RNS Number:6905P
Belazure Acquisition Limited
12 September 2003

Not for release, distribution or publication in or into or from the USA, Canada,
Australia or Japan


                             Recommended Cash Offer

                                       by

                             PricewaterhouseCoopers

                                  on behalf of

                          Belazure Acquisition Limited

                                      for

                                 Safestore plc



OFFER UPDATE - OFFER EXTENDED UNTIL 25 SEPTEMBER 2003

On 21 August 2003 the board of Belazure Acquisition Limited ("BAL") and the
Independent Directors of Safestore plc ("Safestore") announced that agreement
had been reached on the terms of a recommended cash offer, to be made by
PricewaterhouseCoopers on behalf of BAL, for the entire issued and to be issued
share capital of Safestore.

  * BAL announces that, as at 3.00 p.m. on 11 September 2003 (the first
    closing date of the Offer and the day prior to the date of this
    announcement) BAL had received valid acceptances of the Offer in respect of
    a total of 79,308,199 Safestore Shares, representing approximately 88.05 per
    cent. of the existing issued share capital of Safestore.

  * The Offer has been extended for a period of 14 days and will therefore
    remain open for acceptance until 3.00 p.m. on 25 September 2003.

  * On 21 August 2003, BAL announced that it had received undertakings to
    accept or procure acceptance of the Offer in respect of 51,658,024 Safestore
    Shares representing approximately 57.36 per cent. of the existing issued
    share capital of Safestore.  Valid acceptances have been received in respect
    of 51,208,024 Safestore Shares subject to these undertakings, representing
    approximately 56.86 per cent. of the existing issued share capital of
    Safestore.

  * On 21 August 2003, BAL announced that certain members of the Management
    Team who are acting, or deemed to be acting, in concert with BAL held, in
    aggregate, 25,000 Safestore Shares representing approximately 0.03 per cent.
    of the existing issued share capital of Safestore. BAL has now received
    acceptances in respect of all of these Safestore Shares and they have been
    included in the total level of valid acceptances referred to above.

  * Save as disclosed in this announcement neither BAL or any persons acting,
    or deemed to be acting in concert with BAL for the purpose of the Offer have
    acquired or agreed to acquire Safestore Shares (or rights over Safestore
    Shares) since the commencement of the Offer Period.

  * On 4 December 2002 (the date immediately preceding the commencement of the
    Offer Period) in aggregate 25,000 Safestore Shares representing
    approximately 0.03 per cent of the existing issued share capital of
    Safestore were held by or on behalf of BAL and persons acting, or deemed to
    be acting in concert with BAL for the purpose of the Offer all such shares
    were held by persons acting, or deemed to be acting with BAL for the purpose
    of the Offer.

As described in the Offer Document (Part A of Appendix 1), the Offer is
conditional, inter alia, upon acceptances being received in respect of not less
than 90.0 per cent. of the shares to which the Offer relates.  Safestore
Shareholders who have not yet accepted the Offer and who wish to do so should
complete and return their Form of Acceptance as soon as possible and, in any
event, so as to be received by post or (during normal business hours only) by
hand to Capita IRG Plc at Corporate Actions, PO Box 166, The Registry, 34
Beckenham Road, Beckenham, Kent BR3 4TH by no later than 3.00 p.m. on 25
September 2003.

Definitions used in the Offer Document dated 21 August 2003 have the same
meaning in this announcement, unless the context requires otherwise.

Enquiries:

Belazure Acquisition Limited
Richard Hodsden
07979 705 400

Bridgepoint
James Murray
020 7374 3670

PricewaterhouseCoopers
(Financial Adviser to Belazure Acquisition Limited)
David Armfield
0121 265 5000
Rakesh Kotecha
0121 265 5000

PricewaterhouseCoopers, which is authorised and regulated by the Financial
Services Authority for designated investment business, is acting exclusively for
Bridgepoint and the Belazure Group and for no one else in relation to the Offer
and will not be responsible to anyone other than Bridgepoint and the Belazure
Group for providing the protections afforded to clients of
PricewaterhouseCoopers or for giving advice in relation to the Offer or any
other matter referred to in this announcement.

The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of, or by any means or instrumentality (including, without limitation,
electronic mail, facsimile transmission, telex or telephone) of interstate or
foreign commerce of, or any facilities of a national securities exchange of, the
USA, Canada, Australia or Japan, and the Offer will not be capable of acceptance
by any such use, means or instrumentality or facilities or from or within the
USA, Canada, Australia or Japan. Accordingly, copies of this announcement are
not being, and must not be mailed or otherwise distributed or sent in, into or
from the USA, Canada, Australia or Japan and persons receiving this announcement
(including custodians, nominees and trustees) must not distribute or send them
in, into or from the USA, Canada, Australia or Japan.


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