DMD Diamond Life.

RNS Number:3870P
Drummond Group PLC
14 August 2000


DRUMMOND GROUP PLC ("Drummond")

Chargeurs' intentions regarding Drummond's 5.6% Preference Shares


The circular to Drummond shareholders dated 21 July 2000 stated that it was
Chargeurs' intention in due course and when funds permit, subject to the
Rights Issue and Capital Reorganisation proceeding, to make a cash offer to
the 5.6% Preference Shareholders to purchase and cancel the 5.6% Preference
Shares.

Following recent discussions with two major holders of the 5.6% Preference
Shares, Chargeurs UK has undertaken with one of them conditionally on all
necessary resolutions being passed at the forthcoming Annual General Meeting
and Class Meeting of Drummond, either to procure that Drummond makes an offer
to repurchase their shares at their capital entitlement under the Articles,
being a minimum of 110p per share plus dividend arrears or to make a cash
offer itself on the above terms to the 5.6% Preference Shareholders by 30 June
2004.

In addition, and also conditional on the relevant resolutions being passed,
following the Rights Issue and Capital Reorganisation, Chargeurs UK will grant
the 5.6% Preference Shareholders an option to exchange their 5.6% Preference
Shares for ordinary shares of 5p each in Drummond held by Chargeurs UK at the
rate of 17 ordinary shares for each 5.6% Preference Share.  This option will
be exercisable before the date which is three months after the Annual General
Meeting and Class Meetings convened for 14 August 2000 and is subject to
Chargeurs UK maintaining an interest in over 50% of the issued ordinary share
capital of Drummond.

The above offers (including the option) will be extended to all holders of the
5.6% Preference Shares. 

In return for the undertaking from Chargeurs UK, one major 5.6% Preference
Shareholder, who accounts for 22.2% of the 5.6% Preference Shares, has agreed
to vote in favour of all the resolutions relevant to the 5.6% Preference
Shares at the shareholders' meetings on 14 August 2000.


For further information contact:

Mr Stefan Simmonds, Chairman, Drummond              Tel:  01274 721 435
Roland Bellande, Chargeurs                          Tel:  00 33 149 531 000
David Forbes NM Rothschild & Sons Limited           Tel:  0112 200 1900
Philip Johnson, Director, Corporate Finance
Brown, Shipley & Co. Ltd                            Tel:  0161 214 6540
Issued by: Simon Mountford Communications           Tel:  01347 848 609



14 August 2000

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