Offer Update

RNS Number:7706G
Airport Concessions & Development
23 December 2004


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


                                                                23 December 2004

                  Airport Concessions and Development Limited

                             Recommended Cash Offer

                                      for

                                    TBI plc


Airport Concessions and Development Limited ("ACDL") is pleased to announce that
the Department for Regional Development in Northern Ireland has given its
consent to the change of control of TBI as a result of the Offer.


Consequently the conditions of the Offer set out in paragraphs (b) and (c) of
Part A of Appendix I to the Offer Document have now been satisfied.


To the extent they have not already done so, TBI Shareholders who wish to accept
the Offer should complete and return their Form of Acceptance in accordance with
the instructions set out in the Offer Document and in the Form of Acceptance, so
as to be received as soon as possible and, in any event, by not later than 3.00
p.m. on 7 January 2005.


Terms defined in the Offer Document have the same meanings in this announcement
unless the context requires otherwise.


ENQUIRIES:


HSBC Bank plc

(Financial adviser and broker to ACDL)

Robin Phillips

Neil Goldie-Scot

Phone: [phone]


Brunswick

(PR adviser to ACDL)

Jonathan Glass

Phone: [phone]


This announcement does not constitute an offer to sell, or an invitation to
purchase, any securities. The Offer is made solely by the Offer Document and the
Form of Acceptance.


The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of, or by any means or instrumentality (including, but not limited to,
facsimile, e-mail or other electronic transmission, telex or telephone) of
interstate or foreign commerce of, or any facility of a national, state or other
securities exchange of, the United States, Australia, Canada or Japan, and the
Offer cannot be accepted by any such use, means, instrumentality or facility, or
from within the United States, Australia, Canada or Japan. Accordingly, copies
of the Offer Document, the Form of Acceptance and any other related offering
documents are not being (unless otherwise determined by ACDL in its sole
discretion) and must not be, mailed or otherwise distributed or sent in, into or
from the United States, Australia, Canada or Japan and persons receiving such
documents (including, without limitation, custodians, nominees and trustees)
should not distribute, forward, mail, transmit or send them in, into or from the
United States, Australia, Canada or Japan. Doing so may invalidate any purported
acceptance of the Offer.


The availability of the Offer to persons outside the United Kingdom may be
affected by the laws of other jurisdictions. Such persons should inform
themselves about and observe any applicable requirements of those jurisdictions.


The Loan Notes have not been, and will not be, registered under the US
Securities Act or under the securities laws of any state, district or other
jurisdiction of the United States, or of Australia, Canada or Japan and no
regulatory clearances in respect of the Loan Notes have been, or will be,
applied for in any jurisdiction. Accordingly, unless an exemption under the US
Securities Act or other relevant securities laws is applicable, the Loan Notes
are not being, and may not be, offered, sold, re-sold or delivered or
distributed in or into the United States, Australia, Canada or Japan or to, or
for the account or benefit of, any US Person or any person resident in
Australia, Canada or Japan.


HSBC Bank plc, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting for ACDL, Abertis and Aena Internacional
in connection with the Offer and no one else and will not be responsible to
anyone other than ACDL, Abertis and Aena Internacional for providing the
protections afforded to clients of HSBC Bank plc nor for providing advice in
relation to the Offer nor any other matter referred to in this announcement.


Any person who, alone or acting together with any other person(s) pursuant to an
agreement or understanding (whether formal or informal) to acquire or control
securities of TBI, owns or controls, or becomes the owner or controller,
directly or indirectly, of one per cent. or more of any class of securities of
TBI is generally required under the provisions of Rule 8 of the City Code to
notify a Regulatory Information Service and the Panel by not later than 12.00
noon (London time) on the business day following the date of the transaction of
every dealing in such securities during the period to the date on which the
Offer becomes or is declared unconditional as to acceptances or lapses or is
otherwise withdrawn. Dealings by Abertis or its "associates" within the
definition set out in the City Code) in any class of securities of TBI until the
end of such period must also be disclosed. Please consult your financial adviser
immediately if you believe this Rule may be applicable to you.



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