KYGA Kerry Group Plc

RNS Number:3871I
Kerry Group PLC
13 August 2001

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


         RECOMMENDED OFFER ("Offer") FOR GOLDEN VALE PLC ("Golden Vale")

                      BY DAVY CORPORATE FINANCE LIMITED

                    ON BEHALF OF KERRY GROUP PLC ("Kerry")


               OFFER BECOMES UNCONDITIONAL AS TO ACCEPTANCES


Kerry today announces that, as at 3.00p.m. on 10 August, 2001 (being the
second closing date of the Offer), valid acceptances of the Offer had been
received in respect of a total of 131,365,365 Golden Vale Ordinary Shares,
representing approximately 82.56 per cent. of the existing issued share
capital of Golden Vale. Of these, elections in favour of the Share Offer had
been received in respect of 104,410,902 Golden Vale Ordinary Shares,
representing approximately 79.48 per cent. of all acceptances received.
Accordingly the Offer has now become unconditional as to acceptances.

The Offer, consisting of the Share Offer and the Cash Alternative, has been
extended and will remain open for acceptances until further notice. Golden
Vale Shareholders who wish to accept the Offer and have not done so should
despatch their Forms of Acceptance as soon as possible.

Kerry and/or any person(s) deemed to be acting in concert with Kerry owned or
controlled in aggregate 116,658 Golden Vale Ordinary Shares (or rights over
such shares) immediately before the commencement of the Offer Period or during
the Offer Period. Valid acceptances have been received in respect of all of
these shares. Neither Kerry nor any person deemed to be acting in concert with
Kerry has acquired or agreed to acquire any Golden Vale Ordinary Shares (or
rights over such shares) immediately before the commencement of the Offer
Period or during the Offer Period.

For reference:

Frank Hayes, Group Corporate Affairs Director, Kerry Group plc

Tel: + 353 66 718 2304


Eugenee Mulhern, Davy Corporate Finance Limited

Tel: + 353 1 679 6363

Terms defined in the Offer Document dated 11 July, 2001 have the same meaning
when used herein unless the context requires otherwise. For the purpose of the
Offer and when used herein, the expression 'Offer Period' shall mean the
period commencing on 12 June, 2001 until 3.00p.m. on 10 August, 2001 or, if
later the time at which the Offer lapses or the time at which the Offer
becomes or is declared unconditional as to acceptances, whichever first
occurs.

The directors of Kerry take responsibility for the contents of this
announcement. To the best of the knowledge and belief of the directors (who
have taken all reasonable care to ensure that such is the case) all of 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.

Davy Corporate Finance Limited, which is regulated by the Central Bank of
Ireland, is acting exclusively for Kerry and for no-one else in connection
with the Offer and will not be responsible to anyone other than Kerry for
providing the protection afforded to customers of Davy Corporate Finance
Limited nor for providing advice in relation to the Offer.

The Offer is not being made, directly or indirectly, in or into United States,
Canada, Australia or Japan. Accordingly neither copies of this announcement
nor any related Offer documentation are to be mailed or otherwise distributed,
or sent in or into United States, Canada, Australia or Japan.

13 August, 2001.

END

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