RNS Number:9746X
CWG Acquisition Limited
26 April 2004

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN OR INTO THE UNITED STATES,
AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO
SO. THIS IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. SECURITIES
MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE US
SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION

                                                                  April 26, 2004

                          CWG ACQUISITION LIMITED

                                 OFFER UPDATE




CWG Acquisition announces that, as set out in the Revised Offer Document dated
April 23, 2004, the Revised Offer will remain open for acceptance until 1.00
p.m. (London time) / 8.00 a.m. (New York time) on May 21, 2004.

CWG Acquisition also announces that, as at 3.00 p.m. on April 23, 2004, being a
previously announced closing date of the Original Offer, valid acceptances had
been received in respect of a total of 111,270,766 Canary Wharf Shares,
representing approximately 19.0 per cent. of the issued share capital of Canary
Wharf.

The total of valid acceptances received as at 3.00 p.m. on April 23, 2004
referred to above includes acceptances received in respect of 105,843,338 Canary
Wharf Shares held by concert parties of CWG Acquisition (or by persons who may
be deemed by the Panel to be acting in concert with CWG Acquisition).
Acceptances relating to 105,713,539 of such Canary Wharf Shares are pursuant to
irrevocable undertakings given by Trilon and RF Holdings described in the
Original Offer Document and in the Revised Offer Document.

At the start of the Offer Period (which began on June 6, 2003):

(i)         CWG Acquisition did not hold or have any rights over any Canary
Wharf Shares;

(ii)        concert parties of CWG Acquisition held or had rights over
52,864,899 Canary Wharf Shares representing approximately 9.0 per cent. of the
issued share capital of Canary Wharf; and

(iii)       Mr Paul Reichmann and the Reichmann Interests, who may be deemed by
the Panel to be acting in concert with CWG Acquisition, held or had rights over
51,915,085 Canary Wharf Shares representing approximately 8.9 per cent. of the
issued share capital of Canary Wharf.

Between June 6, 2003 and April 22, 2004 (being the latest practicable date prior
to the date of this announcement):

(i)         CWG Acquisition has not directly acquired any Canary Wharf Shares
but has, pursuant to the irrevocable undertakings described in the Original
Offer Document, acquired rights over 145,677,257 Canary Wharf Shares,
representing approximately 24.9 per cent. of the issued share capital of Canary
Wharf.  The irrevocable undertaking given by Franklin Mutual representing
39,963,718 Canary Wharf Shares has now lapsed and, therefore, CWG Acquisition
has, at the date of this announcement, rights over 105,713,539 Canary Wharf
Shares, representing approximately 18.1 per cent. of the issued share capital of
Canary Wharf;

(ii)        Trilon has acquired 1,048,454 Canary Wharf Shares representing
approximately 0.18 per cent. of the issued share capital of Canary Wharf;

(iii)       other concert parties of CWG Acquisition have acquired 1,036,516
Canary Wharf Shares representing approximately 0.18 per cent. of the issued
share capital of Canary Wharf and disposed of 877,757 Canary Wharf Shares
representing approximately 0.15 per cent. of the issued share capital of Canary
Wharf, none of such acquisitions and disposals being connected with the Original
Offer or the Revised Offer; and

(iv)       Mr Paul Reichmann and the Reichmann Interests, who may be deemed by
the Panel to be acting in concert with CWG Acquisition, have reorganised certain
of their arrangements in relation to the 51,915,085 Canary Wharf Shares referred
to above (as more particularly described in the Original Offer Document).  So
far as CWG Acquisition is aware, the shareholdings and dealings of Lehman,
financial adviser to Mr Paul Reichmann and the Reichmann Interests, remain as
stated in the Original Offer Document.

Save as disclosed above, neither CWG Acquisition, nor any person who was or may
have been deemed to be acting in concert with CWG Acquisition, held any Canary
Wharf Shares or rights over Canary Wharf Shares before the start of the Offer
Period, nor have they acquired or agreed to acquire any Canary Wharf Shares or
rights over Canary Wharf Shares since that date.

Canary Wharf Shareholders who have already completed and returned the Original
Form of Acceptance for the Original Offer (and not withdrawn such acceptance)
and who do not wish to elect to receive their consideration in some other manner
do not need to return a Revised Form of Acceptance or take any further action.

Canary Wharf Shareholders who have not accepted the Original Offer and who wish
to accept the Revised Offer, or who have accepted the Original Offer but wish to
elect to receive their consideration in some other manner, should complete and
return the Revised Form of Acceptance, whether or not their Canary Wharf Shares
are held in uncertificated form (i.e. in CREST), by post or (during normal
business hours) by hand to Computershare Investor Services PLC, PO Box 859, The
Pavilions, Bridgwater Road, Bristol BS99 1XZ or (during normal business hours)
by hand only to Computershare Investor Services PLC, 7th Floor, Jupiter House,
Triton Court, 14 Finsbury Square, London EC2A 1BR, as soon as possible and, in
any event, so as to arrive no later than 1.00 p.m. (London time) / 8.00 a.m.
(New York time) on May 21, 2004.



