Statement re. poss. offer

RNS Number:9913W
CNG Travel Group plc
21 May 2007


21 May 2007


For Immediate Release


                              CNG Travel Group plc


                          Statement re Possible Offer


The Board of CNG Travel Group plc ("CNG" or the "Company") ("the Board") notes
the recent movement in the Company's share price. The Board confirms that it has
received an approach from a consortium ("the Consortium") led by PJ King and
Barry Liben, the group chief executive and president of Tzell Travel Group (a
wholly owned subsidiary of CNG) respectively, which may or may not lead to an
offer for the Company at a price of 14.5 pence per CNG Share (the "Possible
Offer").

Following the approach, the Company constituted an independent committee of the
board of directors comprising Luke Mooney, Ralph Manaker and Zara Stassin ("the
Independent Directors") to consider the Possible Offer. The Independent
Directors are being advised by IBI Corporate Finance. The executive directors of
the Company (namely PJ King and Willie Lynch) together with certain
non-executive directors (Seamus Ross Jnr and Michael Smurfit Jnr) are conflicted
from considering the Possible Offer because of their involvement with the
Consortium.

Should an announcement of a firm intention to make an offer be made pursuant to 
Rule 2.5 of the Irish Takeover Panel Act, 1997, Takeover Rules 2001 to 2006 the 
proposed offer price of 14.5 pence per share is at a level which the Independent
Directors would intend to recommend to shareholders.

However, shareholders should note that while discussions with the Consortium in 
relation to the Possible Offer are at a very advanced stage there can be no 
certainty that an offer will ultimately be forthcoming.

The holder of 1% or more of any relevant securities in the Company may from the 
date of this announcement have disclosure obligations under Rule 8.3 of the Irish
Takeover Panel Act, 1997, Takeover Rules 2001 to 2006, as applied.

A further announcement will be made in due course. In the meantime, shareholders
are advised to take no action.


Ends.


Enquiries:

CNG Travel Group                  Tel: +353 1 296 3399
Luke Mooney

IBI Corporate Finance Limited     Tel: +353 1 637 7800
Tom Godfrey
Brian Farrell


The Independent Directors of CNG accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
Independent Directors (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.

IBI Corporate Finance Limited, a subsidiary of The Governor and Company of the
Bank of Ireland (which is regulated by the Financial Regulator), is acting for
CNG and no-one else in relation to the Possible Offer and will not be
responsible to anyone other than CNG for providing the protections afforded to
clients of IBI Corporate Finance Limited nor for providing advice in relation to
the Possible Offer.






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

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