RNW/GBR/
RNS Number:3664B
Grantchester Holdings PLC
19 September 2002

Grantchester Holdings PLC ("Grantchester")

Independent Directors Recommend Cash Offer by Hammerson plc ("Hammerson")

Following the announcement on 9 September 2002 of a cash offer for Grantchester
to be made by Dresdner Kleinwort Wasserstein on behalf of Hammerson, the
Independent Directors of Grantchester and their advisers have had further
discussions with those parties who expressed a continued  interest in acquiring
Grantchester.  From these discussions, it has now become apparent that an offer
at above the price of 250p per Grantchester share proposed by Hammerson is
unlikely to be forthcoming from any of these parties.

Accordingly the Independent Directors, who are being advised by Credit Suisse
First Boston (Europe) Limited,  have told Hammerson that they will now recommend
that Shareholders accept the cash offer to be made on behalf of Hammerson.

Edward Luker, Senior Independent Director said,

"Since the initial approach by management earlier this year, we have endeavoured
to maximise value for shareholders.  We were pleased to establish a base price
of 218p last month which we said at the time was in the best interests of
shareholders in the absence of a higher offer.  We have ensured since then that
higher offers could be considered, and we are now pleased to recommend that
Shareholders accept the offer announced by Hammerson."

Enquiries:

Ed Luker, Senior Independent Director                     020 7629 6290
Mark Seligman, CSFB                                       020 7888 8888
Ian Marcus, CSFB                                          020 7888 8888
Charlotte Lambkin/Luke Morton, Bell Pottinger Financial   020 7861 3232

Credit Suisse First Boston (Europe) Limited is acting only for Grantchester
Holdings PLC and no one else in connection with the Hammerson offer and will not
regard any other person as its client or be responsible to any person other than
Grantchester Holdings PLC for providing the protections afforded to clients of
Credit Suisse First Boston (Europe) Limited, nor for giving advice in relation
to the Hammerson offer.

Christopher Jolly, one of the Independent Directors, is General Manager of
Commerzbank AG in London.  Commerzbank is one of a number of providers of debt
finance to Hammerson.  Until Hammerson's offer becomes unconditional in all
respects or is lapsed or withdrawn Christopher Jolly has been restricted from
direct or indirect dealings with Hammerson on behalf of Commerzbank.


END


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