Tax Clearances Received

RNS Number:7583H
Oasis Stores PLC
31 July 2001

                                 Offer Update

                                 31 July 2001


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


         Recommended Final* Cash Offer for Oasis Stores Plc ("Oasis")
                    by BDO Stoy Hayward Corporate Finance
                on behalf of Sierra Acquisitions PLC ("Sierra")

                           Tax clearances received


The Independent Directors of Oasis and the Sierra Directors announced on 13
July 2001 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 includes a Loan Note Alternative in lieu of all
or part of the cash consideration to which Oasis Shareholders would otherwise
be entitled under the Offer on the basis of #1 nominal of Loan Notes for every
#1 of cash consideration.

The Offer Document stated that clearance had been applied for from the Inland
Revenue under Section 138 of the Taxation of Chargeable Gains Act 1992 and
under Section 707 of the Income and Corporation Taxes Act 1988 in respect of
the Offer and the Loan Note Alternative.

The Sierra Directors announce that Sierra has now been granted both clearances
by the Inland Revenue following applications under both Section 138 and
Section 707.  This means that the UK Inland Revenue is satisfied that the
Offer for Oasis is being effected for bona fide commercial reasons and not for
tax avoidance purposes.

Oasis Shareholders are referred to the section on United Kingdom taxation
included in Part II of the Offer Document for further information.

If you are in any doubt as to your taxation position or if you are subject to
tax in any jurisdiction other than the UK, you should consult an appropriate
independent professional adviser without delay.

Oasis Shareholders are reminded that, to accept the Offer, the Form of
Acceptance should be completed and returned (whether or not your Oasis Shares
are in CREST) by post or by hand to Lloyds TSB Registrars, Antholin House, 71
Queen Street, London, EC4N 1SL.  Forms should be received by no later than 
3:00pm on 3 August 2001.

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.

*  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.



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


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.