Offer Update

Guinness Peat Group PLC 27 September 2000 Guinness Peat Group plc Recommended Cash Offer Facility for Staveley Industries plc Offer declared unconditional in all respects Guinness Peat Group plc ('GPG') announces that all of the outstanding conditions of the Offer made by Deloitte & Touche Corporate Finance on behalf of GPG Acquisitions No. 3 plc ('GPG Acquisitions') for Staveley Industries plc ('Staveley') have been satisfied or waived and that the Offer is hereby declared unconditional in all respects. THE BASIC OFFER WILL CLOSE AT 3.00 P.M. TOMORROW. THE ALTERNATIVE WILL REMAIN OPEN UNTIL FURTHER NOTICE. Staveley Shareholders validly accepting the Basic Offer will receive 34.4p per Staveley Share from Staveley on 29 September 2000 and this amount will be set off against the total consideration due to them from GPG under the Basic Offer. The amount of 25.6p per Staveley Share, representing payment of the remaining amount due to accepting Staveley Shareholders under the Basic Offer and being the full amount due to accepting Staveley Shareholders under the Alternative, is expected to be despatched either (a) on or before 11 October 2000, in respect of acceptances received, valid and complete in all respects, by close of business on 27 September 2000, or (b) within 14 days of the date of receipt of further acceptances which are valid and complete in all respects while the Offer remains open for acceptance. Staveley Shareholders who have not yet accepted the Offer and who wish to do so 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. Enquiries: GPG Trevor Beyer 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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