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Franklin Mutual Advisers to invest in Cityscape.

ELMSFORD, N.Y.--(BUSINESS WIRE)--Nov. 25, 1996--Cityscape Financial Corp. (Nasdaq: CTYS) today announced that Franklin Mutual Advisers, Inc. will acquire the options held by consultant Jay Botchman, which represent the right to purchase from three of Cityscape's principal shareholders, 4,140,000 currently outstanding shares of the Company s common stock. The Company has granted certain registration rights to Franklin effective upon Franklin's acquisition of the shares underlying the options. The agreement, signed today, is scheduled to close on January 7, 1997.

A spokesperson for Franklin Mutual Advisers said, "We are delighted to be investors in Cityscape. We believe in Cityscape's strategy and that the Company is in an excellent position to compete in its core markets in both the U.S. and the U.K."

The Company also said that, by mutual consent, Mr. Botchman's consulting agreement with Cityscape will not be renewed when it expires on December 31, 1996.

Cityscape Financial Corp. is a consumer finance company. Through its wholly-owned subsidiaries, Cityscape Corp. and City Mortgage Corporation Limited, it engages in the business of originating, purchasing, selling and servicing home equity mortgage loans, secured primarily by one-to-four family residences, in the United States and the United Kingdom. Cityscape was founded in 1985. It is headquartered in Elmsford, New York and has regional processing offices in California, Georgia, Illinois and Virginia.

CONTACT: Robert C. Patent, EVP

Tim S. Ledwick, CFO

Cityscape Financial Corp.

(914) 592-6677

or

Michele Katz / Jason Langer

Press: Stan Froelich

Elisabeth Philippe

Morgen-Walke Associates

(212) 850-5600
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Publication:Business Wire
Date:Nov 25, 1996
Words:251
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