GCH Green China

RNS Number:9605R
Golf Club Holdings PLC
4 October 2000


NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, CANADA,
AUSTRALIA OR JAPAN


Cash Offer by Beeson Gregory Limited ("Beeson Gregory") on behalf of
SportsAssets (International) Limited ("SportsAssets")

For

Golf Club Holdings PLC ("GCH")

SportsAssets announces that the cash offer to acquire the entire issued share
capital of GCH (the "Offer") as set out in the formal offer document dated 24
August 2000 (the "Offer Document") expired at 3.00 pm on 3 October 2000.

As at 3.00 p.m. on 3 October 2000, the final closing date of the Offer,
SportsAssets had received valid acceptances of the Offer in respect of 
24,851,036 GCH Ordinary Shares representing 38.7 per cent. of the issued
ordinary share capital. These acceptances include valid acceptances of the
Offer in respect of shares for which SportsAssets, prior to making the Offer,
received irrevocable undertakings to accept the Offer. Such undertakings were
given by directors of GCH and certain shareholders of GCH for a total of
24,336,079 GCH Ordinary Shares representing 37.9 per cent. of the enlarged
issued ordinary share capital.

In addition, since making the Offer SportsAssets has subscribed for and had
allotted to it 13,953,623 GCH Ordinary Shares representing 21.7 per cent. of
the enlarged issued ordinary share capital.  Accordingly, SportsAssets now
either owns, or has received valid acceptances in respect of, a total of
38,804,659 GCH Ordinary Shares representing approximately 60.4 per cent. of
GCH's enlarged issued ordinary share capital.

Immediately prior to the commencement of the Offer Period on 24 August 2000
neither SportsAssets nor any person acting, or deemed to be acting, in concert
with SportsAssets held any GCH Ordinary Shares (or rights over such shares
other than the Irrevocable Undertakings).

Save as disclosed above, neither SportsAssets nor any person acting, or deemed
to be acting, in concert with SportsAssets has acquired or agreed to acquire
any GCH Ordinary Shares (or rights over such shares) during the Offer Period,
and no acceptances of the Offer have been received from any person acting or
deemed to be acting in concert with SportsAssets.

3 October 2000

The expressions used in this announcement shall, unless the context otherwise
requires, bear the same meanings as set out in the Offer Document.

The Directors of SportsAssets and Jeff Chapman accept responsibility for the
information contained in this announcement. To the best of the knowledge and
belief of such Directors and Jeff Chapman (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.

Beeson Gregory is acting exclusively for SportsAssets and no one else in
connection with the Offer and will not be responsible to anyone other than
SportsAssets for providing the protections afforded to customers of Beeson
Gregory nor for giving advice in relation to the Offer. Beeson Gregory is
regulated by The Securities and Futures Authority Limited for the conduct of
investment business in the UK.

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