CNN Caledonian Trust Plc

RNS No 4308c
CALEDONIAN TRUST PLC
24th September 1998



                            ANNOUNCEMENT
                                of
                         CONDITIONAL OFFER
                                by
                         ORR MACQUEEN W.S.
                           on behalf of
                        (LEAFREALM LIMITED)
                                for
                        CALEDONIAN TRUST PLC


Leafrealm Limited, company number 067434, having its registered office at 27
Hill  Street Lane North, Edinburgh, EH2 3LQ ("Leafrealm"), is to make an offer
for Caledonian Trust PLC, company number 1040126, having its registered office
at St. Ann's Wharf, 112 Quayside, Newcastle on Tyne, NE99 1SB ("Caledonian").

The offer will be for the whole of the share capital including shares allotted
or to be allotted in the course of the Offer period (other than the
5,191,975 Ordinary Shares of 20p each owned or controlled by Mr I.D.Lowe) and
the whole of the 12%/10% Convertible Unsecured Loan Notes 1994/1999 ("CULS")
(other than the 1,106,000 CULS owned or controlled by Mr I.D.Lowe) in
Caledonian at the price of 27.5p for each Ordinary share in Caledonian and
40.146p for each #1 nominal of CULS.

Ordinary Shares and CULS will be acquired under the Offer free from all liens,
equities, charges, encumbrances and other interest and together with all
rights attaching thereto including the right to receive and retain all
dividends, and other distributions if any declared made or paid or due to be 
paid after the date of the Offer.

The Offer is subject to valid acceptances being received (and not where
permitted withdrawn) by 3pm on the first closing date of the Offer (or such
later time(s) and/or date(s) as Leafrealm may, subject to the City Code on
Takeovers and Mergers ("the Code") decide) in respect of such number of
Ordinary Shares which, together with shares acquired or agreed to be acquired
before or during the Offer will result in Leafrealm having acquired or agreed
to acquire (either pursuant to the Offer or otherwise), Ordinary Shares then
in issue carrying in aggregate more than 50% of the voting rights normally 
exercisable at a general meeting of the company.

For the purposes of determining whether the condition in the foregoing paragraph
is satisfied Ordinary Shares held by Leafrealm and Mr I.D.Lowe or controlled
by him shall be deemed to be included.

Unless it is revised or extended the Offer will lapse, if the above condition is
not satisfied by the first closing date of the Offer (or such later time(s)
and/or date(s) as Leafrealm may, subject to the Code decide).  If the Offer is
declared unconditional as to acceptances within that time it will remain open
for acceptance for fourteen days afler the date it would otherwise have lapsed.

The directors of Leafrealm are Mr I.D. Lowe and Mrs S.N. Lowe.



Holdings in Caledonian owned by Leafrealm or those in concert with Leafrealm or
those controlled by any person in concert with Leafrealm.

NAME                            ORDINARY SHARES                  CULS

Leafrealm*                           24,500                  1,100,000
I.D. Lowe                         5,139,447                      6,000
S.N. Lowe                             5,500                     10,000 
Yewbrem Limited*                     28,028                          -

I.D. Lowe has at today's date an option to purchase 60,000 Ordinary Shares of
20p each in Caledonian at 60p and 200,000 Ordinary Shares of 20p each in
Caledonian at 67.5p.

The issue of this Announcement and the Offer document has been approved
by the directors of Leafrealm whose names are as set out above. The
directors of Leafrealm accept responsibility for the information contained
in this Announcement and in the Offer document save that the only
responsibility accepted by them in respect of the information in this
Announcement and in the Offer document relating to the Company which has been
compiled from public source has been to ensure that such information has been
correctly and fairly reproduced and presented.  Subject as aforesaid,
to the best of the knowledge and belief of the directors or Leafrealm (who have
taken all reasonable care to ensure that such is the case) the information
contained herein and therein is in accordance with the facts and does not omit
anything likely to affect the import of such information.

Orr MacQueen W.S. 36 Heriot Row, Edinburgh EH3 6ES who are regulated by the Law
Society of Scotland are acting for Leafrealm in connection with the Offer.



* under the control of Mr I.D.Lowe


 END

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