RNS Number:2700I
Scarlett Retail Group Limited
04 March 2003


Not for release, publication or distribution in or into the United States,
Canada, Australia or Japan


For immediate release                                               4 March 2003

                         Scarlett Retail Group Limited

                        Recommended increased cash offer

                                for Allders plc

              Compulsory acquisition of outstanding Allders Shares


On 20 February 2003, Scarlett Retail announced that the recommended increased
cash offer made by Scarlett Retail for the existing issued and to be issued
share capital of Allders had been declared unconditional in all respects.
Scarlett Retail now announces that valid acceptances of the Increased Offer have
been received in respect of more than 90 per cent. in value of the Allders
Shares to which the Increased Offer relates.

Accordingly, Scarlett Retail is today posting statutory notices pursuant to
section 429(4) of the Companies Act to Allders Shareholders who have not yet
validly accepted the Increased Offer, informing such Allders Shareholders that
it will compulsorily acquire their Allders Shares under the provisions of
sections 428 to 430F (inclusive) of the Companies Act.  The compulsory
acquisition procedure is expected to be completed on, or shortly after, 15 April
2003.

The Increased Offer will remain open for acceptances until further notice.
Allders Shareholders who have not yet accepted the Increased Offer, and wish to
do so, are urged to complete and return the form of acceptance which accompanied
the Increased Offer Document as soon as possible.  Settlement of the
consideration due to Allders Shareholders who accept the Increased Offer will be
despatched within fourteen days of receipt of their valid acceptance of the
Increased Offer, complete in all respects.

Enquiries

Lehman Brothers Europe Limited 
(Financial adviser to Scarlett Retail)                             020 7601 0011

John McIntyre
Warwick Ball

HSBC 
(Financial adviser to Minerva and to Scarlett Retail)              020 7991 8888
Rupert Faure Walker
Mark Harrison

Definitions used in the Increased Offer Document dated 7 February 2003 and in
the Original Offer Document dated 23 December 2002 have the same meaning when
used in this announcement, unless the context requires otherwise.

Lehman Brothers Europe Limited, which is regulated in the United Kingdom by The
Financial Services Authority, is acting for Scarlett Retail and no one else in
connection with the Increased Offer and the other matters referred to herein and
will not be responsible to anyone other than Scarlett Retail for providing the
protections afforded to customers of Lehman Brothers Europe Limited nor for
providing advice in relation to the Increased Offer or any other matters
referred to herein.

HSBC, which is regulated in the United Kingdom for the conduct of investment
business by The Financial Services Authority, is acting for Minerva and Scarlett
Retail and no one else in connection with the Increased Offer and the other
matters referred to herein and will not be responsible to anyone other than
Minerva or Scarlett Retail for providing the protections afforded to customers
of HSBC nor for providing advice in relation to the Increased Offer or any other
matters referred to herein.

The Increased Offer is not being made, directly or indirectly, in or into
Canada, Australia or Japan and, subject to certain exemptions, the Increased
Offer is not capable of acceptance in or from Canada, Australia or Japan.  In
addition, the Increased Offer is not being made, directly or indirectly, in or
into or by the use of the mails or by any means or instrumentality (including,
without limitation, by means of telephone, facsimile, telex, internet or other
forms of electronic transmission) of interstate or foreign commerce of, or any
facilities of a national securities exchange of, or in or into, the United
States and, subject to certain exceptions, the Increased Offer is not capable of
acceptance by any such use, means, instrumentality or facilities or from the
United States.  Accordingly, copies of this announcement are not being, and must
not be, mailed or otherwise forwarded, distributed or sent in, into or from the
United States, Canada, Australia or Japan.  Custodians, nominees and trustees
should observe these restrictions and must not send or distribute this
announcement in, into or from the United States, Canada, Australia, or Japan.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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