GHL Gresham Hotel

RNS Number:0812Z
Precinct Investments Ltd
25 May 2004


Not for release, publication or distribution, in whole or in part, in, into or
from Australia, Canada, Japan, South Africa, the United States or any other
jurisdiction where it would be unlawful to do so.


FOR IMMEDIATE RELEASE


25 May 2004




                            RECOMMENDED CASH OFFERS

                                       BY

                           DELOITTE CORPORATE FINANCE

                                  ON BEHALF OF

                          PRECINCT INVESTMENTS LIMITED

                                      FOR

                            GRESHAM HOTEL GROUP PLC



                           Posting of Offer Document


The directors of Precinct are pleased to announce that copies of the Offer
Document in respect of the recommended cash offers for Gresham, which were
announced on 21 May 2004, will be posted to Gresham Shareholders later today.

The first closing date of the Offers is 15 June 2004.  To accept the Offers, the
Form(s) of Acceptance should be completed and returned as soon as possible, but
in any event, to be received by Computershare Investor Services (Ireland)
Limited by no later than 3.00 p.m. on 15 June 2004.

Terms defined in the Offer Document have the same meanings in this announcement.


Enquiries

Precinct
Wilson Hartnell Public Relations         Telephone:    + 353 1 669 0030

Brian Bell                               Mobile:       + 353 87 243 6130


Deloitte Corporate Finance
David O'Flanagan                         Telephone:    +353 1 4177 2200

Kevin Beary

Jonathan Hinton                          Telephone:    +44 20 7936 3000





Deloitte Corporate Finance, a division of Deloitte & Touche which is a
partnership organised under the laws of Ireland and which is authorised by the
Institute of Chartered Accountants in Ireland to carry on investment business in
Ireland, is acting exclusively for Precinct and no one else in connection with
the Offers and will not be responsible to anyone other than Precinct for
providing the protections afforded to clients of Deloitte Corporate Finance or
for providing advice in relation to the Offers, the contents of this
announcement or any transaction or arrangement referred to herein.



The availability of the Offers to persons not resident in Ireland or the United
Kingdom may be affected by the laws of the relevant jurisdiction in which they
are resident. Persons who are not resident in Ireland or the United Kingdom
should obtain advice and observe any applicable requirements. Unless otherwise
determined by Precinct, the Offers are not being made, directly or indirectly,
in, into or from Australia, Canada, Japan, South Africa, the United States or
any other jurisdiction where it would be unlawful to do so, or by use of the
mails, or by any means or instrumentality (including, without limitation,
telephonically or electronically) of interstate or foreign commerce, or by any
facility of a national securities exchange of Australia, Canada, Japan, South
Africa, the United States or any other jurisdiction where it would be unlawful
to do so, and the Offers are not capable of acceptance by any such use, means,
instrumentality or facility from or within Australia, Canada, Japan, South
Africa, the United States or any other jurisdiction where it would be unlawful
to do so. Accordingly, copies of this announcement and any related offering
documents are not being, and must not be, mailed or otherwise distributed or
sent in, into or from Australia, Canada, Japan, South Africa, the United States
or any other jurisdiction where it would be unlawful to do so and persons
receiving such documents (including custodians, nominees and trustees) must not
distribute or send them in, into or from Australia, Canada, Japan, South Africa,
the United States or any other jurisdiction where it would be unlawful to do so,
as doing so may invalidate any purported acceptance of the Offers.



The directors of Precinct accept responsibility for the information contained in
this announcement.  To the best of the knowledge and belief of the directors of
Precinct (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.



This announcement does not constitute an offer to purchase or an invitation to
subscribe for any securities.



Any person who is the holder of one per cent. or more of any class of shares in
Gresham may be required to make disclosures pursuant to Rule 8.3 of the Irish
Takeover Rules since 14 November 2003 (the date of the commencement of the Offer
Period in respect of the Offers).




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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