RNS Number:5056L
Renlin Limited
23 May 2003



Renlin Limited

23 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 22 May 2003, Renlin announced that following receipt by 3.00 p.m. on 21 May
2003, of valid acceptances of the Offer in respect of 10,084,472 Sherry
FitzGerald Shares, representing approximately 88.6 per cent. of the Sherry
FitzGerald Shares to which the Offer relates (and approximately 78.6 per cent.
of the issued ordinary share capital of Sherry FitzGerald), the Offer had been
declared unconditional in all respects. The valid acceptances received in
respect of 10,084,472 Sherry FitzGerald Shares included valid acceptances
received in respect of 9,235,296 Sherry FitzGerald Shares owned or controlled by
Sherry FitzGerald Shareholders who had signed irrevocable undertakings to accept
the Offer. 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.

Renlin announces that by 3.00 p.m. on 22 May 2003, the first closing date of the
Offer, valid acceptances of the Offer had been received in respect of 10,492,841
Sherry FitzGerald Shares representing approximately 92.2 per cent. of the Sherry
FitzGerald Shares to which the Offer relates (and approximately 81.8 per cent.
of the issued ordinary share capital of Sherry FitzGerald). As announced by
Renlin on 22 May 2003, the Offer remains open for acceptances until further
notice. Sherry FitzGerald Shareholders who validly accepted on 22 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), 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.

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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