LMT Lombard Med.Tec

RNS No 9555j
LONDON & METROPOLITAN PLC
15th April 1998


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

                  Grantchester Holdings PLC ("Grantchester")                  
                         Recommended Offer ("Offer")                          
                                     for                                      
             London & Metropolitan PLC ("London & Metropolitan")              

Grantchester announces that all conditions of its recommended offer ("the
Offer") for the entire issued share capital of London & Metropolitan,
including the Cash Alternative, have been satisfied (subject only to the
admission of the new Grantchester Shares, to be issued pursuant to the Offer,
to the Official List) or waived. Accordingly, the Offer, including the Cash
Alternative, has been declared wholly unconditional, subject only to
admission.

As at 3.00 p.m. on 14 April 1998, being the first closing date of the Offer,
valid acceptances of the Offer had been received in respect of a total of
34,482,613 London & Metropolitan Shares, representing approximately 72.2 per
cent. of the issued share capital of London & Metropolitan.  The acceptances
received include elections for the Cash Alternative in respect of 10,579,959
London & Metropolitan Shares, representing approximately 22.2 per cent. of the
issued share capital of London & Metropolitan.

The total acceptances of the Offer include acceptances received from all of
the directors and senior managers of London & Metropolitan who hold London &
Metropolitan Shares and certain other London & Metropolitan Shareholders in
accordance with the provisions of irrevocable undertakings given by them to
accept the Offer in respect of an aggregate of 20,118,308 London &
Metropolitan Shares, representing approximately 42.1 per cent. of the issued
share capital of London & Metropolitan.

Save as disclosed above, neither Grantchester, nor any person acting, or
deemed to be acting, in concert with Grantchester, owned or controlled any
London & Metropolitan Shares (or rights over such shares) immediately before
the commencement of the offer period, or during the offer period has acquired
or agreed to acquire any London & Metropolitan Shares (or rights over such
shares), and no acceptances of the Offer have been received from such persons
acting, or deemed to be acting, in concert with Grantchester.

The consideration to be paid to accepting London & Metropolitan Shareholders
in respect of valid acceptances received on or before 3.00 p.m. on 14 April
1998 is expected to be dispatched on or before 29 April 1998 or, for those
received after 3.00 p.m. on 14 April 1998, within 14 days of the date of such
receipt.

The Offer, including the Cash Alternative, will remain open for acceptance
until further notice.

Enquiries:

Grantchester
Paul Whight
Christopher Evans                                              0171 335 1200


The directors of Grantchester accept responsibility for the information
contained in this announcement.  To the best of the knowledge and belief of
the directors of Grantchester (who have taken all reasonable care to ensure
that such is the case), such information is in accordance with the facts and
does not omit anything likely to affect the import of such information.

Credit Suisse First Boston, which is regulated by The Securities and Futures
Authority Limited, is acting for Grantchester and no-one else in connection
with the Offer and will not be responsible to anyone other than Grantchester
for providing the protections afforded to customers of Credit Suisse First
Boston or for giving advice in relation to the Offer.


END


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