Carisbrooke Shipping - Offer Wholly Unconditionl,etc

RNS No 7609t
CARISBROOKE SHIPPING PLC
21 July 1999


                           CARISBROOKE SHIPPING PLC                           

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

                                  Cash Offer                                  
                     by Arthur Andersen Corporate Finance                    
                                 on behalf of                                 
              Antilope Investments plc ("Antilope Investments")               
                 for Carisbrooke Shipping plc ("Carisbrooke")                 
                 Offer declared unconditional in all respects                 

The board of Antilope Investments announces that the cash offer made by Arthur
Andersen Corporate Finance, on behalf of Antilope Investments, for the entire
issued share capital of Carisbrooke ("the Offer") has been declared
unconditional in all respects, all conditions having either been satisfied or
waived.  As at 3.00 p.m. on 20 July 1999, valid acceptances under the Offer
have been received in respect of 6,382,621 Carisbrooke Shares, representing
approximately 62.96 per cent. of the issued share capital of Carisbrooke.  

The Offer and the Loan Note Alternative will remain open for acceptance until
further notice.  Carisbrooke Shareholders who have not yet accepted the Offer
are urged to do so without delay.

Antilope Investments is a newly incorporated company formed for the purpose of
making the Offer.

As disclosed in the Offer document dated 23 June 1999 ("the Offer Document"),
Antilope Investments has received irrevocable undertakings to accept the Offer
in respect of 1,117,835 Carisbrooke Shares held by the directors of
Carisbrooke representing 11.03 per cent. of the issued share capital of
Carisbrooke and 2,494,925 Carisbrooke Shares held by various individuals and
institutions representing 24.61 per cent. of the issued share capital of
Carisbrooke.  Valid acceptances have been received in respect of 3,595,185
Carisbrooke Shares subject to these undertakings and are included in the above
total.

In addition, as disclosed in the Offer document, Antilope Investments has
entered into a Share Purchase Agreement dated 22 June 1999 with W.Wester,
G.Croucher and R.McCain to acquire 2,536,000 Carisbrooke Shares, representing
approximately 25.02 per cent. of the issued share capital of Carisbrooke ("the
Share Purchase Agreement").  The Share Purchase Agreement was conditional only
upon the Offer becoming or being declared unconditional in all respects and
accordingly has now been completed.

The total number of Carisbrooke Shares subject to either the irrevocable
undertakings to accept the Offer or the Share Purchase Agreement amounted to
6,148,760 Carisbrooke Shares, representing approximately 60.65 per cent. of
Carisbrooke's issued share capital.

Antilope Investments has now received valid acceptances under the Offer, or
has acquired under the Share Purchase Agreement, a total of 8,918,621
Carisbrooke Shares, representing approximately 87.98 per cent. of
Carisbrooke's issued share capital.

Prior to the commencement of the offer period on 23 June 1999, save as
disclosed in the Offer Document, neither Antilope Investments nor any person
acting in concert with it owned any Carisbrooke Shares (or rights over such
shares) nor since that date (other than as disclosed above) has Antilope
Investments or any person acting in concert with it acquired or agreed to
acquire any Carisbrooke Shares (or rights over such shares).

Settlement of the consideration due to accepting Carisbrooke Shareholders will
be despatched by no later than 4 August 1999 in respect of Carisbrooke Shares
for which valid acceptances of the Offer were received on or before 3.00 p.m.
on 20 July 1999.  Settlement of consideration in respect of acceptances
received after 20 July 1999 will be despatched within 14 days after the
receipt of further acceptances which are valid in all respects.

Carisbrooke Shareholders who have not yet accepted the Offer and who wish to
do so should despatch their Form of Acceptance as soon as possible.  The
procedures for acceptance of the Offer are set out on pages 17 to 21 of the
Offer Document and on the Form of Acceptance.  If you are in any doubt about
the Offer or the action that you should take, you are recommended to seek your
own personal financial advice immediately from you stockbroker, bank manager,
solicitor, accountant or other independent financial adviser duly authorised
under the Financial Services Act 1986.

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

Press enquiries:

Antilope Investments plc - 01983 284100 - Willem Wester/Ron Robson

Arthur Andersen Corporate Finance - 0121 233 2101 - Nick Maslen

Rowan Dartington & Co. Limited - 0117 921 3206 - John Wakefield/Barrie Newton

The directors of Antilope Investments accept responsibility for the
information contained in this announcement.  To the best of the knowledge and
belief of the directors of Antilope Investments (who have taken all reasonable
care to ensure that such is the case), the information contained in this
announcement is in accordance with the facts and does not omit anything likely
to affect the import of such information.

Arthur Andersen Corporate Finance, a division of Arthur Andersen, which is
authorised by the Institute of Chartered Accountants in England and Wales to
carry on investment business in England and Wales, is acting for Antilope
Investments and for no one else in connection with the Offer and will not be
responsible to anyone other than Antilope Investments for providing the
protections afforded to customers of Arthur Andersen Corporate Finance or for
providing advice in relation to the Offer.

This announcement, which is the sole responsibility of Antilope Investments,
has been approved by Arthur Andersen Corporate Finance solely for the purpose
of section 57 of the Financial Services Act 1986.


END

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