49IP Landsbanki.6.25

RNS Number:7885B
Bridgewell Group PLC
09 August 2007



9 August 2007

                              Bridgewell Group plc

                 Recommended takeover by Landsbanki Islands hf

          Replacement to Rule 2.10 announcement made on 7 August 2007

          Scheme expected to become effective on Friday 10 August 2007


In relation the scheme of arrangement under section 425 of the Companies Act
1985 relating to its proposed recommended takeover by Landsbanki (the "Scheme"),
Bridgewell announces that:

1.  its issued share capital today consists of:
    share class (all of 0.001 pence each)                       number in issue
    Ordinary                                                         46,827,598
    Deferred                                                      5,013,895,120
    B                                                                       nil
    and replaces the Rule 2.10 announcement made on 7 August 2007;

2.  it is applying to the Court today for an amendment to the Court Order
    confirming the capital reduction made yesterday in order to reflect the 
    issued share capital as stated above;

3.  it is expected that the Scheme will become effective on Friday 10
    August 2007; and

4.  it is expected that the admission to trading on AIM of Bridgewell Ordinary 
    Shares will be cancelled at 7.00 a.m. (London time) on Friday 10 August
    2007.

Following the Scheme becoming effective, Bridgewell Ordinary Shareholders will
receive:
           for each Scheme Share     12.5 pence in cash

                                     AND

                                     3.56888 New Landsbanki Shares

New Landsbanki Shares representing fractional entitlements (rounded down to the
nearest whole number) will be allotted and issued in the same way as other
Landsbanki Shares allotted and issued pursuant to the Scheme in respect of the
same holding of Scheme Shares.  Satisfaction of the consideration due to holders
of Scheme Shares is expected to be effected by 23 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 / Darren Ellis                                      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
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