GHL Gresham Hotel

RNS Number:6602A
Precinct Investments Ltd
08 July 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

8 July 2004

                       RECOMMENDED INCREASED CASH OFFERS
                                       BY
                           DELOITTE CORPORATE FINANCE
                                  ON BEHALF OF
                          PRECINCT INVESTMENTS LIMITED
                                      FOR
                            GRESHAM HOTEL GROUP PLC

   Posting of Increased Offer Document and extension of the Increased Offers


The directors of Precinct are pleased to announce that copies of the Increased
Offer Document in respect of the Increased Offers for Gresham, which were
announced on 2 July 2004, were posted to Gresham Shareholders today.

The Increased Offers have been extended and will remain open until 3.00 p.m. on
22 July 2004.

By 4.00 p.m. on 7 July 2004 valid acceptances of the Ordinary Share Offer had
been received in respect of a total of 31,058,998 Ordinary Shares, representing
approximately 39.07 per cent. of Gresham's existing issued ordinary share
capital.

This total includes acceptances in respect of 4,925,259 Ordinary Shares
(representing approximately 6.2 per cent. of the existing issued ordinary share
capital of Gresham) for which Precinct had received irrevocable undertakings to
accept the Ordinary Share Offer prior to the posting of the Original Offer
Document.

Marblewood Investments Limited, a company owned by the shareholders of Precinct,
has acquired 400,000 Ordinary Shares, representing approximately 0.50 per cent.
of Gresham's existing issued ordinary share capital, since 14 November 2003.
Marblewood Investments Limited has accepted the Ordinary Share Offer in respect
of its entire holding of Ordinary Shares.

Precinct has received further irrevocable undertakings to accept the Increased
Offers in respect of 3,850,000 Ordinary Shares (representing approximately 4.84
per cent. of the existing issued ordinary share capital of Gresham) in respect
of which valid acceptances have not yet been received.  Precinct has also
received irrevocable undertakings to accept an offer at Euro1.40 per Gresham Share
from in respect of 29,073,165 Ordinary Shares (representing approximately 36.58
per cent. of the existing issued ordinary share capital of Gresham) in respect
of which valid acceptances have not yet been received.

By 4.00 p.m. on 7 July 2004 Precinct had received valid acceptances of the
Preference Share Offer in respect of a total of 3,180 Preference Shares,
representing approximately 0.08 per cent. of Gresham's existing issued
preference share capital.

Precinct has received a further irrevocable undertaking to accept an offer of
Euro1.40 per Gresham Share in respect of 4,188,893 Preference Shares (representing
approximately 99.74 per cent. of the existing issued preference share capital of
Gresham) in respect of which valid acceptances have not yet been received.

Precinct has also received valid acceptances of the Share Option Proposal in
respect of 1,885,000 Gresham Share Options representing 100 per cent. of the
Gresham Share Options in issue.

Precinct owned no Gresham Shares prior to 14 November 2003 (the date of
commencement of the Offer Period) and has not acquired or agreed to acquire
(other than by way of valid acceptances of the Original Offers) any Gresham
Shares since that date.  Catherine Murphy, wife of JJ Murphy, a director of
Precinct, held 1,500 Ordinary Shares at 14 November 2003.

Gresham Shareholders who wish to accept the Increased Offers, and who have not
done so, should return their Forms of Acceptance as soon as possible to
Computershare Investor Services (Ireland) Limited, Heron House, Corrig Road,
Sandyford Industrial Estate, Dublin 18, Ireland. Gresham Shareholders who
require assistance with completion of the Form of Acceptance should contact
Computershare Investor Services (Ireland) Limited by telephone on + 353 1 216
3100.

Terms defined in the Original Offer Document as varied and supplemented by the
Increased Offer Document have the same meanings in this announcement. Precinct
reserves all of its rights under the Increased Offers.


Enquiries

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

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

NCB Stockbrokers Limited
Fergus McLoughlin                         Telephone:           +353 1 611 5611


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 Increased 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 Increased Offers, the contents of
this announcement or any transaction or arrangement referred to herein.

NCB Stockbrokers Limited, which is authorised by the Irish Financial Services
Regulatory Authority under the Stock Exchange Act 1995, is acting exclusively as
broker to Precinct and no one else in connection with the Increased Offers and
will not be responsible to anyone other than Precinct for providing the
protections afforded to clients of NCB Stockbrokers Limited or providing advice
in relation to the Increased Offers, the contents of this announcement or any
transaction or arrangement referred to herein.

The availability of the Increased 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 Increased 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 Increased 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
Increased 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.


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

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