Offer Update

Irish Continental Group PLC
26 September 2007


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


The reconvened court meetings and the reconvened extraordinary general meeting
(EGM) to consider the Revised Aella Scheme to acquire the entire issued and to
be issued share capital of ICG by Aella for cash consideration of €24.00 per ICG
Unit took place today at The Clarion Hotel Dublin IFSC, International Financial
Services Centre, Dublin 1 on 26 September 2007 with the first reconvened meeting
commencing at 2.30pm.

The resolution proposed at the first reconvened court meeting was voted on by
127 ICG shareholders of which 83 ICG shareholders with an interest in 1,973,048
ICG Units voted in favour of the resolution proposed and in relation to which
the remaining 44 ICG shareholders with an interest in 10,656,398 ICG Units voted
against the resolution proposed.

The resolution proposed at the second reconvened court meeting was voted on by
17 ICG shareholders with an interest in 3,777,120 ICG Units all of whom voted in
favour of the proposed resolution.

The resolutions proposed at the reconvened EGM were voted on by a poll of
shareholders and were not approved.

Accordingly, the Revised Aella Scheme has not been approved by ICG Shareholders
and the Revised Aella Scheme has lapsed and except with the consent of the Irish
Takeover Panel, Aella will be prohibited from announcing or making an offer for
the Company for a period of 12 months from the date of this announcement.

On 24 September 2007, Moonduster Limited ('Moonduster') announced that pursuant
to various acquisitions, through contracts for difference, of voting rights over
ICG Units between 20 and 24 September 2007 the cash consideration payable
pursuant to the Moonduster scheme to acquire the Company has increased to €25.25
per ICG Unit (the 'Revised Moonduster Scheme').

The Independent Directors note the announcements of earlier today and will
engage with Moonduster so as to consider the Revised Moonduster Scheme. Provided
the Independent Directors are satisfied that it is in the best interests of
shareholders to do so the Independent Directors will also consider recommending
the Revised Moonduster Scheme, and, if appropriate, despatch the Revised
Moonduster Scheme document to shareholders as soon as practicable along with the
notices to convene the various court meetings and EGMs to consider, and if
thought fit, approve the Revised Moonduster Scheme.

The Revised Scheme Document also contained a notice for a second extraordinary
general meeting (the 'Second EGM'), also to be held today at The Clarion Hotel
Dublin IFSC, International Financial Services Centre, Dublin 1 commencing at
3.15 pm, or if later immediately following the conclusion or adjournment of the
reconvened EGM. The purpose of the Second EGM was to seek shareholder approval
for certain amendments to the ICG 1988 Share Option Scheme. The resolution
proposed at the Second EGM were approved by a poll of shareholders.

A further announcement will be made in due course.


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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