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Tuesday 31 July, 2001

Silverhoney PLC

Offer Update

Silverhoney PLC
31 July 2001



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO
THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

For immediate release.           31 July 2001

                  Silverhoney PLC, a wholly-owned subsidiary

                    of Pubmistress Limited ('Pubmistress')

                    final increased cash offers to acquire


              The Wolverhampton & Dudley Breweries, PLC ('W&DB')


         REVISION OF OFFERS AND ANNOUNCEMENT OF LEVEL OF ACCEPTANCES

Silverhoney announces that following the announcement on 30 July 2001 of its
final Increased Offers* to acquire all of the W&DB Ordinary Shares and W&DB
Preference Shares and the extension of the Increased Offers to 1.00pm on 13
August 2001, it has now secured acceptances, irrevocable undertakings of
acceptance or written notifications of intention to accept the Increased
Ordinary Offer over a total of 15,975,213 W&DB Ordinary Shares (representing
approximately 16.9 per cent. of the issued ordinary share capital of W&DB).


As at 3.00pm on 30 July 2001, the day of the announcement of the Revised
Offers, valid acceptances of the Increased Ordinary Offer had been received in
respect of 4,691,149 W&DB Ordinary Shares (representing approximately 5.0 per
cent. of the issued ordinary share capital of W&DB). Additionally Silverhoney
had received an irrevocable undertaking (note 1) to accept the Increased
Ordinary Offer in respect of 4,504,600 W&DB Ordinary Shares from Tweedy Browne
Company LLC and notification of intent to accept the Increased Ordinary Offer
in respect of 6,779,464 W&DB Ordinary Shares (representing 4.8 per cent. and
7.2 per cent. of the issued ordinary share capital of W&DB respectively).
Valid acceptances of the Increased Preference Offer as at 3.00pm on 30 July
2001 had been received in respect of 4,243 W&DB Preference Shares
(representing approximately 5.7 per cent. of the issued preference share
capital of W&DB). Of the above, acceptances amounting to 57,000 W&DB Ordinary
Shares (representing approximately 0.06 per cent. of the issued ordinary share
capital of W&DB) were received in respect of persons acting in concert with
Silverhoney.


Immediately prior to the commencement of the Offer Period on 14 August 2000
Pubmistress, the directors of Pubmistress, Silverhoney, the directors of
Silverhoney, and their respective immediate families or related trusts held no
W&DB Ordinary Shares or rights over such shares. At that time, so far as
Silverhoney and Pubmistress are aware, other persons acting in concert with
Silverhoney held 356,717 W&DB Ordinary Shares or rights over such shares
representing approximately 0.4 per cent. of the issued ordinary share capital
of W&DB. Save as disclosed in the Offer Document and the revised offer
document dated 30 July 2001 ('Revised Offer Document'), since the commencement
of the Offer Period Pubmistress, the directors of Pubmistress, Silverhoney,
the directors of Silverhoney, and their respective immediate families or
related trusts have not acquired or agreed to acquire any W&DB Ordinary
Shares. So far as Silverhoney and Pubmistress are aware and save as disclosed
in the Offer Document and the Revised Offer Document, since the commencement
of the Offer Period, other persons acting in concert with Silverhoney have
acquired or agreed to acquire 110,931 W&DB Ordinary Shares representing
approximately 0.1 per cent. of the issued ordinary share capital of W&DB.


Save as disclosed above none of Pubmistress, the directors of Pubmistress,
Silverhoney, the directors of Silverhoney, nor their respective immediate
families or related trusts, nor, so far as Silverhoney and Pubmistress are
aware, any other party acting in concert with Silverhoney and Pubmistress,
owned, controlled or were interested in any W&DB Ordinary Shares or W&DB
Preference Shares or rights over W&DB Ordinary Shares or W&DB Preference
Shares immediately prior to the Offer Period nor have they acquired or agreed
to acquire any W&DB Ordinary Shares or W&DB Preference Shares or rights over W
&DB Ordinary Shares or W&DB Preference Shares during the Offer Period.


Terms defined in the Offer Document dated 14 June 2001 and the Revised Offer
Document dated 30 July 2001 have the same meaning when used herein unless the
context requires otherwise.


* Each relevant Increased Offer is final and, unless it becomes or is declared
unconditional as to acceptances, will not be extended beyond 1.00 p.m. on 13
August 2001 except that Pubmistress reserves the right to revise and/or
increase and/or extend the Increased Offers in the event of a competitive
situation (as determined by the Panel) arising, or otherwise with the consent
of the Panel. If either or both of the Increased Offers become or are declared
unconditional as to acceptances, they will remain open for acceptance for not
less than 14 days from the date on which they would otherwise have expired.


Note 1     The irrevocable undertakings to accept will cease to be binding if
a competing offer for the ordinary share capital of W&DB is made at a price
over 10 per cent. greater than the Increased Ordinary Offer price.




Enquiries

WestLB Panmure                                   020 7638 4010

Nicholas Wells

Frank Malone

Bell Pottinger Financial                              020 7353 9203

David Rydell

Luke Morton

This announcement is published on behalf of Silverhoney and has been approved
by WestLB Panmure, which is regulated in the United Kingdom by The Securities
and Futures Authority Limited, solely for the purposes of Section 57 of the
Financial Services Act 1986.


WestLB Panmure, which is regulated in the United Kingdom by The Securities and
Futures Authority Limited, is acting exclusively for Silverhoney and
Pubmistress and no one else in connection with the Increased Offers and will
not be responsible to anyone other than Silverhoney and Pubmistress for
providing the protections afforded to its customers or for providing advice in
relation to the Increased Offers.


The Directors of Silverhoney and Pubmistress, whose names are set out in the
Offer Document dated 14 June 2001 accept responsibility for the information
contained in this announcement, save that the only responsibility accepted by
such persons in respect of such information relating to W&DB, which has been
compiled from published sources, is to ensure that such information has been
correctly and fairly reproduced and presented. Subject as aforesaid, to the
best of the knowledge and belief of such persons (who have taken all
reasonable care to ensure that such is the case), such information is in
accordance with the facts and does not omit anything likely to affect the
import of such information.