Offer for Peel Holdings p.l.c

Peel Hldgs PLC
16 August 2004


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH AFRICA

16 August 2004

FOR IMMEDIATE RELEASE


Peel Holdings p.l.c. ('Peel')
Results of the Court Hearing

The Board of Peel announces that, at a court hearing held earlier today, the
High Court sanctioned the scheme of arrangement between Peel and its
shareholders in connection with the offer by Peel Acquisitions Limited
('Acquisitions') to buy-out the minority shareholders in Peel by way of a scheme
of arrangement under s.425 of the Companies Act 1985. The Record Date of the
Scheme is expected to be Tuesday 17 August 2004 and the Effective Date of the
Scheme is expected to be Wednesday 18 August 2004, at which point Peel will
become a wholly owned subsidiary of Acquisitions.

Assuming that the Effective Date falls on Wednesday 18 August 2004, Peel shares
will be delisted from AIM on this day.

Assuming that the Effective Date falls on Wednesday 18 August 2004, the latest
date for the despatch of cheques to Scheme Shareholders is Wednesday 1 September
2004.

Defined terms used in this announcement have the same meaning as in the circular
posted to Shareholders on 30 June 2004.

Enquiries:

Peel Holdings p.l.c.                                 Telephone: [phone]
Peter Scott

N M Rothschild & Sons Limited                        Telephone: [phone]
Richard Bailey/Andrew Thomas


The Directors of Peel Holdings p.l.c accept responsibility for the information
contained in this announcement. To the best of knowledge and belief of the
Directors, who have taken all reasonable care to ensure such is the case, the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.

N M Rothschild & Sons Limited is acting for Peel Holdings p.l.c and no one else
in connection with the possible transaction and will not be responsible to
anyone other than Peel Holdings p.l.c for providing the protections afforded to
clients of N M Rothschild & Sons Limited or for providing advice in relation to
the possible transaction.







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