Terms defined in the Revised Offer Document have the same meaning in this
announcement.



Enquiries:


Brascan                              Telephone: +1 (416) 363 9491
Katherine Vyse



Deutsche Bank                        Telephone: +44 (0) 20 7545 8000
Debbie Robertson-Bond
David Church
James Agnew



Merrill Lynch International          Telephone: +44 (0) 20 7628 1000
Kevin J. Smith
Simon Fraser
Paul Golding



The Maitland Consultancy             Telephone: +44 (0) 20 7379 5151
Angus Maitland
Philip Gawith
Martin Leeburn



Deutsche Bank and Merrill Lynch, which are regulated by the Financial Services
Authority for the conduct of designated investment business in the United
Kingdom, are acting exclusively for CWG Acquisition and for no-one else in
connection with the Revised Offer and will not be responsible to anyone other
than CWG Acquisition for providing the protections afforded to clients of
Deutsche Bank and Merrill Lynch, respectively, or for providing advice in
relation to the Revised Offer.



The Revised Offer is being made in the United States by CWG Acquisition.
Neither Deutsche Bank nor Merrill Lynch, nor any of their affiliates, is making
the Revised Offer in the United States.  References in this announcement to the
Revised Offer being made by Deutsche Bank and Merrill Lynch should be read
accordingly.



The availability of the Revised Offer to Canary Wharf Shareholders who are not
resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions in which they are located.  Persons who are not resident in the
United Kingdom should inform themselves of, and observe, any applicable
requirements.



The Revised Offer is not being made in or into, and is not capable of acceptance
in or from, Australia or Japan.



Neither the Thames River Shares nor Loan Notes have been, nor will they be,
registered under the US Securities Act or the securities laws of any state of
the United States, or under applicable securities laws of Australia or Japan.
Accordingly, neither the Thames River Shares nor the Loan Notes may be offered,
sold or delivered, directly or indirectly, in or into the United States,
Australia or Japan, except pursuant to exemptions from applicable requirements
of such jurisdictions.



Consequently, the Revised Offer Document, the Revised Form of Acceptance and the
Supplemental Thames River Document should not be distributed, forwarded or
transmitted in or into Australia or Japan or any other jurisdiction if to do so
would constitute a violation of the laws of such jurisdiction, and the
Supplemental Thames River Document should not be distributed, forwarded or
transmitted into the United States.



This announcement does not constitute an offer or invitation to purchase any
securities or a solicitation of an offer to buy any securities, pursuant to the
Revised Offer or otherwise.  The full terms and conditions of the Revised Offer,
including details of how the Revised Offer may be accepted, are set out in the
Revised Offer Document and the Revised Form of Acceptance posted to Canary Wharf
Shareholders today.  The Revised Offer Document, the Revised Form of Acceptance
and the Supplemental Thames River Document have been made available to those
Canary Wharf Shareholders who are able to receive them, as a result of the laws
of the jurisdictions in which they are resident.  Canary Wharf Shareholders are
advised to read the Revised Offer Document, the Revised Form of Acceptance and
the Supplemental Thames River Document (if they are able to receive them) as
they contain important information.



Any person who, alone or acting together with any other person(s) pursuant to an
agreement or understanding (whether formal or informal) to acquire or control
securities of Canary Wharf, owns or controls, or becomes the owner or
controller, directly or indirectly, of one per cent. or more of any class of
securities of Canary Wharf is generally required under the provisions of Rule 8
of the City Code to notify a Regulatory Information Service and the Panel of
every dealing in such securities during the offer period.  Please consult your
financial adviser immediately if you believe this rule may be applicable to you.



In accordance with normal United Kingdom market practice and subject to
applicable regulatory requirements, CWG Acquisition and its investors, including
Brascan, or their affiliates, nominees or brokers (acting as agents) may from
time to time make certain purchases of, or arrangements to purchase, Canary
Wharf Shares outside the United States, other than pursuant to the Revised
Offer, before or during the period in which the Revised Offer remains open for
acceptance.  These purchases may occur either in the open market at prevailing
prices or in private transactions at negotiated prices.  Any information about
such purchases will be disclosed as required in the United Kingdom and
communicated in the United States by way of an announcement.



The Directors of CWG Acquisition accept responsibility for the information
contained in this announcement and, to the best of their knowledge and belief
(having 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.


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