Acquisition, etc

MANX & OVERSEAS PLC 9 September 1999 The Board of Manx & Overseas Plc ('Manx') announce that they have today exchanged contracts with Maude and Newit Investments ('the vendors'), a Sheffield based partnership, for the purchase of vacant modern freehold premises at Herries Road, Sheffield. The consideration is to be £950,000, comprising £700,000 in cash and the issue to the vendors of 3,846,150 new ordinary shares in Manx at an issue price of 6.5p. The transaction will be financed by a mortgage of £570,000 to be secured on the property and the balance from Manx's own resources. Directors of Manx anticipate that they will find tenants for the property thereby enhancing profitability and asset value. Application will be made to the London Stock Exchange for the Admission of 3,846,150 new ordinary shares to trading on AiM, once completion has occurred. Contact Mr Desmond Bloom, Chairman of Manx Telephone 0171-495 7799