Offer Update

    RNS Number : 3899G
  Redhall Group PLC
  22 October 2008
   

 REDHALL GROUP PLC ("REDHALL") - LEVEL OF ACCEPTANCES OF THE RECOMMENDED CASH
          OFFER (THE "OFFER") FOR CHIEFTAIN GROUP PLC ("CHIEFTAIN") 

  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO ANY JURISDICTION IF
      TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
                                 JURISDICTION

 Acceptance levels: Offer unconditional as to acceptances


 By 1.00 p.m. London time on 21 October 2008, the first closing date of the
 Offer, Redhall had received valid acceptances of the Offer, in respect of
 ordinary shares of 5p each in the capital of Chieftain ("Chieftain Shares"),
 from, in aggregate, the holders of 7,509,322 Chieftain Shares (representing
 approximately 85.73 per cent. of the existing issued share capital of
 Chieftain). Accordingly, in accordance with the conditions to the Offer, the
 Redhall Board announces that it has waived the requirements to receive
 acceptances in respect of not less than 90 per cent. in nominal value of the
 Chieftain Shares to which the Offer relates and that represent not less than
 90 per cent. of the voting rights carried by the Chieftain Shares to which
 the Offer relates and has decided to declare the Offer unconditional as to
 acceptances having received acceptances in respect of Chieftain Shares
 carrying, in aggregate, more than 50 per cent. of the voting rights
  
 Prior to the commencement of the Offer Period on 19 September 2008, save as
 disclosed in the offer document dated 30 September 2008 (the "Offer
 Document"), neither Redhall nor any person acting or deemed to be acting in
 concert with it owned any Chieftain Shares (or rights over such shares) nor
 since that date (other than as disclosed above) has Redhall or any person
 acting in concert with it acquired or agreed to acquire any Chieftain Shares
 (or rights over such shares (including short positions under a derivative
 referenced to Chieftain Shares)) or borrowed or lent (save for any borrowed
 shares which have been either on-lent or sold) any Chieftain Shares.

 Procedure for acceptance


 Chieftain Shareholders who hold their Chieftain Shares in certificated form
 (that is, not in CREST) and have not yet accepted the Offer are urged to
 complete, sign and return the Form of Acceptance (along with their share
 certificate(s) and/or any other appropriate document(s) of title) by post or
 by hand (during normal business hours only) to Capita Registrars, Corporate
 Actions Department, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU.
 The procedure for acceptance is set out in paragraph 17 of Part II of the
 Offer Document.


 In respect of Chieftain Shareholders who hold their Chieftain Shares in
 CREST, acceptance should be made electronically and such shareholders are
 urged to ensure that the TTE Instruction settles as soon as possible. Such
 Chieftain Shareholders should follow the procedures set out in paragraph
 17(b) of Part II of the Offer Document.  If you are a CREST sponsored member,
 you should refer to your CREST sponsor before taking any action.


 Chieftain S

 Responsibilities


 This announcement should be read in conjunction with the Offer Document.
 Terms used in this announcement shall have the meanings given to them in the
 Offer Document unless the context otherwise requires.

 Altium Capital Limited ("Altium"), which is authorised and regulated in the
 United Kingdom by the Financial Services Authority, is acting exclusively for
 Redhall and for no-one else in connection with the Offer, the contents of
 this announcement or any other matter referred to herein. Altium is not
 advising any other person or treating any other person as its client in
 relation thereto and will not be responsible to anyone other than Redhall for
 providing the protections afforded to clients of Altium nor for providing
 advice to any other person in relation to the Offer, the contents of this
 announcement or any other matters referred to herein.

 This announcement is not intended to and does not constitute, or form any
 part of, an offer or an invitation to purchase or sell any securities or the
 solicitation of an offer to purchase any securities in any jurisdiction
 pursuant to the Offer or otherwise.  The Offer is made solely through the
 Offer Document and, in the case of certificated Chieftain Shares, the Form of
 Acceptance, which together contain the full terms and conditions of the
 Offer, including details of how to accept the Offer.  Any acceptance or other
 response to the Offer should be made only on the basis of the information
 contained in the Offer Document and the Form of Acceptance.    


 The release, distribution or publication of this announcement in
 jurisdictions other than the UK may be restricted by law and therefore any
 persons who are subject to the laws of any jurisdiction other than the UK
 should inform themselves about and observe any applicable requirements. 


 Copies of this announcement and any documentation relating to the Of

 Enquiries:

 Redhall Group Plc
 David Jackson/Simon Foster                      01924 385 386

 Altium, Financial advisers to Redhall 
 Phil Adams/Simon Lord                           0161 831 9133

 Buchanan Communications                       
 Tim Anderson/Isabel Podda                       020 7466 5000


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