RNS Number:4525L
Renlin Limited
22 May 2003



Renlin Limited

22 May 2003


Not for release, publication or distribution, in whole or in part, in or into or
              from Australia, Canada or Japan or the United States


Recommended cash offer by IBI Corporate Finance Limited on behalf of Renlin
Limited ('Renlin') for the issued and to be issued ordinary share capital of
Sherry FitzGerald Group plc ('Sherry FitzGerald') not already in the beneficial
ownership of Renlin.



On 1 May 2003, Renlin Limited ('Renlin'), announced the terms of a recommended
cash offer (the 'Offer') to acquire the issued and to be issued ordinary share
capital of Sherry FitzGerald Group plc ('Sherry FitzGerald') not already in the
beneficial ownership of Renlin. The Offer was made by IBI Corporate Finance
Limited ('IBI Corporate Finance') on behalf of Renlin by means of an offer
document which was posted to Sherry FitzGerald Shareholders on 1 May 2003 (the
'Offer Document').

Prior to 25 March 2003 (the commencement of the Offer Period for Sherry
FitzGerald under the Takeover Rules), Renlin held no interest in the issued
ordinary share capital of Sherry FitzGerald. On 1 May 2003, prior to the
announcement of the Offer, the Sherry FitzGerald Management Team exchanged
1,828,682 Sherry FitzGerald Shares, representing approximately 14.3 per cent. of
the issued ordinary share capital of Sherry FitzGerald, for shares in Renlin.
This transaction was described in the Offer Document. The Offer was made for the
remaining issued and to be issued ordinary share capital of Sherry FitzGerald.

Renlin announces that by 3.00 p.m. on 21 May 2003 acceptances of the Offer had
been received in respect of 10,084,472 Sherry FitzGerald Shares, representing
88.6 per cent. of the Sherry FitzGerald Shares to which the Offer relates (and
approximately 78.6 per cent. of the issued and to be issued ordinary share
capital of Sherry FitzGerald). The Offer has therefore, become unconditional as
to acceptances and is now being declared unconditional in all respects. The
Offer will remain open for acceptance until further notice.

Upon settlement of acceptances of the Offer received by 3.00 p.m. on 21 May 2003
in accordance with the terms thereof, Renlin will own approximately 90.2 per
cent. of Sherry FitzGerald Shares.

Sherry FitzGerald Shareholders who validly accepted the Offer by 3.00 p.m. on 21
May 2003 will receive the consideration due to them within 14 days of that date
in accordance with the terms of the Offer. Sherry FitzGerald Shareholders who
wish to accept the Offer, and who have not done so, should return their Form(s)
of Acceptance as soon as possible to Computershare Investor Services (Ireland)
Limited, Heron House, Corrig Road, Sandyford Industrial Estate, Dublin 18,
Ireland, who are the receiving agents to the Offer. Additional Forms of
Acceptance are available upon request from Computershare Investor Services
(Ireland) Limited by telephone on +353 1 216 3100. Sherry FitzGerald
Shareholders who validly accept the Offer will receive the consideration due to
them within 14 days of such acceptance in accordance with the terms of the
Offer.

Renlin intends to exercise its rights under the provisions of Section 204 of the
Companies Act, 1963 to acquire compulsorily all outstanding Sherry FitzGerald
Shares not acquired or agreed to be acquired pursuant to the Offer or otherwise.
The consideration payable in respect of any Sherry FitzGerald Shares so
compulsorily acquired will be paid to Sherry FitzGerald in accordance with
Section 204(5) of the Companies Act, 1963 and will thereafter be available to
the holders of the Sherry FitzGerald Shares so compulsorily acquired upon
production of such documentation as to their Sherry FitzGerald Shares, which, if
furnished with a Form of Acceptance, would have enabled such Form of Acceptance
to have been treated as complete in all respects.

As soon as it is appropriate and possible to do so, Renlin intends to apply for
the cancellation of the listing of Sherry FitzGerald Shares on the Developing
Companies Market of the Irish Stock Exchange and on the Alternative Investment
Market of the London Stock Exchange.

Prior to 25 March 2003 (the commencement of the Offer Period for Sherry
FitzGerald under the Takeover Rules), members of the Sherry FitzGerald
Management Team (and their families' interests) owned or controlled 4,450,476
Sherry FitzGerald Shares. Following their exchange of Sherry FitzGerald Shares
for shares in Renlin on 1 May 2003, members of the Sherry FitzGerald Management
Team (and their families' interests) owned or controlled 2,621,794 Sherry
FitzGerald Shares. Renlin has received valid acceptances of the Offer in respect
of all those Sherry FitzGerald Shares held by the Sherry FitzGerald Management
Team (and their families' interests).

Terms defined in the Offer Document have the same meaning in this announcement.
Renlin reserves all of its rights under the Offer.

Enquiries:

Renlin

Murray Consultants          Telephone: +353 1 498 0300

Jim Milton / Tom Byrne               

The Offer is not being made, directly or indirectly, in, into or from or by the
use of the United States mails, or by any means or instrumentality (including,
without limitation, telephonically or electronically) of United States
interstate or foreign commerce, or any facility of a United States national
securities exchange, nor is it being made in or into, Australia, Canada or Japan
and the Offer should not be accepted by any such use, means, instrumentality or
facility, or from within Australia, Canada, Japan or the United States.
Accordingly, copies of this announcement, the Offer Document and the Form of
Acceptance and any related offering documents are not being, and must not be
mailed, forwarded, sent, transmitted, or otherwise distributed in, into or from
Australia, Canada, Japan or the United States and persons receiving such
documents (including without limitation custodians, nominees and trustees) must
not distribute, forward, mail or otherwise transmit or send them in, into or
from Australia, Canada, Japan or the United States and doing so may invalidate
any purported acceptance of the Offer.

IBI Corporate Finance, which is regulated by the Irish Financial Services
Regulatory Authority, is acting exclusively for Renlin and no one else in
connection with the Offer and will not be responsible to anyone other than
Renlin for providing the protections afforded to clients of IBI Corporate
Finance or for providing advice in relation to the Offer, the contents of this
announcement or any transaction or arrangement referred to therein or herein.

The directors of Renlin and Pat Ridge and Walter Coakley accept responsibility
for the information contained in this announcement. To the best of the knowledge
and belief of the directors of Renlin and Pat Ridge and Walter Coakley (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.






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