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