RNS Number:9147J
Venice Bidder PLC
10 April 2003


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


PRESS ANNOUNCEMENT
FOR IMMEDIATE RELEASE

10 April 2003


OFFER

by

HAWKPOINT

on behalf of

VENICE BIDDER

for

PIZZAEXPRESS





FOURTH CLOSING DATE - OFFER EXTENDED TO 24 APRIL 2003



The Board of Venice Bidder announces that, as at 3.00 pm on 10 April 2003, being
the fourth closing date of the Offer, Venice Bidder owns, controls or has
received valid acceptances of the Offer in respect of, in aggregate, 10,374,296
PizzaExpress Shares, representing approximately 14.5 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 14 days and will
therefore remain open for acceptance until 3.00 pm on 24 April 2003.



As announced on 3 April 2003, the Board of Venice Bidder is considering its
position following the announcement by GondolaExpress PLC of its offer for the
entire issued and to be issued ordinary share capital of PizzaExpress and
therefore strongly urges PizzaExpress Shareholders to take no action for the
time being.



As at 3.00 pm on 10 April 2003, valid acceptances of the Offer had been received
in respect of 4,242,638 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.



The term "Offer" used in this announcement is defined as "the cash offer
(including the Loan Note Alternative) being made by Hawkpoint on behalf of
Venice Bidder to acquire all of the PizzaExpress Shares on the terms and subject
to the conditions set out in the Offer Document and the Form of Acceptance and
including, where the context requires, any subsequent revision, variation,
extension or renewal thereof".  Certain terms used in this announcement are
otherwise defined in the Offer Document dated 27 February 2003.




Enquiries:


Financial Dynamics                                   Tel:      020 7831 3113

Fergus Wheeler



The directors of Venice Bidder, whose names are set out in the Offer Document,
accept responsibility for the information contained in this announcement and
confirm that, to the best of their knowledge and belief (having taken all
reasonable care to ensure that such is the case), the information contained in
this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.



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
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