries Inc. and conversion of bank debt into equity, were duly passed.  

At the closing of the Open Offer at 3.00 pm on Thursday 20 January 2000, valid
applications had been received in respect of 3,708,370 ordinary shares.  In
addition, applications for shares in excess of shareholders' entitlements in
the open offer were received in respect of 2,214,662 ordinary shares.

A total of 3,733,346 shares will now be allotted to qualifying shareholders
and the balance will form part of the Placing by Rowan Dartington.

These shares together with the 3,599,970 new ordinary shares and 11,333,350
convertible preference shares to be issued pursuant to the Placing will result
in total fundraising proceeds of #1,400,000 before expenses.  

In accordance with the terms of the debt restructuring the Company's bankers
will be allotted 2,012,425 ordinary shares and 1,250,000 cumulative redeemable
preference shares.

The current suspension in trading of the Company's shares on AIM is expected
to be lifted with effect from the start of business on 24 January 2000, at
which time dealings in the 8,069,842 existing ordinary shares and 9,345,741
new ordinary shares are expected to commence.

The Company also announces that in order to satisfy demand from senior
employees, it has raised a further #30,255 via a cash placing of 403,398 new
ordinary shares at 7.5p per share.  Application has been made for these shares
to be admitted to trading on AIM.  Dealings are expected to commence on 28
January 2000.



END
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