Tender Offer

Guinness Peat Group PLC 28 March 2001 GUINNESS PEAT GROUP PLC TENDER OFFER FOR 4,950,000 SHARES OF TIME PRODUCTS PLC Guinness Peat Group plc ('GPG') announces that yesterday it posted to the shareholders of Time Products plc ('Time Products') a Tender Offer document and Form of Tender offering to purchase (by the way of tender) up to 4,950,000 ordinary shares representing 11.8% of the issued share capital of Time Products (the 'Tender Offer'). GPG currently holds 7,593,598 ordinary shares representing 18.1% of the issued share capital of Time Products. The details of the Tender Offer are as follows: The maximum price that GPG will pay for each ordinary share of Time Products is £1.50. This maximum price represents a premium of 6 percent over the mid-market price of ordinary shares in Time Products at close of business on 26 March 2001. Shareholders may tender their shares in Time Products in two ways: * Tenders may be made at the striking price (the lowest price at which GPG can acquire 4,950,000 ordinary shares in Time Products pursuant to the Tender Offer) in which case the shareholder will be treated as having tendered at the price at which the striking price is ultimately set. In the unlikely event that it is not possible to set the striking price by reference to any fixed price tender received, the striking price shall be deemed to be 140 pence per share; or * Tenders may be made at one or different fixed price(s)(up to a maximum price of 150 pence per share). In the latter case tenders will only be accepted to the extent of shares tendered at prices equal to or less than the striking price (as referred to above) subject, in the case of tenders made at a price equal to the striking price, to scaling down pro rata. If tenders totalling less than 1% of the voting rights of Time Products are received the Tender Offer will be void; subject to the aforementioned condition, a shareholder's Tender will be irrevocable. The Tender Offer will close at 3.00pm on Friday 6 April 2001. The results of the Tender Offer will be announced at 8.00am on Monday 9 April 2001. If the Tender Offer becomes unconditional, cheques in respect of successful tenders will be dispatched, or payment in respect of CREST holdings made, no later than Friday 20 April 2001. If the Tender Offer becomes void then share certificates will be returned by Friday 20 April 2001 or CREST Holdings will be re-credited to the relevant shareholder by Friday 13 April 2001. To accept the Tender Offer Tender Forms and share certificates (where appropriate) should be sent to GPG's receiving agent, Computershare Services PLC, PO Box 859, The Pavilions, Bridgewater Road, Bristol BS99 1XZ. Shares held in CREST should be transferred to Computershare Services PLC as escrow agent, in accordance with the Tender Form. An advertisement in respect of the terms of the Tender Offer (as authorised by MacIntyre Corporate Finance Limited) will be published in the Financial Times and the Daily Telegraph on 30 March 2001. Copies of the Tender Offer Document and additional Forms of Tender may be obtained from the receiving agents as described above. For further information, contact: Blake Nixon, UK Executive Director Guinness Peat Group plc 020 7236 0336 Kevin Smith/Becky Jewers Square Mile BSMG 020 7601 1000


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