GFF Griffin Grp.

RNS Number:1573A
Griffin Group PLC
25 June 2004



FOR IMMEDIATE RELEASE                             25 June 2004



                               GRIFFIN GROUP PLC
                       (Griffin Group" or the "Company")

                   Further update on trading and investments

As announced at the time of the interim results for the six months ended 31
March 2004, the Company intended to establish over time a small number of AIM
traded companies as cash shells. On 14 May 2004, the shares of Orientrose 2 plc
("OR2"), a cash shell in which Griffin has a 60 per cent. shareholding, were
admitted to AIM. OR2's strategy is to find a suitable company or business or
investment to acquire. OR2's investment criteria is that the target should be
profitable or have significant asset value and should operate in a sector that
has opportunities for consolidation or further development. Following admission,
Griffin has introduced a number of potential investment opportunities to OR2
that are being actively considered by OR2.

On 20 May 2004, the shares of Metrocapital plc ("Metrocapital"), a cash shell in
which Griffin had a 30.44 per cent. shareholding, were also admitted to AIM.
Operational control of Metrocapital on admission to AIM was assumed by the new
board and its majority shareholders. On 22 June 2004 Griffin disposed of its
entire shareholding in Metrocapital for #211,083 net of expenses, realizing a
profit before taxation of #136,083 on sale.

Investment banking activity in the US continues to develop satisfactorily. The
US based operations of Griffin have recently completed a private placement of
$8.5 million for Integrated BioPharma Inc., a leading biopharmaceutical company
listed on the American Stock Exchange and participated in a $74.6 million raise
for Cypress Bioscience Inc., a biotechnology company listed on NASDAQ, led by
Deutsche Bank Securities Inc., CIBC World Markets Corp., Lazard Freres & Co.
LLC, Jefferies & Company, and others.

ENDS






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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