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[sharechat] GPG Buy back unsuccessful -only 18% take up

From:	"David Reid" <aspex@ix.net.nz>
Date:	Fri, 19 May 2000 09:29:19 +1200

GUINNESS PEAT GROUP plc

SHARE BUYBACK AND OFFER OF CONVERTIBLE LOAN NOTES

Guinness Peat Group plc ('GPG') announces that following the Closing Date for
the Buyback Offer on 16 May 2000 it had received tenders for a total of
38,625,036 shares.

Subject to approval by shareholders at the Extraordinary General Meeting to be
held in London on 2 June 2000, and to satisfaction of the listing condition set
out in the document relating to the Buyback Offer and issue of Convertible Loan
Notes dated 18 April 2000, shareholders who made such valid tenders will have
the number of their shares which they specified on their Buyback Form
repurchased without any scaling back and will be issued one Convertible Loan
Note for each ordinary share repurchased in accordance with the terms and
conditions of the Buyback Offer.

It is anticipated that the buyback will become effective and dealing will
commence in the Convertible Loan Notes on 6 June 2000.

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