HPS Hercules Props.

RNS Number:9957C
Hercules Property Services PLC
2 May 2001



2 May 2001


Hercules Property Services PLC ("Hercules" or the "Company")


Result of Open Offer and EGM


On 6 April 2001, Hercules announced a placing of 2,936,936 new ordinary shares
of 5p each ("new Ordinary Shares") at an issue price of 555p each ("Issue
Price"), incorporating an open offer ("Open Offer") of 1,469,602 new Ordinary
Shares ("Open Offer Shares") on the basis of 1 new Ordinary Share for every 10
existing Ordinary Shares.


The Company announces that the Open Offer closed at 3.00pm on 1 May 2001 and
that valid applications had been received at that time for 1,042,859 Open
Offer Shares, representing 70.96 per cent. of the Open Offer Shares.


The Company obtained irrevocable undertakings not to take up their
entitlements under the Open Offer from Larry Lipman, Safeland PLC and Safeland
Holdings Corporation, in respect of, in aggregate, 218,312 Open Offer Shares.
The number of valid applications for Open Offer Shares therefore represents
approximately 83.34 per cent. of the Open Offer Shares which were capable of
being taken up by qualifying shareholders.


The remaining Open Offer Shares not taken up by qualifying shareholders under
the Open Offer, together with the 218,312 Open Offer Shares in respect of
which irrevocable undertakings were obtained, have been conditionally placed
by Investec Henderson Crosthwaite at the Issue Price.


At the extraordinary general meeting of the Company held earlier today, the
resolution put to shareholders was duly passed. The Open Offer remains
conditional upon admission of the new Ordinary Shares to the Official List,
which is expected to take place on 9 May 2001.


The Company is pleased to announce that it completed the acquisition of
Cadogan Insurance Services Limited and Kounnis Brokers on 6 April 2001 and 30
April 2001 respectively. It is expected that the acquisition of Baker Lorenz
will be completed on 9 May 2001 (two days earlier than previously announced).


Enquiries:


Larry Lipman/Paul Davis

Hercules Property Services PLC                              020 8203 9099


Jagjit Mundi

Investec Henderson Crosthwaite                              020 7597 5970




END

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