RNS Number:6587K
James Reed & Partners PLC
02 May 2003

2 May 2003


This announcement is not for release, publication or distribution in or into the 
United States, Canada, Australia or Japan


                          RECOMMENDED CASH OFFERS

                                     by

                           ALTIUM CAPITAL LIMITED

                                on behalf of

                      JAMES REED & PARTNERS PLC ("JRP")

    to acquire the whole of the issued and to be issued share capital of

                     REED EXECUTIVE PLC ("Reed Executive")

            RECOMMENDED CASH OFFERS DECLARED WHOLLY UNCONDITIONAL



The Board of JRP is pleased to announce that all of the conditions of the Offers
have now been satisfied or waived. Accordingly, the Offers are now declared
unconditional in all respects.

By 3.00 p.m. on 1 May 2003, being the first closing date of the Offers, valid
acceptances of the Offers had been received in respect of 41,792,582 Reed
Ordinary Shares, representing approximately 95.58 per cent. of the current
issued Reed Ordinary Shares and 1,007,654 Reed 'B' Shares, representing
approximately 99.92 per cent. of the current issued Reed 'B' Shares.

Since the commencement of the offer period on 4 April 2003, JRP has acquired
435,500 Reed Ordinary Shares (representing approximately 1.00 per cent. of the
current issued Reed Ordinary Shares). As a result, JRP has now acquired or has
received acceptances in respect of a total of 42,228,082 Reed Ordinary Shares
(representing approximately 96.58 per cent. of the current issued Reed Ordinary
Shares) and 1,007,654 Reed 'B' Shares, which together represent approximately
96.65 per cent. of the entire issued current share capital of Reed Executive.

These acceptances include valid acceptances in respect of 36,889,288 Reed
Ordinary Shares, representing approximately 84.37 per cent. of the current
issued Reed Ordinary Shares and 991,039 Reed 'B' Shares, representing
approximately 98.35 per cent. of the current issued Reed 'B' Shares, received
from:

(i)  members of the Reed Family, and other persons who are deemed to be acting 
     in concert with JRP, in respect of 32,524,711 Reed Ordinary Shares
     (representing approximately 74.84 per cent. of the current issued Reed 
     Ordinary Shares) and 991,039 Reed 'B' Shares (representing approximately 
     98.35 per cent. of the current issued Reed 'B' Shares); and

(ii) Eagle Trustees Limited, in respect of 4,364,577 Reed Ordinary Shares
     (representing approximately 9.98 per cent. of the current issued Reed 
     Ordinary Shares),

     in each case pursuant to irrevocable undertakings to accept the Offers 
     received by JRP.

Immediately prior to 4 April 2003, as far as JRP is aware, persons acting or
deemed to be acting in concert with JRP, owned or controlled 6,887,250 Reed
Ordinary Shares (representing approximately 38.50 per cent. of the Reed Ordinary
Shares in issue immediately prior to 4 April 2003) and 26,827,500 Reed 'B'
Shares (representing approximately 99.94 per cent. of the Reed 'B' Shares in
issue immediately prior to 4 April 2003). On 1 May 2003, 25,836,461 Reed 'B'
Shares held by certain persons acting in concert with JRP were re-designated as
Reed Ordinary Shares in accordance with the articles of association of Reed
Executive. As far as JRP is aware, acceptances of the Offers have been received
in respect of all Reed Shares held by persons acting or deemed to be acting in
concert with JRP.

Save as disclosed above, neither JRP nor so far as JRP is aware, any person
acting or deemed to be acting in concert with JRP owned or controlled any Reed
Shares (or rights over such shares) immediately prior to 4 April 2003, or, since
that date has acquired or agreed to acquire any Reed Ordinary Shares or Reed 'B'
Shares (or rights over such shares) and no acceptances of the Offers have been
received from such persons acting or deemed to be acting in concert with JRP.

The Offers (including the Share Alternative) will remain open for acceptance
until further notice.  Settlement for Reed Shareholders who have validly
accepted the Offers will be despatched within 14 days of today's date, and
within 14 days of receipt in the case of valid acceptances received after
today's date and while the Offers remain open for acceptance.

JRP intends to exercise its rights pursuant to the provisions of sections 428 to
430F (inclusive) of the Act to acquire compulsorily the outstanding Reed
Ordinary Shares and Reed 'B' Shares to which the Offers relate.

Reed Shareholders who have not yet accepted the Offers are urged to complete and
return their Form of Acceptance as soon as possible. Additional Forms of
Acceptance are available from Northern Registrars on 01484 600 900.

Enquiries:


Garry Levin / Mark Dickenson / Alexi Quelch   Tel: 020 7484 4040
Altium Capital Limited

James Reed / Derek Beal                       Tel: 020 7313 7450 / 020 7313 7459
Reed Executive PLC

David Davies / Julian Blunt                   Tel: 020 7418 8900
KBC Peel Hunt

Andrew Jaques / Rebecca Bantoft               Tel: 020 7357 9477
Hogarth Partnership Limited


Terms defined in the Offer Document dated 10 April 2003 have the same meaning in
this announcement.

The Directors of JRP accept responsibility for the information contained in this
announcement.  To the best of the knowledge and belief of the directors of JRP
(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.

The Offers (including the Share Alternative) are not being made, directly or
indirectly, in, into or from the United States, or by use of the United States
mails, or by any means or instrumentality (including, without limitation,
facsimile transmission, telex, telephone or e-mail) of United States interstate
or foreign commerce, or any facility of a national securities exchange of the
United States, Canada, Australia or Japan.  Accordingly, this announcement,
copies of this announcement and any related documents are not being and must not
be mailed or otherwise distributed or sent in, into or from the United States,
Canada, Australia or Japan and persons receiving this document and any related
documents (including custodians, nominees and trustees) must not mail or
otherwise forward, distribute or send them in, into or from the United States,
Canada, Australia or Japan. All Reed Shareholders (including nominees, trustees
or custodians) who would, or otherwise intend to forward this document, should
inform themselves about and observe any applicable requirements.

Altium Capital, which is regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for JRP as financial adviser within
the meaning of the Rules of the Financial Services Authority and for no one else
in connection with the Offers and 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 JRP for providing the protections afforded to clients of
Altium Capital, or for giving advice to any other person in relation to the
Offers, the contents of this announcement or any other matter referred to
herein.


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

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