RNS Number:5623O
Chelsea Village PLC
12 August 2003


Not for release or distribution in or into Australia, Canada, Japan or the
United States of America



                                                                  12 August 2003

                         Recommended Mandatory Cash Offer

                                       by

                                   Citigroup

                                  on behalf of

                                Chelsea Limited

                            for Chelsea Village plc



  Level of acceptances, commencement of compulsory acquisition procedures and
                         further extension of the Offer



Level of acceptances

Chelsea Limited announces that as at 3.00 p.m. on 11 August 2003, valid
acceptances of the Offer had been received in respect of 76,498,111 Chelsea
Village Shares, representing approximately 90.42 per cent. of the Chelsea
Village Shares to which the Offer relates.

Accordingly, as at 3.00 p.m. on 11 August 2003, Chelsea Limited had acquired or
received valid acceptances under the Offer in respect of, in aggregate,
161,406,617 Chelsea Village Shares, representing approximately 95.22 per cent.
of the existing issued ordinary share capital of Chelsea Village.

Commencement of compulsory acquisition procedures

Since Chelsea Limited has now received acceptances under the Offer in respect of
90 per cent. or more of the Chelsea Village Shares to which the Offer relates
for the purposes of sections 428 to 430F of the Companies Act 1985 (the "Act"),
it is now entitled to exercise its rights pursuant to those sections to acquire
compulsorily all of the outstanding Chelsea Village Shares in respect of which
valid acceptances have not been received.  Accordingly, Chelsea Limited will
shortly be posting formal notices under section 429 of the Act to Chelsea
Village Shareholders who have not yet accepted the Offer.

Further extension of the Offer

On 28 July 2003, Chelsea Limited announced that the Offer had been extended and
would remain open for acceptances until 3.00 p.m. on 26 August 2003.   Chelsea
Limited now announces that the Offer is being further extended and will remain
open for acceptances until the compulsory acquisition procedures under sections
428 to 430F of the Act have been completed, which is expected to be on or around
25 September 2003.

Forms of Acceptance not yet returned should be completed and returned in
accordance with the instructions set out in the Offer Document and in the Form
of Acceptance as soon as possible.


De-listing

As announced on 28 July 2003, an application has been made to cancel trading in
Chelsea Village Shares on AIM with effect from 8.00 a.m. on 23 August 2003.  As
a result, Chelsea Village Shares will cease to be traded on AIM and the last day
for dealings in Chelsea Village Shares is expected to be 22 August 2003.

Unless the context otherwise requires, defined terms used in this announcement
shall have the meanings given to them in the Offer Document sent to Chelsea
Village Shareholders dated 4 July 2003.


Chelsea Village Shareholder Enquiries:

Capita IRG                                                         0870 162 3100
                               (or +44 20 8639 2157, if telephoning from outside
                                                                         the UK)


Press Enquiries:

Citigate Dewe Rogerson
Andy Cornelius                                                     020 7638 9571

Citigroup
Simon Gluckstein                                                   020 7986 4000



Citigroup is acting for Chelsea Limited and no-one else in connection with the
Offer and will not be responsible to anyone other than Chelsea Limited for
providing the protections afforded to customers of Citigroup or for giving
advice in relation to the Offer.

This announcement does not constitute, or form part of, an offer or an
invitation to purchase any securities.

The availability of the Offer to persons outside the United Kingdom may be
affected by the laws of the relevant jurisdictions.  Such persons should inform
themselves about and observe any applicable requirements.

The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of or any means or instrumentality (including, without limitation,
telephonically or electronically) of interstate or foreign commerce of, or of
any facilities of, a national securities exchange of Australia, Canada, Japan or
the United States and should not be accepted by any such use, means,
instrumentality or facilities from or within Australia, Canada, Japan or the
United States.  Accordingly, copies of this announcement and any related
document(s) are not being, and should not be, mailed or otherwise forwarded,
distributed or sent in, into or from Australia, Canada, Japan or the United
States, including to Chelsea Village Shareholders with registered addresses in
Australia, Canada, Japan or the United States and persons receiving this
announcement (including custodians, nominees and trustees) who may have a
contractual or legal obligation or who may otherwise intend to forward this
announcement or any related document(s) must not mail or otherwise distribute or
send them in, into or from Australia, Canada, Japan or the United States and
doing so may render invalid any related purported acceptance of the Offer.
Further details in this regard are contained in the Offer Document.


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

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