14-01-2003
Recommended Cash Offer By Rothschild On Behalf Of Peel Ports Limited (a Subsidiary Of Peel Holdings P.l.c.) For Clydeport Plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN

It was announced on 24 December 2002 that Peel’s Offer for Clydeport had been declared unconditional as to acceptances. All the remaining conditions of Peel’s Offer for Clydeport have now been satisfied or waived and accordingly the Board of Peel announces that the Offer is declared unconditional in all respects. The Offer will remain open until further notice and the Loan Note Alternative will also remain open until further notice.

In the Offer Document, Peel stated that following the Offer becoming or being declared unconditional in all respects it would procure that Clydeport would apply to the UK Listing Authority for the cancellation of the listing of Clydeport Shares on the Official List and to the London Stock Exchange for the cancellation of the admission to trading of Clydeport Shares on the London Stock Exchange's market for listed securities. The 20 business day notice period to such cancellations has now commenced and the anticipated date of such cancellation is 14 February 2003. Such cancellations will significantly reduce the liquidity and marketability of any Clydeport Shares not assented to the Offer.

As Peel has acquired or received acceptances under the Offer in respect of sufficient Clydeport Shares, it intends to implement the provisions of sections 428 to 430F (inclusive) of the Act to acquire compulsorily any outstanding Clydeport Shares. A letter, together with a statutory notice pursuant to section 429, will shortly be posted to Shareholders who have not yet accepted the Offer.

Consideration under the Offer will be dispatched by 27 January 2003 to Clydeport Shareholders who have already provided valid and complete acceptances under the Offer. Consideration in respect of valid acceptances received following the date of this announcement will be dispatched to accepting Clydeport Shareholders within 14 days of such receipt.

for more information please contact:
Alison Tennant
Peel Holdings

Tel: 0161 629 8229

Email: atennant@peel.co.uk