Compulsory Acqn of Shares

RNS Number:8427O
Industrial Funds Limited
13 July 2005

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

                                                                    13 July 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")



                COMPLETION OF COMPULSORY ACQUISITION PROCEDURES

IFL announced on 25 May 2005, that it had commenced compulsory acquisition
procedures to acquire all those Ashtenne Shares in respect of which valid
acceptances had not been received, in accordance with the provisions of Sections
428 to 430F of the Companies Act 1985.

These procedures having been completed, the Ashtenne Shares held by
non-assenting Ashtenne Shareholders will now be transferred to IFL and Ashtenne
will hold the consideration due to non-assenting Ashtenne Shareholders on their
behalf in trust.  Thereafter, the consideration to which non-assenting Ashtenne
Shareholders are entitled may be obtained by application to Capita Registrars,
accompanied by the share certificate(s) and/or other document(s) of title in
respect of such Ashtenne Shares formerly held by the non-assenting Ashtenne
Shareholders.

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

Ashtenne Shareholder Enquiries:

Capita Registrars           0870 162 3121 (calling from within the UK)
                            +44 20 8639 2157 (calling from outside the UK)



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

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