RNS Number:4705A
Irish Takeover Panel
02 July 2004







                       Irish Takeover Panel Announcement

                      Gresham Hotel Group plc ("Gresham")


Following the announcement on 2 July, 2004 by Precinct Investments Limited of a
revised offer of Euro1.40 per share for Gresham and the completion of irrevocables
in favour of such revised offer from Red Sea Hotels Limited for their shares in
Gresham, the Irish Takeover Panel has decided to adjourn the preliminary hearing
scheduled for 8 July, 2004 pending the outcome of the Precinct offer. The Panel
had on 22 June decided to conduct a hearing under section 11 of the Irish
Takeover Panel Act, 1997 for the purpose of investigating whether a concert
party existed in relation to certain shares in Gresham.

The Panel will continue to monitor the situation during the course of the
Precinct offer.


2 July, 2004



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