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LEP GROUP ISSUES STATEMENT ON POSSIBLE WRITE-OFFS FOR 1991

 LEP GROUP ISSUES STATEMENT ON POSSIBLE WRITE-OFFS FOR 1991
 GREENWICH, Conn., Jan. 22 /PRNewswire/ -- The board of LEP Group plc (ADRS - NASDAQ-NMS: LEPGY) today said it has noted the recent activity in the company's shares.
 As a result of a more detailed review of the value of LEP's assets, the board now believes that it is likely to be necessary to make a very substantial amount of write-offs and provisions for the year ended Dec. 31, 1991, including the write-off of most or all of its exposure as to its U.S. property. While the board is not yet in a position to comment further on the company's results for the year ended Dec. 31, 1991, turnover has held up as well as can be expected in the current environment and the company has continued to trade profitably at the operating level.
 The company is in negotiation with its principal bankers with a view to placing its financing arrangements onto a longer term basis. This will involve a restructuring of the group which is very likely to include a partial conversion of debt into equity. As a result, the company is reviewing the necessity or desirability of disposing of the National Guardian Corporation, its U.S. security business.
 In the meantime, LEP's principal bankers remain supportive and banking facilities continue to be available to it.
 A further announcement will be made when appropriate.
 -0- 1/22/92
 /CONTACT: John East, in Epsom, England, 011-44-3727-29595, or William R. Berkley, 203-629-2880, both of LEP Group/
 (LEPGY) CO: LEP Group plc ST: Connecticut IN: SU:


GK-TS -- NY028 -- 2156 01/22/92 10:10 EST
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Publication:PR Newswire
Date:Jan 22, 1992
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