OAS Oasis Stores

RNS Number:7192I
Oasis Stores PLC
20 August 2001

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



20 August 2001



         Recommended Final Cash Offer for Oasis Stores Plc ("Oasis")

                   by BDO Stoy Hayward Corporate Finance

             on behalf of Sierra Acquisitions PLC ("Sierra")



              Offer extended to 3:00pm on Friday 24 August 2001



On 6 August 2001, the Sierra Board announced that it had extended its
recommended final cash Offer for Oasis until 3:00pm on 17 August 2001. Sierra
announces that as at 3.00pm on 17 August 2001, it had received valid
acceptances of the Offer in respect of a total of 46,255,909 Oasis Shares,
representing approximately 88.3 per cent of the issued share capital to which
the Offer relates and approximately 88.2 per cent. of the total issued share
capital of Oasis.



Included in the acceptance figures above, are valid acceptances received
pursuant to irrevocable undertakings to accept the Offer in respect of
22,080,519 Oasis Shares, representing 42.1 per cent. of the issued share
capital of Oasis.  Valid acceptances in respect of 481,049 Oasis shares,
representing 0.9 per cent. of the issued share capital of Oasis were from
parties acting in concert with Sierra, including acceptances pursuant to
irrevocable undertakings from such persons.   Accordingly, valid acceptances
have been received in respect of all irrevocable undertakings to accept the
Offer held by Sierra as at 13 July 2001.



The Sierra Directors also announce that the Offer (including the Loan Note
Alternative) has been extended and will remain open for acceptance until 3:
00pm on Friday 24 August 2001.



The Offer is final and will not be revised or increased.  However, Sierra
reserves the right to amend, improve, revise, increase or change the terms of
the Offer in the event of an offer from a third party which has a value equal
to or higher than the Offer or any other competitive situation arising or
otherwise with the consent of the Panel.



When the Offer becomes or is declared unconditional in all respects, Sierra
will procure the making of an application by Oasis for the cancellation of the
listing of the Oasis Shares on the Official List and admission to trading on
the London Stock Exchange market for listed securities and the re-registration
of Oasis as a private company under the relevant provisions of the Companies
Act.



FORMS OF ACCEPTANCE SHOULD BE RECEIVED NO LATER THAN 3:00PM ON 24 AUGUST 2001.



Oasis Shareholders who wish to accept the Offer (including the Loan Note
Alternative) but have not yet accepted should complete their Forms of
Acceptance as soon as possible and send them by post or by hand to Lloyds TSB
Registrars, Antholin House, 71 Queen Street, London EC4N 1SL.







Notes:



1.   The Offer extends to any Oasis Shares (other than those Oasis Shares issued
     and to be issued which Sierra has already contracted to acquire, pursuant  
     to the Management Exchange Agreement) which have been unconditionally      
     allotted or issued fully paid (or credited as fully paid) prior to the date
     on which the Offer closes (or such other dates(s) as Sierra may, subject to
     the City Code, decide), including any such Oasis Shares unconditionally    
     allotted or issued pursuant to the exercise of options under the Oasis     
     Share Option Schemes.



2.   Pursuant to the Management Exchange Agreement, conditional on the Offer    
     becoming unconditional in all respects:



    (a)   Sierra has agreed to acquire 97,612 Oasis Shares which in
          aggregate represent 0.2 per cent. of the  issued share capital of     
          Oasis in consideration of the issue of Sierra Ordinary Shares;



    (b)   Certain Management Investors have agreed to cancel their options over 
          349,413 Oasis Shares held under the Oasis Share Option Schemes
          and to apply the cash received from such cancellation towards their
          subscription for Sierra Holdings B Ordinary Shares.



3.  As at 12 July 2001, the Sierra Directors and their immediate families and   
    connected persons and parties deemed to be acting in concert with Sierra    
    held 578,661 Oasis Shares, representing approximately 1.1 per cent. of the  
    issued share capital of Oasis, and held options over 379,413 Oasis Shares   
    under the Oasis Share Option Schemes. 


4.  Save as disclosed above, neither Sierra, the Sierra Directors, nor their    
    immediate families and connected persons and parties deemed to be acting in 
    concert with Sierra for the purposes of the City Code owned or controlled,  
    or held any rights over Oasis Shares immediately prior to the commencement  
    of the Offer Period, nor have they acquired or agreed to acquire any Oasis  
    Shares (or rights over such shares) during the Offer Period.



5.  The Offer is not being made directly or indirectly in or into the United    
    States or Canada by use of the mails or by any means or instrumentality of  
    interstate or foreign commerce of, or any facilities of a national          
    securities exchange of, any of these jurisdictions (including, without      
    limitation, post, facsimile, transmission, telex and telephone), and
    doing so may render invalid any purported acceptance.  Accordingly, copies  
    of this announcement are not being and must not be, mailed or otherwise
    distributed or sent into the United States or Canada.



6.  Unless the context otherwise requires, the terms and expressions in this    
    announcement have the same meaning as those defined in the Offer Document   
    dated 13 July 2001.



For further information contact:



PPM Ventures Limited

020 7831 7747

Gareth Whiley, Investment Director

James Barton, Associate Director



Sierra Acquisitions PLC

020 7452 1024

Derek Lovelock



BDO Stoy Hayward Corporate Finance

020 7486 5888

Michael Cobb, Partner

Yvonne Beirne, Assistant Director



Hogarth Partnership

020 7357 9477

Rachel Hirst

Georgina Briscoe



To the best of the knowledge and belief of the directors of Sierra (who have
taken reasonable care to ensure that such is the case) the information
contained in this announcement for which they take responsibility is in
accordance with the facts and does not omit anything likely to affect the
import of such information.



BDO Stoy Hayward Corporate Finance, a division of BDO Stoy Hayward, Chartered
Accountants, who are authorised to carry on investment business by the
Institute of Chartered Accountants in England and Wales, is acting for Sierra
and no one else in connection with the Offer and will not be responsible to
anyone other than Sierra for providing the protections afforded to customers
of BDO Stoy Hayward Corporate Finance nor for providing advice in relation to
the Offer.

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