Offer Update

Guinness Peat Group PLC 16 October 2000 Guinness Peat Group plc Recommended Cash Offer Facility for Staveley Industries plc Guinness Peat Group plc ('GPG') announces that, as at 2.00 p.m. on 13 October 2000, GPG Acquisitions No. 3 plc ('GPG Acquisitions'), its wholly-owned subsidiary, had by virtue of acceptances of the Offer acquired or contracted to acquire 75,263,838 Staveley Shares representing approximately 91.1 per cent. in value of the Staveley Shares to which the Offer relates. GPG Acquisitions is therefore entitled to exercise its right to acquire compulsorily all of the Staveley Shares held by Shareholders who have not accepted the Offer. GPG Acquisitions intends to issue notices under section 429 of the Companies Act 1985 on 18 October 2000 to such Staveley Shareholders. Taken together with GPG's existing holding of Staveley Shares, the GPG Group now owns or has contracted to acquire 109,588,538 Staveley Shares representing approximately 94.2 per cent. of the entire issued share capital of Staveley (of which 550,000 shares relate to market purchases made by GPG on 2 and 10 October 2000 which have not as yet been settled). Staveley Shareholders should be aware that they may still accept the Offer, which remains open for acceptance until further notice, rather than wait for their Staveley Shares to be compulsorily acquired by GPG Acquisitions. Staveley Shareholders who have not yet accepted the Offer and who wish to do so now should complete and return the Form of Acceptance by post or by hand as soon as possible to Computershare Services PLC at P.O. Box 859, The Pavilions, Bridgwater Road, Bristol BS99 1XZ or (during normal business hours) by hand only to Computershare Services PLC at 7th Floor, Jupiter House, Triton Court, 14 Finsbury Square, London EC2A 1BR. Staveley Shareholders should also be aware that it is likely that the listing of Staveley Shares will be cancelled in due course pursuant to the listing rules of the UK Listing Authority. Enquiries: GPG Blake Nixon 020 7236 0336 Deloitte & Touche Corporate Finance Robin Binks 020 7303 6720 Square Mile Communications Limited Kevin Smith 020 7601 1000 Unless the context otherwise requires, the definitions set out in the offer document dated 23 August 2000 relating to the Offer apply in this announcement. Deloitte & Touche of Stonecutter Court, 1 Stonecutter Street, London EC4A 4TR is authorised by the Institute of Chartered Accountants in England and Wales to carry on investment business. Deloitte & Touche Corporate Finance, a division of Deloitte & Touche, is acting exclusively for GPG and GPG Acquisitions and no one else in connection with the Offer and will not be responsible to anyone other than GPG and GPG Acquisitions for providing the protections afforded to clients of Deloitte & Touche Corporate Finance nor for providing advice in relation to the Offer. Deloitte & Touche Corporate Finance has approved this announcement as an investment advertisement solely for the purpose of section 57 of the Financial Services Act 1986.


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