RNS Number:4948I
Collins Stewart Holdings PLC
10 March 2003

Date: 10 March 2003

On behalf of: Collins Stewart Holdings plc ("Collins Stewart")

For immediate release





NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE
                   UNITED STATES, CANADA, JAPAN OR AUSTRALIA


                Collins Stewart Holdings plc ("Collins Stewart")



Recommended Ordinary and Bond Offers, Option Proposals and related proposals for

         Tullett plc ("Tullett") - Offers unconditional in all respects



Further to its announcement earlier today, Collins Stewart announces that, with
the sole remaining condition of the Ordinary Offer relating to Admission having
now been satisfied, the Offers, made by HSBC Bank plc on behalf of Collins
Stewart, for Tullett are now unconditional in all respects. As all Tullett
Ordinary Shares, Tullett Bonds and Tullett Options have been assented to the
Ordinary Offer, the Bond Offer and the Option Proposals respectively, each of
the Ordinary Offer (including the Partial Cash Alternative, the Additional Cash
Facility and the Loan Note Alternative), the Bond Offer (including the Bond
Offer Additional Share Facility) and the Option Proposals have now closed. The A
Preference Offer and the B Preference Offer will remain open until 3.00 p.m. on
21 March 2003, at which time they will close.



Collins Stewart also announces the appointment of Bruce Collins, Stephen Jack
and David Clark to the board of Collins Stewart. The appointments will take
place with immediate effect.



Enquiries to:


HSBC Bank plc

Edward Williams                                         020 7992 2244
Alistair Hill                                           020 7992 2247



Redleaf Communications

Emma Kane                                               020 7955 1472
Katharine Sharkey                                       020 7955 1410





The definitions used in the Offer Document dated 23 January 2003 have the same
meanings in this announcement unless the context otherwise requires.



HSBC Bank plc, which is regulated in the United Kingdom by the Financial
Services Authority, is acting for Collins Stewart and no one else in connection
with the Offers and the Option Proposals and will not be responsible to anyone
other than Collins Stewart for providing the protections afforded to clients of
HSBC Bank plc, or for providing advice in relation to the Offers and the Option
Proposals, or for giving advice in relation to the contents of this announcement
or any offer or arrangement referred to herein.



The Offers and the Option Proposals have been made in the United States, Canada
and Japan by Collins Stewart. References in this announcement to the Offers and
the Option Proposals being made by HSBC on behalf of Collins Stewart should be
read and construed accordingly.



The new Collins Stewart Shares to be allotted pursuant to the Offers and the
Option Proposals have not been and will not be registered under the US
Securities Act or under the securities laws of any state of the United States.
Accordingly, subject to certain exceptions, the new Collins Stewart Shares to be
allotted pursuant to the Offers and the Option Proposals are not being, and will
not be, offered or sold in the United States.



This announcement is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration. The new Collins Stewart Shares to be allotted
pursuant to the Offers and the Option Proposals have not been, and will not be,
registered under the US Securities Act.



The availability of the Offers and the Option Proposals to persons who are not
resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions. Persons who are not resident in the United Kingdom should inform
themselves about and observe any applicable requirements.


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