Conversion of Loan Notes

Braemar Seascope Group PLC 24 February 2004 Braemar Seascope Group plc ('the Company') Conversion of Loan Notes, Directors' Dealings Further to the announcement of 28 January 2004, the Board announces that at the extraordinary general meeting of the holders of the £3 million unsecured 6 per cent. convertible redeemable loan notes ('Loan Notes') held on 20 February 2004, the resolution to grant Loan Note holders with the opportunity to convert the Loan Notes to ordinary shares on 23 February 2004 was approved. Accordingly, the Company has received notices of conversion from holders of the all the £3 million Loan Notes. Under the terms of the Loan Notes, conversion is on the basis of one new ordinary share of 10p each in the Company ('Ordinary Shares') for each £2.40 of Loan Notes. As such, full conversion of the Loan Notes gives rise to the issue of 1.25 million new Ordinary Shares to holders of the Loan Notes. Pursuant to the conversion of the Loan Notes, application will be made to the UK Listing Authority for 1.25 million new Ordinary Shares to be admitted to trading on the London Stock Exchange's market for listed securities. It is expected that admission will take place and dealings will commence in such new Ordinary Shares on Friday 27 February 2004. Following admission of the 1.25 million new Ordinary Shares, the issued share capital of the Company will be 18,618,946 Ordinary Shares (the 'Enlarged Issued Share Capital'). Following conversion of his holding of 387,639 Loan Notes Alan Marsh, Chief Executive, will increase his beneficial shareholding by 161,516 Ordinary Shares to a total of 1,063,502 Ordinary Shares, representing 5.71% of the Company's Enlarged Issued Share Capital. Furthermore, following the conversion of, in aggregate 1,369,097 of Loan Notes, Mr Marsh and certain associates (together the declared concert party) have increased their shareholding by, in aggregate, 570,457 Ordinary Shares to 3,782,762 Ordinary Shares, being 20.32% of the Company's Enlarged Issued Share Capital. Following the conversion of his respective holding of Loan Notes the notifiable interest of Simon Morecroft will be as follows: Shareholder Current Interest in the Shareholding Interest in the Shareholding Issued Share following Enlarged Issued Capital Conversion of Loan Share Capital Notes Simon Morecroft 675,175 3.89% 798,888 4.29% In addition, Kim Weaver, Phil Morrin and Alf Miller no longer have a notifiable interest in the Ordinary Shares of Braemar Seascope Group plc. 24 February 2004 For further information, contact: Braemar Seascope Group plc Alan Marsh Tel 020 7100 5100 James Kidwell Tel 020 7535 2881 Aquila Financial Patrick d'Ancona Tel 020 7849 3326 Peter Reilly Tel 020 7849 3319 Charles Stanley & Company Limited Philip Davies Tel 020 7953 2000 This information is provided by RNS The company news service from the London Stock Exchange