RNS Number:2122T
Syndicate Asset Management PLC
27 October 2005


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



27 October 2005



                             RECOMMENDED CASH OFFER

                                       BY

                       NOBLE & COMPANY LIMITED ("NOBLE")

                                  ON BEHALF OF

                     SYNDICATE ASSET MANAGEMENT PLC ("SAM")

                                      FOR

                       ASHCOURT HOLDINGS PLC ("ASHCOURT")

                     COMPULSORY ACQUISITION OF OUTSTANDING

                                ASHCOURT SHARES


On 3 October 2005, SAM announced that the recommended offer by Noble on behalf
of SAM for the entire issued and to be issued share capital of Ashcourt had been
declared wholly unconditional. SAM announces that, as at 5.30pm (London time) on
25 October 2005, valid acceptances of the Offer had been received in respect of
more than 90 per cent. of the issued Ashcourt Shares to which the Offer relates.

The above total includes irrevocable undertakings received by SAM from all of
the Ashcourt Directors who hold Ashcourt Shares, and certain other Ashcourt
Shareholders, to accept or procure acceptance of the Offer in respect of an
aggregate of 1,764,756 Ashcourt Shares, representing approximately 29 per cent.
of Ashcourt's current issued ordinary share capital.

Accordingly, SAM announces that compulsory acquisition notices under section 429
of the Companies Act 1985, as amended, will be despatched to the holders of
Ashcourt Shares who have not yet validly accepted the Offer.  The Offer will
remain open for acceptance until further notice. Ashcourt Shareholders who have
not yet accepted the Offer are reminded to complete and return their Forms of
Acceptance as soon as possible.

Definitions used in the Offer Document dated 9 September 2005 have the same
meaning when used in this announcement, unless the context requires otherwise.





Enquiries:


Syndicate Asset Management Plc                 Jonathan Freeman
                                               Tel: 01600 750 432


Noble & Company Limited                        Matthew Hall
(Financial adviser to SAM)                     Tel: 020 7763 2200


Citigate Dewe Rogerson                         Justin Griffiths
(PR Advisor to SAM)                            Tel: 020 7638 9571


This announcement does not constitute an offer or invitation to purchase any
securities or a solicitation or an offer to buy any securities, pursuant to the
Offer or otherwise.

The availability of the Offer to Ashcourt Shareholders who are not resident in
the United Kingdom may be affected by the laws of the relevant jurisdictions in
which they are located.  Ashcourt Shareholders who are not resident in the
United Kingdom should inform themselves about and observe any applicable legal
or regulatory requirements in their jurisdictions.  The Offer is not being made,
and will not be made, directly or indirectly, in or into, or by use of the
mails, or by any means or instrumentality (including, without limitation, by
means of telephone, facsimile, telex, internet or other forms of electronic
communication) of interstate or foreign commerce, or by any facilities of a
national securities exchange of, the United States of America, Canada, Australia
or Japan and the Offer will not be capable of acceptance by any such use, means,
instrumentality or facility or from within those jurisdictions.  Accordingly,
copies of this announcement, the Offer Document, the Form of Acceptance and any
related offering documents are not being, and must not be, mailed, transmitted
or otherwise forwarded, distributed or sent, in whole or in part, in, into or
from the United States of America, Canada, Australia or Japan.  Custodians,
nominees and trustees should observe these restrictions and should not send or
distribute copies of this announcement, the Offer Document, the Form of
Acceptance and any related offering documents in, into or from the United States
of America, Canada, Australia or Japan.

Noble & Company, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for SAM and for no-one else
in connection with the Offer and will not be responsible to anyone other than
SAM for providing the protections afforded to customers of Noble & Company nor
for giving advice in relation to the Offer or any other matter referred to in
this announcement.

Insinger de Beaufort, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively for Ashcourt and for
no-one else in connection with the Offer and will not be responsible to anyone
other than Ashcourt for providing the protections afforded to customers of
Insinger de Beaufort nor for giving advice in relation to the Offer or any other
matter referred to in this announcement.


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

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