Offer Update - IML

Inchcape PLC
18 April 2002






Inchcape issues revised offer to acquire the minority holding in Inchcape Motors
                               Limited, Singapore



Inchcape plc announced today that the Group has revised its voluntary
conditional cash offer to buy out the minority holding in its quoted Singaporean
subsidiary, Inchcape Motors Limited (IML). This offer is being made by its
wholly owned subsidiary, Inchcape Special Investments BV.



IML is the national importer and retailer for Toyota, Lexus and Suzuki
automobiles in Singapore, and for Toyota and Lexus in Brunei.



Inchcape owns c. 63.3% of IML and is making a revised cash offer of S$2.70 per
share for the remaining c. 36.7% of the shares. The Guinness Peat Group, who own
11.8% of IML, has entered into an irrevocable undertaking to accept the offer.
The revised offer values IML at c. £167.4m and the minority stake at c. £61.5m.
The profit before tax of IML for 2001, before exceptional items, was £20.4m*
(S$53.8m). Net assets were £115.4m* (S$304.7m) and included £83.2m* (S$219.6m)
of cash and cash equivalents.



Having IML remain a quoted company in Singapore adds no value to Inchcape. IML
does not require access to its equity capital market, as Inchcape is able to
appropriately fund its operations.



The revised voluntary conditional cash offer announcement issued to the
Singapore Stock market, can be accessed at the website of the Singapore Exchange
Limited, www.sgx.com.sg





Notes to editors



For further information, please contact:



Group Communications, Inchcape plc

020 7546 0022



John Olsen/Tom Leatherbarrow, Hogarth Partnership Limited

020 7357 9477



*At an assumed rate of S$2.64 = £





18 April 2002





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