Further re Offer for Serah

Terrace Hill Group PLC
25 February 2004

Terrace Hill Group PLC ('the Group')


Further re Offer for SERAH Properties PLC


Undernoted is a copy of a letter sent to the shareholders of SERAH Properties
today.



Contact:

Ross Macdonald, Joint Managing Director, Terrace Hill Group plc, 0141 332 2014






THIS ANNOUNCEMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.  If you
are in any doubt as to the action you should take about this announcement, you
should consult your stockbroker, bank manager, solicitor, accountant or other
independent financial adviser authorised under The Financial Services and
Markets Act 2000 immediately.



To the Shareholders of SERAH Properties PLC





ANNOUNCEMENT



Cash Offer with Share Alternative by Terrace Hill Group PLC ('Terrace Hill') for
the entire issued share capital of SERAH Properties PLC ('Serah') (not already
owned or controlled by TH Holders)





25 February 2004



As at 3.00pm today Terrace Hill have received valid acceptances complete in all
respects in respect of 997,911 Serah Shares being 42.93% of the total Serah
Shares.  Of this total, holders of 159,216 Serah Shares have elected for the
Share Alternative. In addition, incomplete acceptances of the Cash Offer for
which documents of title are awaited have been received for 14,500 Serah Shares.
In addition to the forgoing acceptances, TH Holders already own or control
710,334 Serah Shares being 30.56% of the total Serah Shares. In aggregate, these
percentages amount to 73.49%.  In order to comply with the Takeover Code this
letter is sent to all Shareholders.  If you have accepted for all your Serah
Shares you need take no action.



Terrace Hill have declared the Cash Offer with Share Alternative unconditional
in all respects as at today's date and cheques will be despatched to those
Shareholders who have validly accepted the Cash Offer within 14 days.  Those
Shareholders who have elected to receive New Terrace Hill Shares under the Share
Alternative should note that application is being made for admission to trading
on AIM of the New Terrace Hill Shares to be allotted pursuant to the Share
Alternative.  It is anticipated that such shares will commence trading on 2
March 2004.



The Cash Offer with Share Alternative will remain open for acceptance
indefinitely.  14 days notice will be given prior to the closing of the Cash
Offer with Share Alternative.  Shareholders should however be aware that Terrace
Hill may commence the 14 day notice period at any time.  The procedure for
acceptance is set out on page 12 of the Offer Document.  It should be noted that
all acceptances are required to be signed in the presence of a witness and
accompanied by the relevant share certificate(s) or, if you cannot find your
share certificate, letter(s) of indemnity.  Further Forms of Acceptance can be
obtained by telephoning 0141 353 2620.



Other than as referred to above, Terrace Hill has not acquired or agreed to
acquire any Serah Shares during the offer period, nor did it hold any such
Shares prior to the offer period other than the holding of 710,334 Serah Shares
owned or controlled by TH Holders.



Yours faithfully









D. Ross Macdonald

Joint Managing Director



This announcement should be read in conjunction with the Offer Document dated 4
February 2004 and expressions therein shall have the same meanings in this
announcement.  The Terrace Hill Directors are responsible for the information
contained in this announcement.  To the best of their knowledge and belief (and
they have taken all reasonable care to ensure that 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.  The
Terrace Hill Directors accept responsibility accordingly.  This announcement
has been approved for issue by Mercantile Securities (Scotland) Limited ('MSS')
for the purposes of Section 21 of the Financial Services and Markets Act 2000.
MSS, which is regulated by The Financial Services Authority, is acting for
Terrace Hill and no one else in connection with the Cash Offer and Share
Alternative and will not be responsible to any other persons for providing the
protections afforded to customers of MSS nor for giving advice in relation to
the Cash Offer and Share Alternative.



So far as the Terrace Hill Directors are aware and save as disclosed above,
there have been no material changes to any of the information set out in the
Offer Document dated 4 February 2004.


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