Offer Update

RNS Number:0534I
Oasis Stores PLC
6 August 2001

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

6 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 extended to 3:00pm on Friday 17 August 2001


On 13 July 2001, The Independent Directors of Oasis and the Sierra Directors
announced the terms of a recommended final cash offer to be made by BDO Stoy
Hayward Corporate Finance on behalf of Sierra at a level of 103p in cash for
each Oasis Share.

The Offer is final and will not be revised or increased.  However, Sierra
reserves the right to amend, improve, revise, increase or change the terms of
the Offer in the event of an offer from a third party which has a value equal
to or higher than the Offer or any other competitive situation arising or
otherwise with the consent of the Panel.

Sierra announces that as at 3.00pm on 3 August 2001, the first closing date of
the Offer, Sierra had received valid acceptances of the Offer (including
elections for the Loan Note Alternative) in respect of a total of 34,516,769
Oasis Shares, representing approximately 65.9 per cent of Oasis's  issued
share capital to which the Offer relates and approximately 65.8 per cent. of
the issued share capital of Oasis.

Included in the acceptance figures above, are valid acceptances received
pursuant to irrevocable undertakings to accept the Offer in respect of
22,000,325 Oasis Shares, representing 41.9 per cent. of the issued share
capital of Oasis.  Valid acceptances in respect of 400,855 Oasis shares,
representing 0.8 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.   Other acceptances pursuant to
irrevocable undertakings to accept the Offer which amounted to 80,194 Oasis
Shares (representing approximately 0.2 per cent. of the existing issued share
capital of Oasis), had not been received by the first closing date, but are
expected shortly.

The Sierra Directors also announce that the Offer (including the Loan Note
Alternative) has been extended and will remain open for acceptance until 3:
00pm on Friday 17 August 2001.

When the Offer becomes or is declared unconditional in all respects, Sierra
will procure the making of an application by Oasis for the cancellation of the
listing of the Oasis Shares on the Official List and admission to trading on
the London Stock Exchange market for listed securities and the re-registration
of Oasis as a private company under the relevant provisions of the Companies
Act.

FORMS OF ACCEPTANCE SHOULD BE RECEIVED NO LATER THAN 3:00PM ON 17 AUGUST 2001.

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, which is 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.