REPORTS ON RESULT OF E.C.Ds CONVERSION

18 November 1996
Loxley Plc (LOXLEY) reported on result of Euro Convertible Debentures (E.C.Ds) conversion that on October, 1996, there is no holder converted their E.C.Ds to the company's common shares. LOXLEY previously issued E.C.Ds worth totalling of US$100 million to foreign investors from April 20 to May 20, 1995. The holders were eligible to convert their E.C.Ds before the maturity. The conversion started fromJuly 20, 1995 onwards.