GON Galleon Hldgs

RNS Number:5553O
Galleon Holdings PLC
12 December 2001

For Immediate Release                                     12 December 2001

                             Galleon Holdings plc

       Recommended offer ("the Offer") by Nabarro Wells & Co. Limited

    on behalf of Galleon Holdings plc (formerly Andaman Resources p.l.c.)

                  to acquire the entire issued share capital of

                            The Galleon Group plc

                               Offer Closed

The Board of Galleon Holdings plc ("Holdings") announces that the Offer made
on behalf of Holdings by Nabarro Wells & Co. Limited for the whole of the
issued and to be issued ordinary share capital of The Galleon Group plc 
(" Group") closed at 3:00 p.m. on 11 December 2001 and is no longer capable of
acceptance.  In accordance with the provisions of sections 428 to 430F
(inclusive) of the Companies Act 1985 (as amended), Holdings will acquire
compulsorily any outstanding Group Shares as soon as possible.

Group's trading facility on OFEX was cancelled on 3 December 2001.

At the close of the Offer valid acceptances had been received in respect of
11,942,217 Group Shares representing approximately 94.2 per cent. of Group's
issued ordinary share capital.  Acceptances in respect of 8,660,663 Group
Shares representing approximately 68.7 per cent. of Group's issued ordinary
share capital were received from Group Directors who held Group Shares and who
had signed irrevocable undertakings to accept the Offer.

Holdings held no Group Shares prior to the announcement of the Offer. Neither
Holdings nor any parties deemed to be acting in concert with it have acquired
or agreed to acquire any Group Shares (or rights over such shares) either
prior to or since the announcement of the Offer on 5 November 2001.

Holding's position as at 3.00p.m. on 11 December 2001 may therefore be
summarised as follows:


                                               Number of  Percentage of issued
                                                          share capital
                                               Group
                                               Shares

Acceptances from Group Directors who
irrevocably undertook to accept the Offer
                                               8,660,663  68.7
Other acceptances received                     3,281,554  25.5
                                               ========== ======
                                               
Total                                          11,942,217 94.2
                                               ========== ======
                                               



The Offer for Subscription also closed at 3.00p.m. on 11 December.  The total
amount subscribed was #962,322.



Enquiries:


Galleon Holdings plc            Jim Driscoll                  01384 440591
Nabarro Wells & Co. Limited     Keith Smith                   020 7710 7400

                                Nigel Atkinson
Binns & Co. PR Limited          Peter Binns/Simon Ellis       020 7786 9600





Nabarro Wells & Co. Limited, which is regulated by the Financial Services
Authority is acting for Holdings and no one else in connection with the Offer
and will not be responsible for providing protections afforded to clients of
Nabarro Wells & Co. Limited nor for providing advice in relation to the
contents of this announcement or the Offer.



The Directors of Holdings accept responsibility for the information contained
in this announcement and to the best of their knowledge and belief (having
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 Offer is not being made, directly or indirectly, in or into the United
States, Canada, Australia, Japan of the Republic of Ireland.  Accordingly,
this announcement is not for distribution in or into the United States,
Canada, Australia, Japan or the Republic of Ireland.

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