TLG 2 Travel Group

RNS No 2029c
TLG PLC
12th October 1998


Not for release or distribution in or into Canada, Australia or Japan.

                      Wassall PLC
                      ("Wassall")
                   Recommended Cash
                   Offer for TLG plc
                        ("TLG")

OFFER DECLARED WHOLLY UNCONDITIONAL

Wassall  announces  that its cash offer of 175p per TLG  share  made  by  its
wholly  owned  subsidiary,  Pampasbright  plc,  which  was  announced  on  10
September  1998  (the  "Offer")  has  been  declared  unconditional   as   to
acceptances.  All of the other conditions of the Offer have also either  been
satisfied  or waived, and the Offer has therefore been declared unconditional
in all respects.

The cash offer will remain open for acceptances until further notice, but the
loan  note  alternative will close on 26 October 1998 or such later  date  as
Wassall determines.

As  at 3.00pm on 9 October 1998, the first closing date of the Offer, Wassall
had   received  valid  acceptances  in  respect  of  99,569,520  TLG  shares,
representing  approximately  53.0 per cent.  of  the  issued  ordinary  share
capital  of  TLG.   Of these, elections under the loan note alternative  have
been  received  in respect of 246,476 TLG shares, representing  approximately
0.1 per cent. of the issued ordinary share capital of TLG.

In addition, since the commencement of the offer period on 3 August 1998, the
Wassall  Group  has  acquired  or agreed to acquire  33,693,878  TLG  shares,
representing  approximately  17.9 per cent.  of  the  issued  ordinary  share
capital of TLG.

Immediately  prior to the commencement of the offer period on 3 August  1998,
the  Wassall Group held 18,340,000 TLG shares representing approximately  9.8
per cent. of the issued ordinary share capital of TLG.

Accordingly,  the  Wassall  Group now either  owns,  or  has  received  valid
acceptances  in  respect of, a total of 151,603,398 TLG shares,  representing
approximately 80.7 per cent. of the issued ordinary share capital of TLG.

Save  as disclosed above, neither Wassall nor any person acting or deemed  to
be  acting in concert with Wassall has acquired or agreed to acquire any  TLG
shares  (or  rights  over  such  shares)  during  the  offer  period  and  no
acceptances of the Offer have been received from any person acting or  deemed
to be acting in concert with Wassall.

Enquiries:

WASSALL                                 Telephone:  0171-333 0303
Christopher Miller, Chief Executive
David Roper, Deputy Chief Executive

MERRILL LYNCH                           Telephone:  0171-628 1000
Justin Dowley, Managing Director
Edmund Lazarus, Vice President

FINANCIAL DYNAMICS                      Telephone:  0171-831 3113
Nick Miles, Chief Executive


The  Offer  is  not being made, directly or indirectly, in or  into,  Canada,
Australia or Japan and will not be capable of acceptance from within  Canada,
Australia or Japan.  Accordingly, copies of this announcement are not  being,
and  must not be, mailed or otherwise distributed or sent in or into or  from
Canada, Australia or Japan and persons receiving this announcement (including
custodians,  nominees and trustees) must not distribute or send  it  into  or
from  Canada,  Australia or Japan.  Doing so may render invalid  any  related
purported acceptance.

The Loan Notes to be issued pursuant to the Offer, if any, have not been, and
will not be, listed on any stock exchange.  The Loan Notes have not been, and
will  not  be, registered under the United States Securities Act of 1993,  as
amended,  or  under any of the relevant securities laws of any State  of  the
United  States, Canada, Australia or Japan.  Accordingly, unless an exemption
under such Act or relevant securities laws is applicable, the Loan Notes  may
not  be  offered,  sold,  resold,  delivered  or  distributed,  directly   or
indirectly, in or into the United States, Canada, Australia or Japan and will
not be available to US persons.

Merrill  Lynch,  which is regulated in the UK by The Securities  and  Futures
Authority  Limited, is acting exclusively for the Wassall Group  and  no  one
else in connection with the Offer and will not be responsible to anyone other
than the Wassall Group for providing the protections afforded to customers of
Merrill  Lynch or for giving advice in relation to the Offer.  Merrill  Lynch
is  acting through Merrill Lynch, Pierce, Fenner & Smith Incorporated for the
purposes of making the Offer in and into the United States.


END

OFFFFFSWEUAUFFS

2 Travel Group (LSE:TLG)
Historical Stock Chart
From Jun 2024 to Jul 2024

2 Travel Group (LSE:TLG)
Historical Stock Chart
From Jul 2023 to Jul 2024