RNS Number:0206J
Venice Bidder PLC
20 March 2003

Not for release, publication or distribution in, into or from the United States,
Canada, Australia or Japan


PRESS ANNOUNCEMENT
FOR IMMEDIATE RELEASE

20 March 2003

RECOMMENDED OFFER



by



HAWKPOINT



on behalf of



VENICE BIDDER



for



PIZZAEXPRESS





FIRST CLOSING DATE - OFFER EXTENDED TO 27 MARCH 2003



The Board of Venice Bidder announces that, as at 3.00 pm today, being the first
closing date for the Offer, Venice Bidder owns, controls or has received valid
acceptances of the Offer in respect of, in aggregate, 10,346,092 PizzaExpress
Shares, representing approximately 14.4 per cent. of the existing issued
ordinary share capital of PizzaExpress.  The Board of Venice Bidder announces
that the Offer has been extended for a period of seven days and will therefore
remain open for acceptance until 3.00 pm on 27 March 2003.



As at 3.00 pm today, valid acceptances of the Offer had been received in respect
of 4,214,434 PizzaExpress Shares, representing approximately 5.9 per cent. of
the existing issued ordinary share capital of PizzaExpress.



On 27 February 2003, Venice Bidder announced that it had received undertakings
to accept the Offer in respect of, in aggregate, 109,750 PizzaExpress Shares,
including undertakings to accept from parties acting in concert with Venice
Bidder in respect of, in aggregate, 80,750 PizzaExpress Shares.  Valid
acceptances have been received in respect of all of these PizzaExpress Shares
and these are included in the totals above.



Following commencement of the Offer Period, Venice Bidder acquired 6,131,658
PizzaExpress Shares, representing approximately 8.5 per cent. of the existing
issued ordinary share capital of PizzaExpress.




Immediately prior to the commencement of the Offer Period, Venice Bidder and
persons deemed to be acting in concert with Venice Bidder owned or controlled
80,750 PizzaExpress Shares, representing approximately 0.1 per cent. of the
existing issued ordinary share capital of PizzaExpress.  This comprised the
beneficial holdings of the Venice Management Team.  Save as set out above,
neither Venice Bidder nor any of the directors of Venice Bidder nor (so far as
Venice Bidder is aware) any party deemed to be acting in concert with Venice
Bidder owned any PizzaExpress Shares or rights over PizzaExpress Shares on 13
December 2002 (the last business day before the commencement of the Offer
Period) nor have they acquired or agreed to acquire any PizzaExpress Shares or
rights over PizzaExpress Shares during the Offer Period.



Certain terms used in this announcement are defined in the Offer Document dated
27 February 2003.




Enquiries:
Venice Bidder                                          Tel:      020 7499 5311
Luke Johnson
Ian Eldridge


ABN AMRO Capital                                       Tel:      020 7678 0076
Ian Taylor


Hawkpoint                                              Tel:      020 7665 4500
(Financial adviser to Venice Bidder)
Patrick Wilson
Robin Caiger


ABN AMRO Hoare Govett                                  Tel:      020 7678 8000
(Broker to Venice Bidder)
Chris Zeal
John MacGowan


Financial Dynamics                                     Tel:      020 7831 3113
(PR adviser to Venice Bidder)

Fergus Wheeler



Hawkpoint, which is regulated in the United Kingdom by the Financial Services
Authority, is acting exclusively for Venice Bidder and no one else in connection
with the Offer and will not be responsible to anyone other than Venice Bidder
for providing the protections afforded to its customers or for providing advice
in relation to the Offer or in relation to the contents of this announcement or
any transaction or arrangement referred to herein.



ABN AMRO Hoare Govett is acting as broker for Venice Bidder and is not acting
for anyone else in connection with the Offer and will not be responsible to
anyone else other than Venice Bidder for providing the protections afforded to
its customers or for providing advice in relation to the Offer.



Neither the Offer nor the Loan Note Alternative will be made, directly or
indirectly, in or into the United States or by use of the mails of, or by any
means or instrumentality (including, without limitation, facsimile or other
electronic transmission, telex or telephone) of inter-state or foreign commerce
of, or any facility of, a national, state or other securities exchange of, the
United States, nor will it be made directly or indirectly in or into Canada,
Australia or Japan and the Offer cannot be accepted by any such use, means,
instrumentality or facility or from within the United States, Canada, Australia
or Japan or any other such jurisdiction if to do so would constitute a violation
of the relevant laws of such jurisdiction.  Accordingly, copies of this press
announcement, the Offer Document and the Form of Acceptance are not being, will
not be and must not be mailed or otherwise forwarded, distributed or sent in,
into or from the United States, Canada, Australia or Japan or any other such
jurisdiction if to do so would constitute a violation of the relevant laws of
such jurisdiction and persons receiving this press announcement, the Offer
Document and Form of Acceptance (including without limitation custodians,
nominees and trustees) must not mail, forward, distribute or send them in, into
or from the United States, Canada, Australia or Japan or any other such
jurisdiction if to do so would constitute a violation of the relevant laws of
such jurisdiction.



The Loan Notes which may be issued pursuant to the Offer have not been, nor will
they be, registered under the Securities Act or under the securities laws of any
state of the United States; the relevant clearances have not been, nor will they
be, obtained from the securities commission of any province or territory of
Canada; no prospectus has been lodged with, or registered by, the Australian
Securities and Investments Commission or the Japanese Ministry of Finance; and
the Loan Notes have not been, nor will they be, registered under, or offered in
compliance with, applicable securities laws of any state, province, territory or
jurisdiction of Canada, Australia or Japan or any other such jurisdiction if to
do so would constitute a violation of the relevant laws of such jurisdiction.
Accordingly, the Loan Notes may not (unless an exemption under relevant
securities laws is applicable) be offered, sold, resold, or delivered, directly
or indirectly, in, into or from the United States, Canada, Australia or Japan or
any other jurisdiction if to do so would constitute a violation of the relevant
laws of, or require registration thereof in, such jurisdiction or to, or for the
account or benefit of, any United States, Canadian, Australian or Japanese
person.



This announcement does not constitute an offer to sell or invitation to purchase
or subscribe for any securities.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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