Crest Packaging Plc - Offer Partly Unconditional

RNS No 4929c
CREST PACKAGING PLC 
24th December 1998

           Angley Holdings PLC ("Angley Holdings" or the "Offeror")           
                          Recommended cash offer for                          
                   Crest Packaging plc ("Crest Packaging")                    

Angley Holdings announces that its recommended cash offer for Crest Packaging
has become unconditional as to acceptances and will remain open until further
notice.  As at 3.00pm on Wednesday, 23 December 1998, valid acceptances had
been received in respect of 38,511,279 Crest Packaging Shares, representing
approximately 96.05 per cent. of the existing issued share capital of Crest
Packaging.

Included in the total acceptances of the Offer are acceptances received from
the directors of Crest Packaging, their related trusts and other persons who
had given undertakings or letters of intent to accept the Offer in respect of,
in aggregate, 26,340,607 Crest Packaging Shares, representing approximately
65.70 per cent. of the existing issued share capital of Crest Packaging.

Prior to the posting of the offer document dated 2 December 1998 (the "Offer
Document"), Angley Holdings itself did not hold any Crest Packaging Shares. 
Persons deemed to be acting in concert with Angley Holdings held 24,187,675
Crest Packaging Shares, representing approximately 60.33 per cent. of the
existing issued share capital of Crest Packaging.  Valid acceptances have been
received in respect of 24,187,675 of such Crest Packaging Shares, representing
approximately 60.33 per cent. of the existing issued share capital of Crest
Packaging.  Included in these are acceptances in respect of 510,000 Crest
Packaging Shares acquired by Rodney A J Webb on 17 November 1998 and 1,100,000
Crest Packaging Shares acquired by Dr Annalisa Sartori on 16 November 1998
during the Offer Period, representing in aggregate 4.02 per cent. of the
existing issued share capital of Crest Packaging. 

Valid acceptances have been received in respect of 14,318,763 Crest Packaging
Shares, representing approximately 35.71 per cent. of the existing issued
share capital of Crest Packaging, for the cash consideration under the Offer,
and in respect of 24,192,516 Crest Packaging Shares, representing
approximately 60.34 per cent. of the existing issued share capital of Crest
Packaging, for the Loan Note Alternative.

Save as disclosed above or in the Offer Document, neither the Offeror nor any
persons acting, or deemed to be acting, in concert with them owned or
controlled any Crest Packaging Shares (or rights over such shares) immediately
prior to the commencement of the Offer period and since the commencement of
the Offer period neither the Offeror nor any such person has acquired or
agreed to acquire (other than pursuant to the Offer) any Crest Packaging
Shares (or rights over such shares).

The Offer remains conditional, inter alia, on notification being received from
the Board of Inland Revenue that they are satisfied that no notice under
section 703(3) of the Income and Corporation Taxes Act 1988 ought to be given
in respect of the exchange of Loan Notes for Crest Packaging Shares under the
Offer.

Crest Packaging shareholders who have, as yet, not accepted the Offer should
despatch their Forms of Acceptance as soon as possible.

Press Enquiries

For further information contact:

Angley Holdings:            Rodney Webb                   01634 234 444
Ernst & Young:              Richard Haycocks              0171 928 2000

Definitions used in the Offer Document have the same meanings in this
announcement, unless the context otherwise requires.

Ernst & Young of Becket House, 1 Lambeth Palace Road, London SE1 7EU is
authorised by the Institute of Chartered Accountants in England & Wales to
carry on investment business.  Ernst & Young is acting for the Offeror and no
one else in connection with the Offer and will not be responsible to anyone
other than the Offeror for providing the protections afforded to customers of
Ernst & Young nor for giving advice in relation to the Offer, the contents of
this announcement or any arrangement referred to herein.

Ernst & Young have approved this announcement as an investment advertisement
solely for the purposes of section 57 of the Financial Services Act 1986.

The Directors of Angley Holdings, whose names are Rodney A J Webb and Dr
Annalisa Sartori, accept responsibility for the information contained in this
announcement.  To the best of the knowledge and belief of the directors of
Angley Holdings (who have taken all reasonable care to ensure that such is the
case), the information contained in this announcement is in accordance with
the facts and does not omit anything likely to affect the import of such
information.

Neither the Offer nor the Loan Note Alternative will be made available,
directly or indirectly, in or into the United States, Canada, Australia or
Japan.


END

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