RNS Number:6134J
Guinness Peat Group PLC
3 April 2003


 
THIS ANNOUNCEMENT IS BEING RELEASED BY THE GUINNESS PEAT GROUP FOR
INFORMATION ONLY IN AUSTRALIA AND NEW ZEALAND 


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


RECOMMENDED CASH OFFER AVENUE ACQUISITION PLC FOR COATS PLC 


Avenue Acquisition plc, a UK unconsolidated joint venture company in which
the Guinness Peat Group holds an effective 50% voting interest, and Coats
plc, yesterday released a joint announcement, the text of which is as
follows: 


"The Board of Avenue Acquisition announces that the formal documents relating
to: 


* the recommended cash offer for the ordinary shares of Coats; and 
* the cash offer for Coats' senior convertible bonds due 2003, 


to be made by Strand Partners on behalf of Avenue Acquisition, will be posted
on 7 April, 2003. 


On posting of the formal documentation the offers will become unconditional
in all respects. The Coats Special Dividend of 2.5 pence per ordinary share
will be payable to shareholders on the register at the close of business on 7
April, 2003 and paid within 14 days of the first closing date of the Offers."

 
Richard Russell 
Company Secretary 
Guinness Peat Group plc 


Enquiries 
UK               Mark Butcher                Tel: 020 7484 3370
Australasia      Dr Gary Weiss, Director     Tel: (+61) 2 8298 4300 



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

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