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RNS Number:2072M
Industrial Funds Limited
12 May 2005

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

                                                                     12 May 2005

                             RECOMMENDED CASH OFFER
                                       by
                                      HSBC
                                  on behalf of
                        Industrial Funds Limited ("IFL")
     for the whole of the issued and to be issued ordinary share capital of
                       Ashtenne Holdings PLC ("Ashtenne")

                EXTENSION OF THE OFFER AND LEVEL OF ACCEPTANCES

IFL announces that as at 3.00 p.m. on 11 May 2005, IFL had received valid
acceptances of the Offer in respect of 31,419,397 Ashtenne Shares in aggregate,
representing approximately 88.4 per cent. of the existing issued ordinary share
capital of Ashtenne.

The Offer, which remains subject to the terms and conditions set out in the
Offer Document, has been extended and will remain open for acceptance until the
next closing date which will be 3.00 p.m. (London time) on 18 May 2005. To the
extent they have not already done so, Ashtenne Shareholders who wish to accept
the Offer should complete and return their Forms of Acceptance in accordance
with the instructions set out in the Offer Document and in the Form of
Acceptance, so as to be received as soon as possible and, in any event, by not
later than 3.00 p.m. on 18 May 2005.

Prior to the announcement of the Offer on 31 March 2005, IFL had received
irrevocable undertakings to accept (or procure the acceptance of) the Offer from
the Ashtenne Directors in respect of their entire beneficial holdings and those
of certain connected persons totalling 2,148,313 Ashtenne Shares, representing
approximately 6 per cent. of the existing issued ordinary share capital of
Ashtenne. Acceptances have been received pursuant to all of these irrevocable
undertakings and are included in the total number of valid acceptances referred
to above.

In addition, IFL has also received irrevocable undertakings to accept the Offer
from certain of the Ashtenne Directors in respect of a further 1,838,048
Ashtenne Shares which are the subject of existing awards under the LTIP
(assuming such awards vest and are satisfied in full) representing 5.2 per cent.
of the existing issued ordinary share capital of Ashtenne.  Accordingly,
acceptances will not be received pursuant to such irrevocable undertakings until
after the date on which the Offer becomes or is declared wholly unconditional
(being the date on which such awards vest).

Save as set out above and as disclosed in the announcement of the Offer dated 31
March 2005 made under rule 2.5 of the City Code, neither IFL nor Warner nor any
person acting, or deemed to be acting in concert with IFL or Warner, held any
Ashtenne Shares (or rights over Ashtenne Shares) prior to the commencement of
the Offer Period and neither IFL nor Warner nor any person acting, or deemed to
be acting in concert with IFL or Warner, has acquired or agreed to acquire any
Ashtenne Shares (or rights over any Ashtenne Shares) since the commencement of
the Offer Period.

Additional copies of the Offer Document and the Form of Acceptance can be
obtained by telephoning Capita Registrars on 0870 162 3121, or if calling from
outside the United Kingdom, on +44 20 8639 2157.

Terms defined in the Offer Document have the same meanings when used in this
announcement.

Enquiries:

HSBC - Financial Adviser to IFL & Warner            +44 20 7991 8888
Maxwell James
Oliver Smith

The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of, or by any means or instrumentality (including, without limitation,
facsimile, transmission, telex and telephone) of interstate or foreign commerce
of, or any facility of a national, state or other securities exchange of, the
United States, Canada, Australia or Japan, and, subject to certain exceptions,
the Offer cannot be accepted by any such use, means, instrumentality or
facility, or from within the United States, Canada, Australia or Japan.
Accordingly, copies of this announcement and the documentation relating to the
Offer are not being, and must not be mailed or otherwise distributed or sent in,
into or from the United States, Canada, Australia or Japan and persons receiving
this announcement or such documentation (including, without limitation,
custodians, nominees and trustees) must not distribute, forward, mail, transmit
or send them in, into or from the United States, Canada, Australia or Japan.
Doing so may render invalid any purported acceptance of the Offer.

HSBC, which is regulated in the United Kingdom by the Financial Services
Authority, is acting for IFL and Warner and no one else in relation to the Offer
and will not be responsible to any person other than IFL and Warner for
providing the protections afforded to customers of HSBC nor for providing advice
in relation to the Offer.

This announcement does not constitute an offer or invitation to purchase any
securities or a solicitation of an offer to buy any securities, pursuant to the
Offer or otherwise. The full terms and conditions of the Offer, including
details of how the Offer may be accepted, are set out in the Offer Document and
the Form of Acceptance. The Offer Document and the Form of Acceptance have been
made available to those Ashtenne Shareholders who are able to receive them, as a
result of the laws of the jurisdictions in which they are resident. Ashtenne
Shareholders are advised to read the Offer Document and the Form of Acceptance
as they contain important information.




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

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