RNS Number:2714N
Guinness Peat Group PLC
07 July 2003

                        GUINNESS PEAT GROUP PLC ("GPG")
                      AND GPG (UK) HOLDINGS PLC ("GPGUK")



           Buyback Offer and issue of Further Convertible Loan Notes



GPG and GPGUK announce that the buyback of Ordinary Shares in accordance with
the terms of Buyback Offer set out in the prospectus dated 12 May 2003 (the
"Prospectus") is delayed and will not take place today as indicated in the
Expected Timetable set out in the Prospectus.


The reason for the delay is that, due to the fact that there was no trading in
the Initial CLNs during the five business day period up to and including 7 July
2003,  the cash price at which the Ordinary Shares are to be purchased remains
to be determined by the Expert in accordance with the terms of the Buyback
Offer. GPG intends to effect the buyback as soon as the Expert has determined
the price, which is expected to occur in UK on or before 10 July 2003.


It is anticipated that dealings in the Further CLNs to be issued by GPGUK
immediately following the buyback will commence on the London and New Zealand
stock exchanges on the trading day immediately following that on which the
buyback is effected.



Capitalised terms used in this announcement have the same meanings as in the
Prospectus.




Richard Russell
7 July 2003






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