REPORTS NO CONVERSION OF DEBENTURES

14 January 1997
Loxley Plc (LOXLEY) reported that as the company has issued Euro- Convertible Debenture or E.C.D. for offering to domestic and overseas investors for US$100 million during April 20- May 20, 1995 and gave rights to the holders in converting to common shares before the maturity date. And investors can use their conversion rights after July 20, 1995. The company would like to report that in December 1996 there was no request in converting debentures in to common shares of the holders at all.