RNS Number:2787S
Sky Capital Holdings Limited
20 November 2003

Embargoed: 0700hrs 20 November 2003

                           Sky Capital Holdings, Ltd.

                           Expansion of US Operations

Sky Capital LLC, the US broker/dealer subsidiary of Sky Capital Holdings, Ltd.,
had applied to the NASD to increase the number of securities in which the firm
makes a market, to open a branch office in New Jersey, and to increase the
number of registered persons employed. These applications were initially denied
by the NASD's Department of Member Regulation (the "Department"). Sky Capital
LLC appealed the decision to the NASD's National Adjudicatory Counsel (NAC).
Following a hearing during which testimony was taken and evidence introduced,
the NAC rendered a decision on November 18, 2003 that declined to sustain the
Department's denials and pointedlyremanded the matter for reconsideration of the
application in light of its findings, with "specific instructions to negotiate
with Sky Capital an orderly expansion of the Firm's business".

Tom McMillen, Chairman of Sky Capital Holdings, Ltd., commented,

"We are very pleased with the decision of the National Adjudicatory Council, and
look forward to a prompt resolution of this NASD matter. We are eager to proceed
with the expansion of our US operations. "

For further information please contact,


Tom McMillen / Michael Recca
Sky Capital Holdings, Ltd.
+1 (212) 709 1900

Adam Reynolds
Hansard Communications
+44 (0) 20 7245 1100


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

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