CALA Capital & Regional Plc

RNS No 6050r
CALA PLC
30 June 1999


            RECOMMENDED MANDATORY FINAL CASH OFFER FOR CALA PLC         
         
                   ACCEPTANCES AT FIRST CLOSING DATE                       

The board of Dotterel Limited ("Dotterel") announces that by 3.00 pm on 29th
June 1999, acceptances had been received under the Final Offer in respect of a
total of 10,109,347 CALA shares representing in aggregate approximately 20.97
per cent of the issued share capital of CALA and approximately 86.12 per cent
of the CALA shares to which the Final Offer relates. The Final Offer was
declared unconditional in all respects on 2nd June 1999. 

The board of Dotterel also announces that the Final Offer and the Improved
Loan Note Alternative are being extended until further notice.

Dotterel did not hold any CALA shares before the commencement of the offer
period. During the offer period, Dotterel received irrevocable undertakings to
accept the Final Offer in respect of 1,955,451 CALA shares representing 4.12
per cent of the issued share capital of CALA and agreed to exchange Dotterel
shares for 1,318,330 CALA shares representing 2.78 per cent of the issued
share capital of CALA pursuant to the Share Exchange Agreements.  Dotterel
also purchased 35,142,899 CALA shares in the market representing 74.13 per
cent of the issued share capital of CALA. Before the commencement of the offer
period, CALA Management held options over an aggregate of 960,312 CALA shares
and during the offer period became entitled to an aggregate of 1,165,911 CALA
shares which were vested in CALA Management under the terms of the CALA
Matching Share Plan. Accordingly Dotterel has received acceptances under the
Final Offer, acquired or otherwise agreed to acquire 46,570,576 CALA shares
representing in aggregate 96.62 per cent of the issued share capital of CALA. 

Save as disclosed above, Dotterel nor any party acting in concert or deemed to
be acting in concert with Dotterel held, or held rights over, any CALA shares
on or before the commencement of the offer period and nor has any such person
acquired or agreed to acquire any CALA shares or any rights over CALA shares
since the commencement of the offer period otherwise than pursuant to the
Final Offer.

Words and expressions defined in the offer document dated 8th June 1999 have
the same meaning in this press release, unless otherwise indicated.

Enquiries:

Dotterel Limited                 0131 535 5200
Robert Dick
Geoff Ball

Noble Grossart Limited           0131 226 7011
Guy Stenhouse
Todd Nugent

Noble Grossart Limited, which is regulated in the UK by the Securities and
Futures Authority, is acting for Dotterel in relation to the Final Offer and
will not be responsible to anyone other than Dotterel for providing the
protections afforded to customers of Noble Grossart Limited, or for providing
advice in relation to the Final Offer or any other matter referred to herein.

This announcement has been issued by Dotterel and approved for the purposes of
section 57 of the Financial Services Act 1986 by Noble Grossart Limited.


END

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