Antonov is pleased to announce that Quivest BV, a Dutch based investment holding company, is subscribing for 3 million ordinary shares in the capital of Antonov plc. The issue price will be Euro 0.50 per share, for a total subscription of Euro 1,500,000.

For every three shares subscribed for, two warrants will be attached. These warrants will be exercisable at the following prices per share and will expire on the 31st March 2008:

700,000 shares at Euro 0.40 per share
700,000 shares at Euro 0.50 per share
600,000 shares at Euro 0.65 per share
Following the subscription Quivest BV will hold 5,775,600 shares, amounting to 5.4% of Antonov’s issued share capital.

On 5th March 2004, it was announced that a Dutch\German investment group had agreed to provide Euro 1,050,000 of new funding via a loan note facility expiring on the 30th September 2004. As a result of the above-mentioned placing, the expiry date of the loan note has been extended to the 31st March 2005. All other conditions of this loan note remain unchanged.

Commenting on the placing David Bovell, Antonov’s FD, said:-

"Antonov continues to receive strong shareholder support and the Board is pleased that this funding together with the extended loan note facility will fund the Group’s current budget requirements, including all announced prototype development expenditure. We are now firmly on track to produce and deliver the first AAD prototype to our tier 1 industrial partner and to demonstrate it fitted in a motor vehicle at the Paris Motor Show in late September 2004. We are also accelerating development of our new DCA "dual clutch" offering and expect to have completed a manual version thereof in early 2005".