RNS Number:6091K
BIL International Limited
01 May 2003

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


BIL International Limited

1 May 2003




                            Increased Offer by HSBC

                         on behalf of BIL (UK) Limited

                             for Thistle Hotels plc


                 INCREASED OFFER UNCONDITIONAL IN ALL RESPECTS


                           INCREASED OFFER NOW FINAL


The board of BIL announces that as at 7.30 a.m. (BST) today, valid acceptances
under the Increased Offer had been received in respect of a total of 32,984,320
Thistle Shares, representing approximately 6.8 per cent. of the existing issued
share capital of Thistle*. Accordingly, the BIL Group now either owns**, or has
received valid acceptances in respect of, a total of 254,078,960 Thistle Shares,
representing approximately 52.7 per cent. of the existing issued share capital
of Thistle.


BIL is also pleased to announce that the Increased Offer has today been declared
unconditional in all respects.


The Increased Offer is now final and will not be revised or increased. The
Increased Offer will remain open for acceptance until further notice.


Settlement of the consideration due under the Increased Offer in respect of
valid acceptances received, and not withdrawn, at or before the time of this
announcement will be despatched by 15 May 2003 and, in the case of valid
acceptances received after such time and date, within 14 days of receipt of such
acceptance, valid and complete in all respects.


Thistle Shareholders who have not yet accepted the Increased Offer should
complete and return their Forms of Acceptance as soon as possible. Thistle
Shareholders who have validly accepted the Original Offer and have not withdrawn
their acceptances will receive the Increased Offer Price due under the Increased
Offer and need take no further action.


BIL (UK) intends, as soon as it becomes entitled to do so, to apply the
provisions of sections 428 to 430F (inclusive) of the Companies Act to acquire
compulsorily any outstanding Thistle Shares to which the Offer relates.


BIL also intends, when practicable, to procure that Thistle applies for the
cancellation of the listing of Thistle Shares on the Official List of the UK
Listing Authority and for the cancellation of trading in Thistle Shares on the
London Stock Exchange's market for listed securities.


Commenting on today's announcement, Arun Amarsi, Chief Executive of BIL, said:


"We are delighted to declare the Increased Offer unconditional in all respects.
Thistle Shareholders clearly recognise the merit of the certain value
represented by our fully priced all-cash offer, especially when viewed against
Thistle's historic underperformance and poor future outlook in challenging
markets.


We urge those Thistle Shareholders who have not already accepted the Increased
Offer to do so as soon as possible."


Enquiries:

BIL
Arun Amarsi                      +65 6228 1427


HSBC
Neil Goldie-Scot                 +44 (0)20 7991 8888
Jan Sanders
Marcus Ayre


Brunswick
Jonathan Glass                   +44 (0)20 7404 5959
Simon Sporborg


*No acceptances have been received from any person acting, or deemed to be
acting, in concert with the BIL Group (no such person owns any Thistle Shares).


**The BIL Group currently owns 221,094,640 Thistle Shares, representing
approximately 45.8 per cent. of the existing issued share capital of Thistle.
The BIL Group acquired these shares before the commencement of the Offer Period.
Immediately before the commencement of the Offer Period, the BIL Group held no
other (and no person acting, or deemed to be acting, in concert with it owned
any) Thistle Shares or rights over Thistle Shares. Neither the BIL Group, nor
any person acting, or deemed to be acting, in concert with it, has acquired any
Thistle Shares or rights over Thistle Shares during the course of the Offer
Period (otherwise than through the acceptance of the Offer or the Increased
Offer, as described above).


The percentage calculations in this announcement are based on an existing
Thistle issued share capital of 482,382,087 Thistle Shares (being the number of
Thistle Shares in issue derived from the public register at Companies House as
at 28 April 2003).


The directors of BIL and BIL (UK) accept responsibility for the information
contained in this announcement, save that the only responsibility accepted by
them in respect of the information in this announcement relating to Thistle or
the Thistle Group (which has been compiled from published sources) is to ensure
that such information has been correctly and fairly reproduced and presented.
Subject as aforesaid, to the best of the knowledge and belief of the directors
of BIL and BIL (UK) (who have taken all reasonable care to ensure that such is
the case), the information contained in this announcement for which they are
responsible is in accordance with the facts and does not omit anything likely to
affect the import of such information.


Unless the context otherwise requires and save to the extent superseded in this
announcement, the definitions in the Original Offer Document, the Response to
Thistle's Defence Document and BIL (UK)'s announcement dated 30 April 2003 shall
also apply in this announcement.


This announcement has been issued by HSBC, which is regulated in the UK by The
Financial Services Authority, and which is acting as financial adviser to BIL
and BIL (UK) and no one else in connection with the Increased Offer and the
other matters described in this announcement and will not be responsible to
anyone other than to BIL and BIL (UK) for providing the protections afforded to
customers of HSBC, nor for providing advice in relation to the Increased Offer
or any other matters described in this announcement.


Unless BIL (UK) otherwise determines, the Increased Offer is not being made,
directly or indirectly, in or into the United States, Canada, Australia or Japan
or by use of the mails of, or by any means or instrumentality of interstate or
foreign commerce of, or any facility of a national securities exchange of any of
those jurisdictions and the Increased Offer should not be accepted by any such
use, means, instrumentality or facility or from within the United States,
Canada, Australia or Japan. This includes, but is not limited to, the post,
facsimile transmissions, telex, telephone, e-mail and the internet. Accordingly,
copies of this announcement and any related documents are not being sent and
must not be mailed or otherwise distributed or sent in, into or from the United
States, Canada, Australia or Japan. Persons receiving such documents (including,
without limitation, custodians, nominees and trustees) should not distribute or
send them in, into or from the United States, Canada, Australia or Japan or use
the United States, Canadian, Australian or Japanese mails or any such means,
instrumentality or facility for any purpose, directly or indirectly, in
connection with the Increased Offer. Doing so may invalidate any related
purported acceptance of the Increased Offer.





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            The company news service from the London Stock Exchange
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