RNW/GBR/
RNS Number:2023B
Dundonald Holdings Limited
16 September 2002


   NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OR
                                     CANADA


16 September 2002


                       CASH OFFER ON BEHALF OF DUNDONALD
                 HOLDINGS LIMITED FOR GRANTCHESTER HOLDINGS PLC

            ANNOUNCEMENT OF LEVEL OF ACCEPTANCES AND LAPSE OF OFFER


On 21 August 2002, the board of Dundonald Holdings Limited ("Dundonald")
announced a recommended cash offer for Grantchester Holdings PLC
("Grantchester") at 218 pence per Grantchester Share.


On 9 September 2002, the board of Hammerson plc announced a cash offer of 250
pence per Grantchester Share.  The board of Dundonald informed the Independent
Directors that they would not be increasing their offer of 218 pence per
Grantchester Share and, on 9 September 2002, the Independent Directors announced
that, in the light of these developments, they were withdrawing their
recommendation to accept the offer from Dundonald.


As at 3.00 p.m. on 14 September 2002, the first closing date of the Offer, valid
acceptances had been received in respect of a total of 8,415,311 Grantchester
Shares (representing approximately 12.0 per cent. of Grantchester's issued share
capital).  The total figure for acceptances includes acceptances in relation to
7,180,593 Grantchester Shares (representing approximately 10.3 per cent. of the
existing issued share capital of Grantchester) which had been the subject of
irrevocable undertakings to accept the Offer.


In the light of the above, the Board of Dundonald announces that its Offer has
now lapsed and that documents of title in respect of Grantchester Shares which
have assented to the Offer will be returned to the relevant Grantchester
Shareholders within 14 days.  Grantchester Shares which have assented to the
Offer through CREST will be returned to the originating account within 14 days.


Definitions used in the offer document dated 24 August 2002 shall, unless the
context otherwise requires, apply throughout this announcement.


ENQUIRIES

Schroder Salomon Smith Barney                         020 7986 6000

Alan Jacobs

Jonathan Steers


The directors of Dundonald, together with Messrs Peter Cummings, Hugh MacMillan
and George Mitchell (each of The Governor and Company of the Bank of Scotland
whose registered office is at The Mound, Edinburgh EH1 1YZ) accept
responsibility for this announcement.  To the best of the knowledge and belief
of the directors of Dundonald and Messrs Cummings, MacMillan and Mitchell (who
have taken all reasonable care to ensure that such is the case) the information
contained in this announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.


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,
telephonically or electronically) of interstate or foreign commerce of, or any
facility of a national securities exchange of, the United States or Canada and
will not be capable of acceptance by any such use, means, instrumentality or
facility.  Accordingly, neither this announcement nor the offer document nor the
accompanying Form of Acceptance is being, and must not be, mailed or otherwise
forwarded, transmitted, distributed or sent in, into or from the United States
or Canada.  Doing so may render invalid any purported acceptance of the Offer.
All Grantchester Shareholders or other persons (including nominees, trustees or
custodians) who would or otherwise intend to, or may have a contractual or legal
obligation to, forward this announcement or the offer document or the
accompanying Form of Acceptance to any jurisdiction outside the United Kingdom,
should refrain from doing so and seek appropriate professional advice before
taking any action.


Schroder Salomon Smith Barney, which is authorised by the Financial Services
Authority, is acting only for Dundonald and no one else in connection with the
Offer and will not regard any other person as its client or be responsible to
any person other than Dundonald for providing the protections afforded to
clients of Schroder Salomon Smith Barney, or for giving advice in relation to
the Offer.


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

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