Gresham Hotel Group plc

Friday, 2 July 2004

 Gresham Hotel Group plc (“Gresham”)

 Following the announcement on 2 July, 2004 by Precinct Investments Limited of a revised offer of €1.40 per share for Gresham and the completion of irrevocables in favour of such revised offer from Red Sea Hotels Limited for their shares in Gresham, the Irish Takeover Panel has decided to adjourn the preliminary hearing scheduled for 8 July, 2004 pending the outcome of the Precinct offer.  The Panel had on 22 June decided to conduct a hearing under section 11 of the Irish Takeover Panel Act, 1997 for the purpose of investigating whether a concert party existed in relation to certain shares in Gresham.

The Panel will continue to monitor the situation during the course of the Precinct offer.

2 July, 2004