European Leisure plc

Tuesday, 11 May 1999

Irish Takeover Panel

Offer by Waterfall Holdings plc for European Leisure plc


 The Irish Takeover Panel has noted a comment in the Sunday Times of May 9, 1999, which forecast a minimum figure for the profits of Waterfall Holdings plc (“Waterfall”) for the year to end September 1999.  Waterfall made an offer for European Leisure plc on April 26, 1999.

The financial advisers to Waterfall, Robert Fleming & Co. Limited, have confirmed to the Irish Takeover Panel that this profit forecast was not made by Waterfall or any party connected with Waterfall, and has not been endorsed by Waterfall.

The publication of independent profit forecasts by the press during an offer period does not in itself constitute a breach of the Takeover Rules.  However, the Irish Takeover Panel considers that any forecasts which are not prepared to the standards required by the Rules and are not reported upon as required by Rule 28.3 should not be taken by investors as a basis for investment decisions.