Result of Equity Issue

Porvair PLC 11 July 2001 PORVAIR PLC Result of 3 for 7 Rights Issue Porvair announces that, by 3.00 pm on 10 July 2001, the latest time and date for acceptances under the Rights Issue, valid acceptances had been received in respect of 7,512,257 New Ordinary Shares, representing approximately 68.04 per cent. of the 11,040,457 New Ordinary Shares offered by way of rights to Qualifying Shareholders at 260p per share. It has not been possible to procure subscribers for the balance of 3,528,200 New Ordinary Shares for which valid acceptances were not received at a price (net of expenses) in excess of the Issue Price of 260p per share. Accordingly, sub-underwriters have been asked to subscribe for these shares at 260p per share and are being advised of their allocation today. There is no premium which falls to be distributed to Qualifying Shareholders who did not take up their entitlements in accordance with the terms of the Rights Issue. Dealings in the New Ordinary Shares commenced, fully paid, at 8.00 am earlier today. It is expected that definitive share certificates in respect of the New Ordinary Shares will be dispatched by 20 July 2001. Terms defined in the Company's prospectus dated 30 May 2001 shall, unless the context requires otherwise, have the same meanings in this announcement. Ben Stocks, Chief Executive of Porvair, commented: 'The £27.3 million raised from the Rights Issue allows us to continue our growth and sustain the development of our promising fuel cell materials technologies, building on our strong position in the marketplace. The funds raised will be supplemented further by the recent development grant awarded by the US Department of Energy to aid Porvair's research and development programme in fuel cell components technology. The award is a tremendous accolade for Porvair and a great endorsement for our technology.' Enquiries: Porvair plc Tel: 01353 761111 Mark Moran, Finance Director Close Brothers Corporate Finance Limited Tel: 020 7655 3100 Mark Wrightson, Chairman Andrew Cunningham, Director Beeson Gregory Limited Tel: 020 7488 4040 Chris Callaway, Director Buchanan Communication Tel: 020 7466 5000 Charles Ryland Catherine Miles This announcement is issued by Porvair plc and the directors of Porvair plc are the persons responsible for the information contained in this announcement. Close Brothers Corporate Finance Limited, which is regulated by the Securities and Futures Authority Limited is acting for Porvair plc and for no-one else in relation to the Rights Issue and will not be responsible to any other person for providing the protections afforded to its customers or for providing advice in relation to the Rights Issue.