OAS Oasis Stores

RNS Number:0351J
Oasis Stores PLC
24 August 2001


             NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO

                         THE UNITED STATES OR CANADA

24 August 2001


         Recommended Final Cash Offer for Oasis Stores Plc ("Oasis")

                    by BDO Stoy Hayward Corporate Finance

               on behalf of Sierra Acquisitions PLC ("Sierra")


                 Offer declared unconditional in all respects


On 20 August 2001, the Sierra Board announced that it had extended its
recommended final cash Offer for Oasis until 3:00pm on 24 August 2001. Sierra
announces that as at 3.00pm on 24 August 2001, it had received valid
acceptances of the Offer in respect of a total of 49,778,065 Oasis Shares,
representing approximately 95.1 per cent. of the issued share capital of Oasis
to which the Offer relates and approximately 94.9 per cent. of the issued
share capital of Oasis.

The Sierra Board announces that all of the conditions of the Offer have now
been satisfied or waived and accordingly the Offer has been declared
unconditional in all respects.

Included in the acceptance figures above, are valid acceptances received
pursuant to irrevocable undertakings to accept the Offer in respect of
22,080,519 Oasis Shares, representing 42.1 per cent. of the issued share
capital of Oasis.  Valid acceptances in respect of 481,049 Oasis shares,
representing 0.9 per cent. of the issued share capital of Oasis were from
parties acting in concert with Sierra, including acceptances pursuant to
irrevocable undertakings from such persons. Accordingly, valid acceptances
have been received in respect of all irrevocable undertakings to accept the
Offer held by Sierra as at 13 July 2001.

The Offer (including the Loan Note Alternative) will remain open for
acceptance until further notice. Oasis Shareholders who have not yet accepted
the Offer are urged to do so without delay.

Settlement of the consideration due to those Oasis Shareholders who have
already accepted the Offer will be despatched as soon as practicable and by no
later than 7 September 2001.

Oasis Shareholders should note that as soon as practicable, Sierra will
procure the cancellation of the listing of the Oasis Shares on the Official
List and admission to trading on the London Stock Exchange's market for listed
securities.  It is anticipated that such cancellation will occur on 25
September 2001 (being not less than 20 business days after this announcement).

As Sierra has now received valid acceptances in respect of 95.1 per cent. of
the Oasis Shares to which the Offer relates, it intends to implement the
necessary procedures to acquire compulsorily, pursuant to sections 428 to 430F
of the Companies Act 1985, all those Oasis Shares which it does not already
hold and in respect of which valid acceptances of the Offer have not been
received.


Oasis Shareholders who wish to accept the Offer (including the Loan Note
Alternative) but have not yet accepted should complete their Forms of
Acceptance as soon as possible and send them by post or by hand to Lloyds TSB
Registrars, Antholin House, 71 Queen Street, London EC4N 1SL.



Notes:

1.     The Offer extends to any Oasis Shares (other than those
Oasis Shares issued and to be issued which Sierra has already contracted to
acquire, pursuant to the Management Exchange Agreement) which have been
unconditionally allotted or issued fully paid (or credited as fully paid)
prior to the date on which the Offer closes (or such other dates(s) as Sierra
may, subject to the City Code, decide), including any such Oasis Shares
unconditionally allotted or issued pursuant to the exercise of options under
the Oasis Share Option Schemes.


2.     Pursuant to the Management Exchange Agreement, conditional on the Offer
becoming unconditional in all respects:


(a)    Sierra has agreed to acquire 97,612 Oasis Shares which in
aggregate represent 0.2 per cent. of the  issued share capital of Oasis in
consideration of the issue of Sierra Ordinary Shares;


(b)    Certain Management Investors have agreed to cancel their
options over 349,413 Oasis Shares held under the Oasis Share Option Schemes
and to apply the cash received from such cancellation towards their
subscription for Sierra Holdings B Ordinary Shares.



3.     As at 12 July 2001, the Sierra Directors and their immediate families and
connected persons and parties deemed to be acting in concert with Sierra held
578,661 Oasis Shares, representing approximately 1.1 per cent. of the issued
share capital of Oasis, and held options over 379,413 Oasis Shares under the
Oasis Share Option Schemes.


4.     Save as disclosed above, neither Sierra, the Sierra Directors, nor their
immediate families and connected persons and parties deemed to be acting in
concert with Sierra for the purposes of the City Code owned or controlled, or
held any rights over Oasis Shares immediately prior to the commencement of the
Offer Period, nor have they acquired or agreed to acquire any Oasis Shares (or
rights over such shares) during the Offer Period.



5.     The Offer is not being made directly or indirectly in or into the United
States or Canada by use of the mails or by any means or instrumentality of
interstate or foreign commerce of, or any facilities of a national securities
exchange of, any of these jurisdictions (including, without limitation, post,
facsimile, transmission, telex and telephone), and doing so may render invalid
any purported acceptance.  Accordingly, copies of this announcement are not
being and must not be, mailed or otherwise distributed or sent into the United
States or Canada.


6.     Unless the context otherwise requires, the terms and expressions in this
announcement have the same meaning as those defined in the Offer Document dated
13 July 2001.



For further information contact:

PPM Ventures Limited                                     020 7831 7747
Gareth Whiley, Investment Director
James Barton, Associate Director

Sierra Acquisitions PLC                                  020 7452 1024
Derek Lovelock

BDO Stoy Hayward Corporate Finance                       020 7486 5888
Michael Cobb, Partner
Yvonne Beirne, Assistant Director

Hogarth Partnership                                      020 7357 9477
Rachel Hirst
Georgina Briscoe


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



BDO Stoy Hayward Corporate Finance, a division of BDO Stoy Hayward, Chartered
Accountants, who are authorised to carry on investment business by the
Institute of Chartered Accountants in England and Wales, is acting for Sierra
and no one else in connection with the Offer and will not be responsible to
anyone other than Sierra for providing the protections afforded to customers
of BDO Stoy Hayward Corporate Finance nor for providing advice in relation to
the Offer.

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