HPS Hercules Props.

RNS No 7321m
HERCULES PROPERTY SERVICES PLC
14th August 1997

  
                HERCULES PROPERTY SERVICES PLC
            Results of the Placing and Open Offer,
              Extraordinary General Meeting and
                     Annual General Meeting
  
  INTRODUCTION
  
  On 22 July 1997, Hercules Property Services PLC ("Hercules"
  or the "Company")  announced a recommended offer for the
  entire issued share capital of David Glass Associates PLC
  ("David Glass") that it did not already own (the "Offer").
  The Offer was made on a share-for-share basis with a cash
  alternative (the "Cash Alternative"). 
  
  Hercules also announced on 22 July 1997 a placing of up to
  2,347,249 new Hercules Shares (the "Placing"), up to
  1,173,624 of which were subject to a right of recall by
  existing shareholders pursuant to an open offer (the "Open
  Offer").  The Placing and Open Offer was fully underwritten
  by Guinness Mahon & Co. Limited.
  
  The proceeds of the Placing and Open Offer will be used to
  fund the Cash Alternative and to cover the expenses of the
  Offer and the Placing and Open Offer.  Accordingly, to the
  extent that valid elections are not received for the Cash
  Alternative, the funds raised under the Placing and Open
  Offer will be reduced on a pound for pound basis.
  
  RESULT OF THE OPEN OFFER
  
  Valid applications from Qualifying shareholders have been
  received in respect of 25,314 new Ordinary Shares pursuant
  to the Open Offer which closed at 3.00 pm on 12 August 1997. 
  The balance of the new Ordinary Shares to be issued to cover
  the cost of the Cash Alternative and the expenses of the
  Offer and the Placing and Open Offer will be taken up by
  institutional and other investors with whom such shares were
  conditionally placed by Raphael Zorn Hemsley pursuant to the
  Placing. Following the closing of the Cash Alternative,
  placees and Qualifying shareholders who have applied for
  shares under the Open Offer will be informed of their
  allocation of new Ordinary Shares pursuant to the Placing
  and Open Offer. 
  
  The Board of Hercules is delighted that the Placing and Open
  Offer have provided the opportunity for the Company to
  significantly broaden its institutional shareholder base.
  
  RESULT OF THE EXTRAORDINARY GENERAL MEETING
  
  At the Extraordinary General Meeting of Hercules held
  earlier today, the resolution approving, inter alia, the
  acquisition of David Glass Associates plc ("David Glass")and
  the Placing and Open Offer was passed unanimously.
  
  The Offer and the Placing and Open Offer remain conditional,
  inter alia, upon the admission of the new Ordinary Shares to
  trading on AIM becoming effective.
  
  Dealings in the new Ordinary Shares on AIM are expected to
  commence on the first business day after the Offer is
  declared unconditional in all respects.
  
  RESULT OF THE ANNUAL GENERAL MEETING
  
  At the Annual General Meeting of Hercules held earlier
  today, all the resolutions put to shareholders were passed
  unanimously.
  
  ENQUIRIES:
  
  Larry Lipman / Paul Davis
  Hercules Property Services plc             0181 203 9099
  
  Jagjit Mundi
  Guinness Mahon & Co.  Limited              0171 623 9333
  
  Oliver Hemsley
  Raphael Zorn Hemsley                       0171 776 1500
  
  Baron Phillips
  BP Associates                              0171 224 1302
  
  
END

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