Response to BPI

Macfarlane Group PLC 30 November 2000 PRESS RELEASE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND OR JAPAN MACFARLANE GROUP PLC INCREASED FINAL* CASH OFFER FOR BRITISH POLYTHENE INDUSTRIES PLC The board of Macfarlane has noted BPI's announcement this afternoon. John Ward, chairman of Macfarlane said: 'BPI's rejection of our increased cash offer contains statements which are grossly misleading. Our offer of 310p for all BPI's shares whereas BPI's tender offer is for only 30 per cent. of their shares and would leave BPI shareholders with the majority of their shareholding trapped in underperforming investment with questionable value. BPI's focus on the tax implications of our proposal is laughable. BPI's board has presided over a collapse in BPI's share price from 769p in 1997 to 137.25p earlier this year. Few of BPI's shareholders have the luxury of a capital gain.' * Macfarlane reserves the right to revise and/or increase and /or extend the Increased Final Offer in the event of a competitive situation (as determined by the Panel) arising or otherwise with the consent of the Panel. Words and expressions in previous Macfarlane documents and announcements have the same meanings in this announcement, unless otherwise indicated. Enquiries: Macfarlane Group PLC 0141 333 9666 Iain Duffin Noble Grossart Limited 0131 226 7011 Sir Angus Grossart Todd Nugent HSBC 020 7336 9000 John Hannaford Bell Pottinger 020 7353 9203 David Rydell Kate Power Beattie Media 01698 787878 Gordon Beattie Copies of the Original Offer Document, the document sent to BPI shareholders on 2 November 2000, the Increased Final Offer Document and the Revised Form of Acceptance are available free of charge from Lloyds TSB Registrars, Antholin House, 71 Queen Street, London EC4N 1SL (telephone 0870 600 2027). The directors of Macfarlane (whose names are set out in paragraph 2 of part 7 of the Original Offer Document) accept responsibility for the information contained in this announcement save that the only responsibility accepted by them in respect of the information contained in this announcement relating to BPI, the BPI group and the directors of BPI, which has been compiled from publicly available sources, has been to ensure that such information has been correctly and fairly reproduced and presented. Save as aforesaid, and to the best of the knowledge and belief of the directors of Macfarlane (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. Noble Grossart Limited, which is regulated in the UK by The Securities and Futures Authority Limited, is acting for Macfarlane and no one else in connection with the Increased Final Offer, and will not be responsible to anyone other than Macfarlane for providing the protections afforded to customers of Noble Grossart, or for providing advice in relation to the Increased Final Offer. The contents of this announcement have been approved by Noble Grossart Limited for the purpose only of Section 57 of the Financial Services Act 1986.
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