Offer Update

Irish Continental Group PLC
06 September 2007


                                        
                                6 September 2007
                                                                           
              Irish Continental Group plc ('ICG' or the 'Company')
                                                                                
                            Offer Update Announcement
                                        

On 20 August 2007 the independent directors of ICG (the 'Independent Directors')
and the board of directors of Aella plc ('Aella') announced the terms of a
revised recommended acquisition for cash of the entire issued and to be issued
share capital of ICG by Aella for cash consideration of €24.00 per ICG Unit (the
'Revised Aella Offer') by way of a scheme of arrangement under section 201 of
the Companies Act 1963 of Ireland.


On 5 September 2007, ICG and Aella sought and obtained an order of the High
Court to reconvene certain meetings of shareholders of ICG to consider and
approve the scheme of arrangement relating to the Revised Aella Offer. The court
meetings will be held at The Clarion Hotel Dublin IFSC, International Financial
Services Centre, Dublin 1 on 26 September 2007 commencing at 2.30 p.m.


It is expected that the revised scheme document setting out full details of the
Revised Aella Offer will be despatched to ICG shareholders by no later than 10
September 2007.


Enquiries

NCB Corporate Finance Telephone [phone]
Liam Booth
Jonathan Simmons
Shane Lawlor


Goodbody Corporate Finance Telephone [phone]
Brian O'Kelly
Finbarr Griffin
David Kearney


The directors of Irish Continental Group plc and Aella 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.


Goodbody Corporate Finance, which is authorised in Ireland by the Financial
Regulator under the Investment Intermediaries Act 1995, is acting exclusively
for Aella plc and no one else in connection with the acquisition and will not be
responsible to anyone other than Aella plc for providing the protections
afforded to customers of Goodbody Corporate Finance or for providing advice in
relation to the acquisition, the contents of this announcement or any
transaction or arrangement referred to herein.



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