Offer Update

RNS Number:3061P
Full Circle Investments PLC
28 December 2001

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN

                 FULL CIRCLE INVESTMENTS PLC ("FULL CIRCLE")

 LEVEL OF ACCEPTANCES OF THE RECOMMENDED OFFER ("OFFER") FOR CAPITAL BARS PLC
                       ("CAPITAL BARS"). OFFER EXTENDED

By 3.00 p.m. on 28 December, 2001, Full Circle had received valid acceptances
of the Offer from the holders of 24,115,386 Capital Bars Shares representing
approximately 71.4 per cent. of the existing issued share capital of Capital
Bars. Of the total number of acceptances elections for the Loan Note
Alternative have been received in respect of 4,635,762 Capital Bars Shares
representing approximately 13.73 per cent of the issued share capital of
Capital Bars.

In addition, acceptances which were not complete in all respects or which did
not have the relevant share certificates attached, have been received in
respect of 2,600,544 Capital Bars Ordinary Shares, representing approximately
7.7 per cent. of the existing issued share capital of Capital Bars. During the
period in which the Offer remains open for acceptance, it is anticipated that
the additional requirements needed to validate those acceptances will be
forthcoming. Accordingly total acceptances received now represent over 79% of
the existing issued share capital of Capital Bars.

Taking into account the additional 23.5 million Capital Bars Shares due to be
issued under the terms of the 1999 agreement between Capital Bars and William
and Desmond O'Dwyer (the shareholders of Full Circle) and others , Full Circle
and its associates would have a potential interest in excess of 86 per cent of
the enlarged share capital of Capital Bars.

The Offer is being extended for a further 21 days and the next closing date
for the Offer will be 3.00pm on 18 January 2002.

As at 7 December 2001, the date of announcement of the Offer, Full Circle had
received irrevocable undertakings to accept the Offer in respect of 16,062,791
Capital Bars Shares, representing approximately 48 per cent. of the issued
share capital of Capital Bars. Full Circle has received valid acceptances in
respect of substantially all of the Capital Bars Shares subject to those
irrevocable undertakings and these are included in the acceptance levels
reported above.

Prior to the commencement of the Offer Period on 19 November 2001, persons
acting or deemed to be acting in concert with Full Circle did not own any
Capital Bars Shares (or rights over such shares). Since that date neither Full
Circle nor any person acting in concert with it has acquired or agreed to
acquire any Capital Bars Shares (or rights over such shares).

Enquiries:

Ivan Murphy

Davy Corporate Finance Limited                         353 1 679 6363


The directors of Full Circle Investments take responsibility for the contents
of this announcement. To the best of the knowledge and belief of the directors
all of the information contained in this document 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 in Ireland by the Central
Bank of Ireland, is acting exclusively for Full Circle Investments and no-one
else in connection with the Offer and will not be responsible to anyone other
than Full Circle Investments for providing the protection afforded to its
customers nor for providing advice in relation to the Offer.

The Offer is not being made, directly or indirectly, in or into, or by the use
of the mails of, or by any means or instrumentality (including, without
limitation, telephonically or electronically) of interstate or foreign
commerce of, or any facilities of a national securities exchange of, the
United States, or in or into Canada, Australia or Japan and the Offer should
not be accepted by any such use, means, instrumentality or facility or from
within the United States, Canada, Australia or Japan.