Offer Wholly Unconditional

Evolution Group PLC 11 July 2002 11 July 2002 Not for release, publication or distribution in or into the United States, Canada, Japan or Australia. THE EVOLUTION GROUP PLC RECOMMENDED MERGER OF THE EVOLUTION GROUP PLC ("EVOLUTION") WITH BEESON GREGORY GROUP PLC ("BEESON GREGORY") MERGER OFFER DECLARED WHOLLY UNCONDITIONAL CHANGES TO EVOLUTION BOARD Evolution is pleased to announce that, all of the conditions of the Merger Offer having been satisfied or waived, the Merger Offer is now declared unconditional in all respects (subject only to the Evolution Shares being re-admitted to trading on AIM and the New Evolution Shares being admitted to trading on AIM, which is expected to take place tomorrow). By 3.00 pm on 10 July 2002, valid acceptances had been received in respect of a total of 60,248,353 Beeson Gregory Shares, representing approximately 87.17 per cent. of Beeson Gregory's issued share capital. Evolution already owns 250,000 Beeson Gregory Shares and in aggregate, therefore, Evolution has received valid acceptances in respect of, or owns, a total of 60,498,353 Beeson Gregory Shares representing approximately 87.53 per cent. of the existing issued share capital of Beeson Gregory. These acceptances include valid acceptances in respect of 32,015,147 Beeson Gregory Shares, representing approximately 46.32 per cent. of Beeson Gregory's issued share capital, pursuant to irrevocable undertakings to accept the Merger Offer, given by certain Beeson Gregory Shareholders, the Beeson Gregory Directors and certain other Beeson Gregory employees as disclosed in the Offer Document. Immediately prior to the commencement of the Offer Period, Evolution owned 250,000 Beeson Gregory Shares. Since that date, and other than as referred to herein, neither Evolution nor any person acting in concert with Evolution has acquired or agreed to acquire any Beeson Gregory Shares (or rights over such shares) other than pursuant to the Merger Offer. The Merger Offer has been extended and will remain open for acceptance until further notice. Evolution will shortly be writing to the holders of options over Beeson Gregory Shares with appropriate proposals. Andrew Beeson and David Norwood have today been appointed as Non-Executive Chairman and Director respectively of Evolution, and Sir Malcolm Field and George Loudon have today been appointed as Non-Executive Directors of Evolution. All are currently directors of Beeson Gregory Group plc. James Chilcott has today stepped down from the Board of Evolution, but will remain with the Enlarged Group as an integral part of the research department, leading the IP exploitation franchise. Application will be made today for cancellation of the trading of Beeson Gregory Shares on the London Stock Exchange's market for listed securities and the listing of Beeson Gregory Shares on the Official List of the UKLA. It is anticipated that such cancellations will take effect on 22 August 2002, being the date six weeks from the date of this announcement. The Enlarged Group intends to move to the Official List at the first appropriate opportunity. In the event that Evolution receives valid acceptances under the Merger Offer in respect of over 90 per cent. of the Beeson Gregory Shares to which the Merger Offer relates, Evolution intends to exercise its rights pursuant to the provisions of sections 428 to 430F (inclusive) of the Act to acquire compulsorily the remaining Beeson Gregory Shares to which the Merger Offer relates. Beeson Gregory Shareholders who have not yet accepted the Merger Offer are urged to complete and return their Form of Acceptance (and supporting documents) as soon as possible. Additional Forms of Acceptance are available from Capita IRG on 0870 162 3100. Enquiries: The Evolution Group PLC Tel: 020 7220 4800 Alex Snow Richard Griffiths Graeme Dell Altium Capital Limited Tel: 020 7484 4040 Garry Levin Ben Bailey Sam Fuller Hogarth Partnership Limited Tel: 020 7357 9477 Andrew Jaques Georgina Briscoe Beeson Gregory Group PLC Tel: 020 7488 4040 Andrew Beeson Charles Byford UBS Warburg Tel: 020 7567 8000 Nic Hellyer Rachael Young Buchanan Communications Tel: 020 7466 5000 Richard Oldworth Nicola Cronk Terms defined in the Offer Document dated 13 June 2002, have the same meaning in this press release unless the context otherwise requires. Altium Capital is acting for Evolution and no one else in connection with the Merger Offer and will not be responsible to anyone other than Evolution for providing the protections afforded to clients of Altium Capital, or for providing advice in relation to the Merger Offer or the New Evolution Shares. UBS Warburg is acting for Beeson Gregory and no one else in connection with the Merger Offer and will not be responsible to anyone other than Beeson Gregory for providing the protections afforded to clients of UBS Warburg, or for providing advice in relation to the Merger Offer. This announcement does not constitute an offer or invitation to purchase or subscribe for any securities. The Merger Offer is not being made, directly or indirectly, in or into, or by use of the mails of, of by any means or instrumentality (including, without, limitation, facsimile transmission, telex, telephone or internet) of interstate or foreign commerce or any facilities of a securities exchange of, the United States, nor is it being made directly or indirectly, in or into, Canada, Australia or Japan unless an exemption under any applicable laws is available. This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings