SGV Spring Grove

RNS Number:0119D
Park Street Holdings Ltd
16 September 2004

16 September 2004

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN

                       Park Street Holdings Limited

                        Recommended Cash Offer for

                  Spring Grove Property Maintenance PLC

                   Offer declared wholly unconditional

The Board of Park Street Holdings Limited ("Park Street"), a wholly-owned
subsidiary of Mount Street Holdings PLC ("Mount Street"), announces that the
Offer has been declared unconditional as to acceptances and, as all of the
conditions of the Offer as set out in the Offer Document dated 25 August 2004
have now been satisfied or waived, the Offer is declared wholly unconditional.
The Offer will now remain open until further notice. Shareholders are urged to
accept the Offer without further delay.

At 3.00 p.m. on 15 September 2004, Park Street had received valid acceptances of
the Offer in respect of a total of 5,698,768 Spring Grove Shares, representing
approximately 65.5 per cent of the Spring Grove Shares subject to the Offer.

Prior to the commencement of the Offer Period, Park Street and its subsidiaries
owned no Spring Grove Shares and Park Street has since acquired no Spring Grove
Shares.

Accordingly, together with the 3,728,529 Spring Grove Shares held by the
Managers (Kevin Childs and Andrew Milne) subject to the Share Exchange
Agreement, Park Street now owns or controls, or has received valid acceptances
of the Offer, in respect of a total of 9,427,297 Spring Grove Shares,
representing approximately 75.9 per cent of the issued ordinary share capital of
Spring Grove.

Antony Dean, Managing Director of Mount Street, said: "We are delighted to be in
a position to declare the Offer wholly unconditional. We are grateful for the
support of the Directors, management and staff of Spring Grove and we look
forward to growing and developing the combined group."

Consideration payable under the Offer will be dispatched in the manner set out
in the Offer Document by 29 September 2004 to those Spring Grove Shareholders in
respect of whom valid acceptances have already been received. Consideration in
respect of valid acceptances of the Offer received from today onwards will be
dispatched to accepting Spring Grove Shareholders within 14 days of such
receipt.

Spring Grove Shareholders who wish to accept the Offer, and who have not done
so, should complete their Forms of Acceptance, in accordance with the
instructions set out in the Offer Document and in the Form of Acceptance,
whether or not their Spring Grove Shares are in CREST, and return them as soon
as possible, to the receiving agents to the Offer, Capita IRG Plc, Corporate
Actions, PO Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH.

As described in the Offer Document, as and when Park Street receives acceptances
in respect of 90 per cent or more of the Spring Grove Shares, Park Street
intends to exercise its rights pursuant to the provisions of Section 428 to 430F
(inclusive) of the Companies Act to acquire compulsorily the remaining Spring
Grove Shares on the same terms as the Offer.

Park Street now intends to commence the procedure for the cancellation of the
admission to trading of Spring Grove Shares on AIM.

The Offer remains subject to the terms and conditions set out in the Offer
Document.

Words and expressions defined in the Offer Document shall have the same meaning
when used in this announcement.


ENQUIRIES

Citigate Dewe Rogerson                                  Tel:       020 7638 9571
Alexandra Scrimgeour

Houlihan Lokey Howard & Zukin (Europe) Limited          Tel:       020 7839 3355
Duncan Priston
Lee Yeomans

Shore Capital and Corporate Limited                     Tel:       020 7408 4090
Alex Borrelli
Simon Edwards

The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of, or by any means or instrumentality (including, without limitation,
facsimile transmission, telex, telephone or e-mail) of interstate or foreign
commerce of, or any facilities of a national securities exchange of, the United
States, Canada, Australia or Japan or any other jurisdiction if to do so would
constitute a violation of the relevant laws of such jurisdiction, and cannot be
accepted by any such use, means or instrumentality or facility from or within
the United States, Canada, Australia or Japan.

Houlihan Lokey Howard & Zukin (Europe) Limited, which is authorised and
regulated in the United Kingdom by the Financial Services Authority in respect
of regulated activities, is acting exclusively for Park Street Holdings Limited
and Mount Street Holdings PLC in connection with the Offer and is not acting for
any other person in connection with the Offer. Houlihan Lokey Howard & Zukin
(Europe) Limited will not be responsible to anyone other than Park Street
Holdings Limited and Mount Street Holdings PLC for providing the protections
afforded to its clients or for providing advice in relation to the Offer.

Shore Capital and Corporate Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority in respect of regulated
activities, is acting exclusively for Spring Grove Property Maintenance PLC and
no one else in connection with the Offer and will not be responsible to anyone
other than Spring Grove Property Maintenance PLC for providing the protections
afforded to customers of Shore Capital and Corporate Limited or for giving
advice in relation to the Offer.


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

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