Result of Open Offer

R.E.A.Hldgs PLC 4 May 2001 RESULTS OF UNDERWRITTEN OPEN OFFER R.E.A. HOLDINGS PLC (the 'company') announces that qualifying shareholders and warrant holders subscribed an aggregate of 2,335,053 new ordinary shares pursuant to the open offer made by the company on 10 April 2001. Accordingly, under the terms of the underwriting agreement between the company and Emba Holdings Limited ('Emba') dated 10 April 2001, Emba will itself subscribe, or procure subscribers for, the balance of 907,681 new ordinary shares offered pursuant to the open offer, at the open offer price of 46 pence per share. The gross proceeds of the open offer are approximately £1.49 million. Application is being made for the 3,242,734 new ordinary shares to be allotted pursuant to the open offer to be admitted to the Official List. Application has also been made to the London Stock Exchange for these new ordinary shares to be admitted to trading on its market for listed securities and it is expected that trading will commence on 8 May 2001. These new ordinary shares will be issued and allotted, conditional only upon Admission, immediately upon finalisation of the underwriting arrangements and a further announcement as to the major interests arising on such finalisation will be made in due course. Enquiries: Richard Robinow Chairman, REA Holdings plc - 020 7631 3988 Leonie Grimes / David Kent Andersen Corporate Finance - 020 7438 3000