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Completion of purchase of own shares, introduction of new investor and bank loan acquisition finance of £30 million raised

The directors of Centaur Communications Limited (Centaur), a leading British business information services provider and specialised business publisher, announce that following an Extraordinary General Meeting of the Company, which was held on 4th August, 1998, Centaur has completed a buy-in of 4,828,004 of it own ordinary shares at 360 pence per share. The cost of the buy-in, including stamp duty and other associated costs, amounted to £18 million (USD29 million). Following the buy-in the aggregate number of ordinary shares in issue is 15,309,257. This excludes unexercised options outstanding in respect of 1,898,396 ordinary shares which have been granted to members of Centaur's senior management team.

As an integral part of the capital reorganisation a major U.S. based private equity fund, VS&A Communications Partners II, L.P. (VS&A), an affiliate of the U.S. based investment bank Veronis, Suhler & Associates Inc., and whose portfolio comprises investments exclusively linked to the media, communications and information industries, has purchased 5,457,169 ordinary shares in Centaur from Warburg Pincus Capital Company L.P. (Warburg Pincus). The balance of Warburg Pincus' holding, which comprised 500,000 ordinary shares, was acquired by Griffin Land and Nurseries Inc., an existing Centaur shareholder.

The share buy-in has been financed partly out of Centaur's own cash resources and the balance by recourse to bank facilities provided by a syndicate of banks arranged by First Union Bank of Charlotte, North Carolina, U.S.A. The lines of credit amount to £30 million (USD49 million). To the extent they have not been utilised towards financing the buy-in Centaur plans to use the facilities available to acquire media businesses whose activities are complementary - and will add further quality and enhanced value - to the Group's existing magazine publishing interests. This represents a key plank in Centaur's strategic plan which, apart from the use of leverage to finance acquisitions, includes a drive towards substantial organic growth over the next three years.

John Veronis and John Suhler, respectively the Chairman and President and Co-Chief Executives of Veronis, Suhler & Associates Inc., have been appointed to the board of Centaur. Veronis, Suhler & Associates Inc. has been retained to seek acquisition opportunities for the Group.

Press enquiries to::

Graham Sherren
Chairman and CEO
Centaur Communications
+44 (020) 7970 4000

Russ Raman
Veronis, Suhler & Associates Inc.
00 1 212 935 4990

Allan Ripp
Allan Ripp Public Relations
00 1 212 721 7468

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