GHL Gresham Hotel

RNS Number:8070Z
Precinct Investments Ltd
16 June 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.


16 June 2004

                         Recommended Cash Offers

                                   by

                        Deloitte Corporate Finance

                              on behalf of

                    Precinct Investments Limited ("Precinct")

                                   for

                    Gresham Hotel Group plc ("Gresham")

               Level of acceptances and extension of the Offers


The Board of Precinct announces that by 3.00 p.m. on 15 June 2004 valid
acceptances of the Ordinary Share Offer had been received in respect of a total
of 22,453,753 Ordinary Shares, representing approximately 28.25 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 Offer Document.

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 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.  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 valid acceptances of the Preference Share Offer in respect
of a total of 2,238 Preference Shares, representing approximately 0.05 per cent.
of Gresham's existing issued preference share capital.

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.

The Offers have been extended and will remain open until 3.00 p.m. on 29 June
2004.

Gresham Shareholders who wish to accept the 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.


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 1 417 2200
 Jonathan Hinton                         Telephone:           +44 20 7936 3000

 NCB Stockbrokers Limited

 Fergus McLoughlin                       Telephone:           +353 1 611 5611


Terms defined in the Offer Document have the same meanings in this announcement.
Precinct reserves all of its rights under 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.

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.



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 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
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 have not been 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 by persons in
any such jurisdiction.



Any person who is the holder of 1 per cent. or more of any class of shares in
Gresham may be required to make disclosures pursuant to Rule 8.3 of the Takeover
Rules.


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

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