49IP Landsbanki.6.25

RNS Number:5334B
Bridgewell Group PLC
03 August 2007

3 August 2007

                              Bridgewell Group plc

                 Recommended takeover by Landsbanki Islands hf

  Rule 2.10 announcement - conversion of B Shares increases Ordinary Shares in
                                     issue

Bridgewell announces, in accordance with rule 2.10 of the Takeover Code, that
today following the conversion of 2,624,060 B Shares held by its Employee
Benefit Trust into 2,624,060 Ordinary Shares in accordance with its Articles of
Association, its issued share capital now consists of:

share class (all of 0.001 pence each)                           number in issue

Ordinary                                                             43,842,337
Deferred                                                          5,000,000,000
B                                                                    16,083,000

The International Securities Identification Number for Bridgewell's Ordinary
Shares remains GB00B1661Y95.

Bridgewell's scheme of arrangement under section 425 of the Companies Act 1985
relating to its proposed recommended takeover by Landsbanki (the "Scheme")
remains conditional on the confirmation by the Court of the reduction of capital
which forms part of the Scheme. The Court Hearing to confirm the reduction of
capital is scheduled for Wednesday 8 August 2007. The date on which the Scheme
is expected to become effective is Thursday 9 August 2007. Capitalised terms in
this announcement have the meanings that they have in the document sent to
Bridgewell shareholders containing the Scheme dated 16 June 2007.

Dealing disclosure requirements under the Takeover Code

Under the provisions of Rule 8.3 of the Takeover Code, if any person is, or
becomes, "interested" (directly or indirectly) in one per cent. or more of any
class of "relevant securities" of Bridgewell or of Landsbanki, all "dealings" in
any such "relevant securities" (including by means of an option in respect of,
or a derivative referenced to, any such "relevant securities") must be publicly
disclosed by no later than 3.30 p.m. (London time) on the London business day
following the date of the relevant transaction. This requirement will continue
until the date on which the Scheme becomes effective (expected to be Thursday 9
August 2007) or until the Scheme lapses or is withdrawn. If two or more persons
act together pursuant to an agreement or understanding, whether formal or
informal, to acquire an "interest" in "relevant securities" of Bridgewell or of
Landsbanki, they will be deemed to be a single person for the purpose of Rule
8.3. Under the provisions of Rule 8.1 of the Takeover Code, all "dealings" in "
relevant securities" of Bridgewell or of Landsbanki by Landsbanki or by
Bridgewell, or by any of their respective "associates", must be disclosed by no
later than 12.00 noon (London time) on the London business day following the
date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a
person has long economic exposure, whether conditional or absolute, to changes
in the price of securities. In particular, a person will be treated as having an
"interest" by virtue of the ownership or control of securities, or by virtue of
any option in respect of, or derivative referenced to, securities. Terms in
quotation marks are defined in the Takeover Code, which can also be found on the
Takeover Panel's website. If you are in any doubt as to whether or not you are
required to disclose a "dealing" under Rule 8, you should consult the Takeover
Panel.

Press enquiries:

Bridgewell

Paul Manduca / John Craven                         020 7003 3000

Maitland (PR adviser to Bridgewell)

Neil Bennett                                       020 7379 5151

Brewin Dolphin Securities Limited (NOMAD)

Ken Fleming                                        0845 213 1120


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

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