STATEMENT TO BE READ OUT AT AGM TO BE HELD ON 18TH JULY 2003

Mr Rastegar stands up and says, "Good morning, before we begin the AGM, I will
read out a statement of the present position of the Company, in relation to
both the trading position and the sale process. After that, we will answer any
questions you have within the legal commercial constraints that we are
operating under and finally, hold the AGM at which the resolutions will be
proposed in the usual way. If you have any questions relating to my position or
the position of the shares I represent, then I will take them after the
completion of the AGM.

Regarding current trading, the core trading business is marginally profitable
as at 30th June 2003 without the impact of changes in provisions and the costs
of the current process.

Trading continues to be tough under highly competitive conditions. As
announced, the Company has been waiting the results of the European Commission
review of the import of disposable gas-fuelled lighters. The results have been
received and the Board is pleased to announce that the complaint has been
withdrawn and that as a result, no anti-dumping tax will be imposed at this
time.

Following the de-listing of the Company's shares, the Board continues to be
bound by the Companies Act and the Takeover Code. Your shares continue in issue
and you are able to sell them to who you choose, at the price you choose by way
of a private bargain rather than via your stockbroker.

Following the letters to shareholders dated 11 June 2003 and 23rd June 2003,
there has been some confusion about the Board's reasons for the decision to
de-list the Company's shares and the dealing in shares following the
de-listing. In order to assist shareholders, I would like to re-iterate:

1.The cost of the Company completing any sale transaction whilst listed on the
  London Stock Exchange were prohibitive given the size of the Company and the
  resources available to it.
2.The costs of completing the sale transaction now that the Company is
  de-listed is a fraction of those when listed.
3.The Board has arranged an independent valuation of the Company and will need
  to seek the approval of shareholders in order to sell Ronson International or
  the trading assets.
4.Save for keeping the Registrars of the Company up to date with their address
  and filling in their proxy forms in the usual way, a shareholder does not need
  to take any further steps to ensure that their shares are sold to a third party
  in the event of there being an offer for the Company.
5.The Company will maintain a list of shareholders that wish to sell their
  shares immediately regardless of the success or otherwise of the sale of the
  Company or its shares. If anyone wishes to buy any shares, they will be advised
  by the Company to contact the Company for details of sellers. The purchaser
  will then negotiate direct with the potential sellers for an appropriate price.

With regard to the sale process, the Company has received several indicative
offers for its trading subsidiary and/or Ronson plc which the Board has
unanimously agreed to consider in greater detail.

The Board will continue to make announcements to shareholders via the RNS
service as the process goes forward.

If these offers do not result in the sale of either the Company or its trading
subsidiaries, the Board will seek a re-listing of the Company's shares, either
on the Alternative Investment Market (AIM) or Offex. Such a re-listing will be
substantially cheaper than a listing on the London Stock Exchange and given the
present position of the Company, these appear to be the best markets for a
listing of the Company's shares. The Board will of course, re-consider such a
decision in the light of the economic circumstances at that time.


                               18th July 2003




END