Statement re Possible Offer

26 Apr 2007 12:03

One Fifty One plc26 April 2007 ONE FIFTY ONE CAPITAL LIMITED Statement re Possible Offer One Fifty One Capital Limited and the Doyle Group Limited, ("the Consortium")reports that the confirmatory due diligence process which commenced on 13 April2007 has been severely hampered by delays by Irish Continental Group plc ("ICG")in providing sufficiently detailed information, particularly financialinformation, which is essential to completing its due diligence process. This is despite the fact that various processes have been put in place with theIndependent Directors of ICG to guarantee the confidentiality of any informationdisclosed. The Consortium remains fully committed to expediting the process towards apossible offer to acquire the share capital of ICG at a price of not less than€20.75 per ICG Unit. To achieve this objective the Consortium continues to seek reasonable andadequate disclosure from ICG to enable completion of the due diligence processand facilitate a higher offer for shareholders than that currently available. Contacts: Murray ConsultantsJim MiltonTel: +353-1-4980300 Ed MicheauTel: + 353-86-8037155 Fleishman-HillardJames MorrisseyTel: +353-1-6188433 Background Information: On 4 April 2007, the Consortium announced that its members were in discussionsregarding a possible offer for the entire issued and to be issued share capitalof ICG at a price of not less than €20.00 per ICG Unit. As a consequence offurther market purchases by the Consortium the possible offer must be at a levelof not less than €20.75 per ICG Unit. The Independent Directors announced on 16 April 2007 that, after close ofbusiness on 13 April 2007, the Consortium entered into a formal process with ICGand commenced confirmatory due diligence which they said was expected will takeup to four weeks to complete. Responsibility Statement The directors of Doyle Group Limited, One Fifty One plc and One Fifty OneCapital Limited accept responsibility for the information contained in thisannouncement. To the best of the knowledge and belief of each of these parties(who have taken all reasonable care to ensure such is the case) the informationcontained in this announcement is in accordance with the facts and does not omitanything likely to affect the import of such information. The holder of 1% or more of any relevant securities in ICG may have disclosureobligations under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules2001 to 2005, as applied, with amendments by the European Communities (TakeoverBids (Directive 2004/25/EC)) Regulations 2006. 26 April 2007 This information is provided by RNS The company news service from the London Stock Exchange