Offer Update

RNS Number:5116P
Nicolas Roach
08 September 2003

Not for release, distribution or publication, in whole or in part, in or into
the United States, Canada, Australia, Japan or Ireland

FOR IMMEDIATE RELEASE

8 September 2003

                                INTERCLUBNET PLC

                                   Cash offer

                by Smith & Williamson Corporate Finance Limited

                           on behalf of Nicolas Roach

                              for InterClubNet plc


LEVEL OF ACCEPTANCES AND OFFER DECLARED WHOLLY UNCONDITIONAL

On 21 August 2003, Nicolas Roach announced the terms of an offer (the "Offer")
to acquire for cash the entire issued and to be issued share capital
("InterClubNet Shares") of InterClubNet plc ("InterClubNet") not already owned
by him. At the time of announcing the Offer Nicolas Roach held 12,820,887
InterClubNet Shares (representing 50.7 per cent. of the current issued share
capital of InterClubNet) and his holding has not changed since that date. The
Offer was made by Smith & Williamson Corporate Finance Limited ("Smith &
Williamson") on behalf of Nicolas Roach by means of an offer document published
on 22 August 2003 (the "Offer Document").

Nicolas Roach announces that by 12.00 noon on 8 September 2003 valid acceptances
had been received in respect of a total of 11,285,017 InterClubNet Shares
(representing 90.6 per cent. of the InterClubNet Shares to which the Offer
relates and 44.6 per cent. of the InterClubNet Shares).

All of the conditions of the Offer as set out in the Offer Document have now
been satisfied or waived and, accordingly, Nicolas Roach is pleased to announce
that the Offer is declared unconditional in all respects. The Offer will remain
open for acceptance until further notice. InterClubNet Shareholders who have not
yet accepted the Offer and who wish to do so should complete and return their
forms of acceptance as soon as possible.

Settlement of consideration to which any InterClubNet shareholder is entitled
will be effected: (i) in the case of acceptances received (complete in all
respects) by 3.00 pm on 12 September 2003, within 14 days of this date; or (ii)
in the case of acceptances received (complete in all respects) after 3.00 pm on
12 September 2003 but while the Offer remains open for acceptance, within 14
days of such receipt.

By virtue of acceptances of the Offer, Nicolas Roach has within four months of
the Offer acquired, or contracted to acquire, not less than nine tenths in value
of the InterClubNet Shares to which the Offer relates and now announces his
intention to exercise his rights under section 429 of the Companies Act 1985 to
acquire compulsorily the InterClubNet Shares of any shareholders who have not
accepted the Offer. The compulsory acquisition process is expected to be
completed by the end of October 2003.

Prior to making the Offer, Nicolas Roach had received irrevocable undertakings
to accept the Offer from holders of 11,060,374 InterClubNet Shares in aggregate,
representing 43.8 per cent. of the existing issued share capital of
InterClubNet. Smith & Williamson Investment Management Limited had acquired
203,500 InterClubNet Shares (representing 0.8 per cent. of existing issued share
capital of InterClubNet) prior to the announcement of the Offer; these shares
are not included in the irrevocable undertakings referred to above. Valid
acceptances have been received in respect of all of the InterClubNet Shares
referred to in this paragraph and these acceptances have been included in the
total level of acceptances referred to above.

Save as set out herein, neither Nicolas Roach nor any person acting in concert
with Nicolas Roach held any InterClubNet Shares (or rights over InterClubNet
Shares) prior to the commencement of the offer period on 21 August 2003 and
neither Nicolas Roach nor any person acting in concert with Nicolas Roach has
acquired or agreed to acquire InterClubNet Shares since 21 August 2003.



Enquiries:


Smith & Williamson
Tel: [phone]
Dr A Basirov
David Jones



Smith & Williamson, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively for Nicolas Roach and no
one else in connection with the Offer and will not be responsible to anyone
other than Nicolas Roach for providing the protections afforded to customers of
Smith & Williamson nor for providing advice in relation to the Offer or any
other matter referred to herein.

The Offer is not being made, directly or indirectly, in or into the United
States, Canada, Australia, Japan or Ireland and this announcement, the Offer
Document and the related form of acceptance are not being, and should not be,
mailed or otherwise distributed or sent in or into the United States, Canada,
Australia, Japan or Ireland or any other jurisdiction outside the United Kingdom
where to do so would constitute a violation of the relevant laws of such
jurisdiction.



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

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