Result of Unconditional Offer

RNS Number:6230F
Excel Airways Group PLC
25 November 2004


Immediate Release                                               25 November 2004


This Announcement is not for release, publication or distribution in whole or in
part in or into the United States, Canada, Australia, New Zealand, Japan,
Ireland, South Africa or to US Persons.


                Result of Unconditional Mandatory Cash Offer by


                      KBC Peel Hunt Ltd ("KBC Peel Hunt")


                                      and


          Landsbanki - The National Bank of Iceland Ltd ("Landsbanki")


                                  on behalf of


                       Flugfelagid Atlanta HF, trading as


                     Air Atlanta Icelandic ("Air Atlanta")


                                      for


                       Excel Airways Group plc ("Excel")


                                      and


                    Intended cancellation of trading on AIM


On 3 November 2004 an unconditional mandatory cash offer was made by KBC Peel
Hunt and Landsbanki, on behalf of Air Atlanta, for the whole of the issued
ordinary share capital of Excel not already owned by Air Atlanta or its
subsidiary company, X Aile ("the Offer").


By 3.00 p.m. on 24 November 2004, the closing date of the Offer, Air Atlanta had
received valid acceptances in respect of a total of 51,473 Excel Shares
(representing approximately 0.1 per cent. of the existing issued ordinary share
capital of Excel). The Offer is now closed.


Prior to the start of the Offer Period (which commenced on 6 October 2004) Air
Atlanta already held 38,900,000 (representing approximately 40.5 per cent. of
Excel's issued share capital) and on 15 October 2004 Air Atlanta acquired,
through its subsidiary X Aile, a further 29,645,728 Excel Shares (representing a
further 30.9 per cent. of Excel's issued share capital).


Included within the 29,645,728 Excel Shares acquired by Air Atlanta on 15
October 2004 were 640,728 Excel Shares (representing 0.67 per cent. of Excel's
issued share capital) and 28,800,000 Excel Shares (representing 30.0 per cent.
of Excel's issued share capital) held respectively by Technora and Libra, with
whom Air Atlanta is deemed to be acting in concert.


Accordingly Air Atlanta and persons acting in concert with it now own a total of
73,817,149 Excel Shares (representing approximately 76.9 per cent. of the
existing issued ordinary share capital of Excel). Save as set out in this
announcement neither Air Atlanta nor any person acting in concert with it
acquired or agreed to acquire any Excel Shares during the Offer Period.


In accordance with statements made in the Offer Document the Board of Excel
hereby gives notice that it has applied to London Stock Exchange for the
cancellation of the trading of Excel Shares on AIM, such cancellation to take
effect from 8.00 am on 22 December 2004. As already agreed with London Stock
Exchange and as stated in the Offer Document, such cancellation is not
conditional on the prior approval of Excel Shareholders.


The cash consideration payable to Excel Shareholders who have validly accepted
the Offer by 3.00 p.m. on 24 November 2004 will be posted to such persons within
14 days of the date of this announcement.


The expressions used in this announcement shall, unless the context otherwise
requires, bear the same meanings as set out in the Offer Document dated 3
November 2004.


25 November 2004


Enquiries:

KBC Peel Hunt                                 020 7418 8900
Julian Blunt
Matt Goode


Landsbanki
Baldur Stefansson                            00 354 820 6582
Stefan Bjarnason                             00 354 820 6362


Air Atlanta
Hafthor Hafsteinsson                         00 354 895 7707

Teather & Greenwood Limited                  020 7426 9000
Christopher Hardie
Jon Drage

Buchanan Communications                      020 7466 5000
Richard Darby



KBC Peel Hunt, which is authorised and regulated by The Financial Services
Authority, is acting exclusively for Air Atlanta and is acting for no one else
in connection with the Offer and will not be responsible to anyone other than
Air Atlanta for providing the protections afforded to customers of KBC Peel Hunt
nor for providing advice in relation to the Offer.


Landsbanki, which is regulated by the Financial Supervisory Authority of
Iceland, is acting exclusively for Air Atlanta and is acting for no one else in
connection with the Offer and will not be responsible to anyone other than Air
Atlanta for providing the protections afforded to customers of Landsbanki nor
for providing advice in relation to the Offer.


ENDS






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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