FDC Financial Dev

RNS Number:3255C
Financial Development Corp PLC
26 August 2004

Embargoed: 0700hrs 26 August 2004

                     Financial Development Corporation plc
                          (formerly Hansard Group Plc)
                            ("FDC" or the "Company")

                               Update on Placing

The directors of Financial Development Corporation plc ("the Board") announce
that, with regard to the placing ("the Placing"), announced on 23 July 2004 ("
Announcement") as at 5pm on 25 August 2004 cleared funds of #5.905 million had
been received representing 196.8 million new shares of #0.001 each in the
Company ("New Ordinary Shares").

On 24 August 2004 the Company announced that three investors in the Placing (the
"Proposed Investors") had not paid the subscription monies due to the Company.
The announcement indicated that further subscription monies were expected to be
received.  Since then no monies have been received from the Proposed Investors,
but subscription monies amounting to approximately #1 million have been
received, being #750,000 from Mr Terry Ramsden, who had agreed to subscribe #1.5
million in the Placing, and was named in the Announcement as a key investor in
the Placing, with the balance being received from other placees.  Mr Ramsden
will, on the basis of 196.8 million New Ordinary Shares being issued in the
Placing, hold approximately 7.4% of the issued share capital of the Company as
enlarged by the issue of New Ordinary Shares in the Placing. At present it
appears unlikely that further subscription monies due to the Company will be
received prior to completion of the Placing.

The 196.8 million New Ordinary Shares which have been subscribed and paid for in
the Placing and the New Ordinary Shares which will result from the 10 for 1
share subdivision detailed in the Announcement will, as previously announced, be
admitted to trading on AIM on Friday 27 August 2004.

The Company is considering, in conjunction with its legal advisers, what action
it should take in relation to the placees who have not yet paid the subscription
monies due to the Company.

Chairman, Tony Caplin, commented,

"Following this placing, the Company will have over #6.5 million of cash and
investments together with a profitable and growing financial public and investor
relations business.  Our share price at the close of business on 25 August 2004
of 2.8p (at nominal value #0.001) per share is underpinned by a net asset value
per share of 2p, of which 1.8p per share is cash.

The plans for the future, as previously announced, remain unchanged."

For further information please contact,

Adam Reynolds, Chief Executive
Paul Foulger, Finance Director
Financial Development Corporation plc
Tel. 020 7245 1100


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