High Court Hearings

Guinness Peat Group PLC
9 December 2002


             RECOMMENDED MERGER OF GUINNESS PEAT GROUP PLC ('GPG') 
                      AND BRUNEL HOLDINGS PLC ('BRUNEL')


          HIGH COURT SANCTIONS SCHEME OF ARRANGEMENT OF GPG AND CONFIRMS 
                       CAPITAL REDUCTION OF BRUNEL

The Board of GPG is pleased to announce that at a hearing today the High Court 
of Justice sanctioned the proposed scheme of arrangement of GPG under Section 
425 of the Companies Act 1985 (the 'Scheme'), to effect the merger of GPG and 
Brunel under the name Guinness Peat Group plc (the 'Merger').

The Board of Brunel is pleased to announce that at a further hearing held today 
the High Court of Justice confirmed the Brunel Reduction of Capital.

Both the Scheme and the Brunel Reduction of Capital are expected to become 
effective after 4.30 p.m. on 13 December 2002. It is expected that the new 
Brunel shares to be issued in connection with the Merger will be admitted to the 
Official List and that trading in the new Brunel Shares on the London Stock 
Exchange and trading in the Brunel Shares on the New Zealand Stock Exchange will 
commence at 8.00 a.m. (local time) on 16 December 2002. Trading in the Brunel 
Shares is expected to commence on the Australian Stock Exchange at 8.00 a.m. 
(local time) on 17 December 2002, a change to the expected timetable previously 
published.


9 December 2002 

For further information please contact:

GPG
Blake Nixon   
                                                     020 7484 3370
BRUNEL
Barry Stevenson                                      01249 656 263

ROBERT W. BAIRD LIMITED
Shaun Dobson                                         020 7488 1212 
Xavier de Mol

DELOITTE & TOUCHE CORPORATE FINANCE
Robin Binks                                          020 7936 3000


This announcement has been approved by Robert W. Baird Limited ('Baird') solely 
for the purposes of Section 21 of the Financial Services and Markets Act 2000. 
It does not constitute an offer or invitation to purchase any securities.

Baird, which is regulated in the United Kingdom by the Financial Services 
Authority, is acting exclusively for Brunel in relation to the Merger. Baird 
will not be responsible to anyone other than Brunel for providing the 
protections afforded to customers of Baird nor for providing advice in relation 
to the Brunel Reorganisation.

Deloitte & Touche Corporate Finance is acting for GPG in connection with the 
Merger and no-one else and will not be responsible to anyone other than GPG for 
providing the protections offered to clients of Deloitte & Touche Corporate 
Finance nor for providing advice in relation to the Merger. Deloitte & Touche 
Corporate Finance is a division of Deloitte & Touche which is authorised by the 
Financial Services Authority in respect of regulated activities.

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