Offer Update

Irish Continental Group PLC
03 July 2007



                                  3 July 2007


              Irish Continental Group plc ('ICG' or the 'Company')


Offer Update Announcement


On 14 June 2007 the independent directors of ICG (the 'Independent Directors')
and the board of directors of Moonduster Limited ('Moonduster') announced the
terms of a recommended acquisition for cash of the entire issued and to be
issued share capital of ICG by Moonduster for cash consideration of €22.00 per
ICG Unit (the 'Moonduster Offer'). Moonduster controls the voting of,
approximately 20.38 per cent. of the issued share capital of the Company.


Previously, on 8 March 2007 the Independent Directors and the board of directors
of Aella plc ('Aella') announced the terms of a recommended acquisition for cash
of the entire issued and to be issued share capital of ICG by Aella for cash
consideration of €18.50 per ICG Unit (the 'Aella Offer'). In the announcement of
the Moonduster Offer the Independent Directors indicated that by announcing
their intention to recommend the Moonduster Offer they were withdrawing their
recommendation of the Aella Offer.


On 20 June 2007, Aella announced that Eamonn Rothwell, chairman of Aella and
also Chief Executive Officer of ICG, acquired 1,750,200 ICG Units, representing
7.4 per cent. of the entire issued share capital of ICG, at a price of €22.00
per ICG Unit. Accordingly, Aella confirmed that the Cash Consideration under the
Aella Offer will be increased to €22.00 per ICG Unit. Following these purchases,
Aella's shareholders own, or have an interest in, approximately 17.19 per cent.
of the issued share capital of the Company.


On 2 July 2007, ICG and Aella sought and obtained an order of the High Court
allowing the parties to modify Condition 1 of the Aella Offer (as set out on
page 39 in Part V of the Aella scheme document sent to shareholders on 20 March
2007). The modification agreed by ICG and Aella involves the replacement of the
date '5 July 2007' with the date '31 October 2007' and also the removal of the
words 'with the consent of the Panel' from Condition 1. The principal effect of
the modification is to avoid the Aella Offer lapsing on 5 July 2007 by extending
to 31 October 2007 the date by which the Aella scheme may become effective and
unconditional. Notwithstanding these modifications, the shareholder meetings to
consider the Aella Offer remain adjourned.



Enquiries


Irish Continental Group plc           Telephone [phone]

Independent Directors

John B McGuckian


NCB Corporate Finance                 Telephone [phone]

Liam Booth

Jonathan Simmons

Shane Lawlor


Drury Communications                  Telephone [phone]

Billy Murphy

Paddy Hughes


The Independent Directors of Irish Continental Group plc accept responsibility
for the information contained in this announcement. To the best of their
knowledge and belief (having taken all reasonable care to ensure that such is
the case), the information contained in this announcement for which they take
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.


NCB Corporate Finance Limited, which is authorised in Ireland by the Financial
Regulator under the Investment Intermediaries Act 1995, is acting exclusively
for Irish Continental Group plc and no one else in connection with the
acquisition and will not be responsible to anyone other than Irish Continental
Group plc for providing the protections afforded to clients of NCB Corporate
Finance Limited nor for providing advice in relation to the acquisition.




                      This information is provided by RNS
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