European Leisure plc

Wednesday, 31 March 1999


European Leisure plc (“European”) / Waterfall Holdings plc


Direction of the Irish Takeover Panel (“the Panel”)


 On March 30 1999, the Panel gave a direction to Waterfall Holdings plc in the following terms:

“The Panel hereby gives a direction pursuant to section 9(2)(a) of the Irish Takeover Panel Act, 1997 (“the Act”) to Waterfall Holdings plc (“Waterfall”) requiring Waterfall, not later than 5.30 p.m. on Wednesday April 7 1999, to announce a firm intention either to make, or not to make, an offer for European.”

The decision to give the above direction was taken by the Panel at a meeting held on March 30 1999 which considered the attached press release issued on March 30 1999 on behalf of Waterfall (entitled “proposed Offer for European Leisure plc”) and representations on behalf of Waterfall, European and Allied Leisure plc.  Having regard to the timing of the provision of information by European to Waterfall, the Panel determined that the above direction should be given to ensure compliance with General Principles 3, 4 and 5 of the Schedule to the Act.

The Panel further decided that the text of this direction should be published by issuance to the Company Announcements Offices of the Irish Stock Exchange and the London Stock Exchange.”

31 March, 1999