Boards of Chaucer and Highway terminate on-going discussions

The boards of Chaucer and Highway have terminated their on-going discussions. The boards of Chaucer Holdings and Highway had announced back in March they were in discussions in relation to Chaucer potentially making a recommended all share offer for Highway on the basis of 44 new Chaucer shares for every 54 Highway shares. The directors of Highway stated, however, they had sought the views of a number of the company's largest shareholders and had subsequently concluded that an offer on the