CVD Consol. Vend.

RNS No 7441h
CLEVELAND TRUST PLC
6 May 1999


Not for release, publication or distribution in or into the
United States of America, Canada, Australia, Japan or the
Republic of Ireland.

                    Recommended Cash Offer
                              By
                        Cazenove & Co.
                         on behalf of
                     Ashtenne Holdings PLC
                              for
                    The Cleveland Trust Plc

         OFFER DECLARED UNCONDITIONAL IN ALL RESPECTS

The Board of Ashtenne Holdings PLC ("Ashtenne") announces that
the recommended offer (the "Offer") on behalf of Ashtenne for
all the issued and to be issued share capital of The Cleveland
Trust Plc ("Cleveland") has been declared unconditional in all
respects.

By 3.00 pm on 5 May 1999, valid acceptances of the Offer had
been received in respect of a total of 16,704,785 Cleveland
shares, representing 55.9 per cent of the issued share capital
of Cleveland.

In addition, on 5 May 1999, Ashtenne acquired 8,480,514
Cleveland shares representing 28.4 per cent of the issued
share capital of Cleveland pursuant to an option agreement
with Trefick Limited.

Immediately prior to the offer period, Ashtenne neither owned
nor controlled any Cleveland shares and, save as set out
above, has not acquired or agreed to acquire any Cleveland
shares during the offer period.  Therefore, Ashtenne owns or
has valid acceptances in respect of 25,185,299 Cleveland
shares representing 84.3 per cent of the issued share capital
of Cleveland.

The Offer will remain open for acceptance until further
notice.  Cleveland shareholders who have not yet accepted the
Offer should dispatch their Form of Acceptance as soon as
possible in accordance with the instructions printed thereon.

Ian Watson and Morgan Jones, joint Chief Executives of
Ashtenne made the following statement:

"We are absolutely delighted with the Offer becoming
unconditional.  The acquisition enables us to strategically
expand the business without any dilution of our shares.  Our
combined portfolio is now just short of ten million sq. ft. of
good quality industrial property with an annualised rent roll
of over #25 million.  Given the nature of the Cleveland
property portfolio and our purchase terms, we believe that the
acquisition will be very beneficial to the Company."

ENQUIRIES:

Ashtenne  Holdings PLC   Morgan Jones/Ian  Watson   0171 930 9425

Cazenove  &  Co.         Richard  Cotton            0171 588 2828

Tavistock Communications Jeremy Carey/Vikki Hennen  0171 600 2288


Cazenove & Co., who are regulated in the UK by the Securities
and Futures Authority Limited, is acting exclusively for
Ashtenne Holdings PLC and no-one else in connection with the
Offer and will not be responsible to anyone other than
Ashtenne Holdings PLC for providing the protections afforded
to customers of Cazenove & Co. nor for providing advice in
relation to the Offer.

END

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