Offer Update

Oryx International Growth Fund Ld
09 October 2006

For immediate release



 Not for release, publication or distribution, in whole or in part, in or into
            the United States, Canada, Australia, South Africa or Japan



                                                                  9 October 2006



                     Offer by Arbuthnot Securities Limited
          on behalf of Oryx International Growth Fund Limited ('Oryx')
        for Baltimore Capital plc (formerly Baltimore plc) ('Baltimore')
                                 (the 'Offer')



OFFER UPDATE



On 27 July 2006, Oryx announced that the Offer was wholly unconditional and that
the closing date of the Offer had been extended to remain open for acceptance
until further notice.  As at 1.00 p.m. on 2 October 2006, Oryx had received
valid acceptances of the Offer in respect of 141,117,533 Baltimore Shares,
representing approximately 90.34 per cent. of Baltimore's current issued share
capital and approximately 90.75 per cent. of the Baltimore Shares to which the
Offer relates.



Since Oryx has now received acceptances under the Offer in respect of more than
90 per cent. of the Baltimore Shares to which the Offer relates it is entitled
to exercise its rights under the provisions of Sections 428 to 430F (inclusive)
of the Act to acquire compulsorily the remaining Baltimore Shares.  Accordingly,
formal notices, under Section 429 of the Act, are today being posted to those
Baltimore Shareholders who have not yet accepted the Offer.  Baltimore
Shareholders should be aware that they may still accept the Offer, which remains
open for acceptance until 1.00 p.m. on 23 October 2006, rather than waiting for
their Baltimore Shares to be compulsorily acquired by Oryx.



The Offer will remain open for acceptance for a further 14 days and the Offer
will therefore close at 1.00 p.m. on 23 October 2006.  Baltimore Shareholders
who wish to accept the Offer but who have not yet done so, should either return
their completed Forms of Acceptance (and supporting documents) or if their
Baltimore Shares are held in CREST, arrange for their CREST sponsor to send the
relevant TTE instruction(s) to CRESTCo, in accordance with the procedures set
out in the Offer Document as soon as possible.



Terms defined in the Offer Document shall, unless the context requires
otherwise, have the same meanings in this announcement.





Enquiries:



Arbuthnot Securities Limited     Tel: [phone]
Alastair Moreton



Arbuthnot Securities Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively for Oryx and
no one else in connection with the Offer and will not be responsible to anyone
other than Oryx for providing the protections afforded to customers of Arbuthnot
Securities Limited or for providing advice in relation to the Offer or any other
matter referred to herein.



The Offer is not being made, directly or indirectly, in or into, and may not be
accepted in or from, the United States, Canada, Australia, South Africa or
Japan.  Accordingly, copies of this announcement are not being, and must not be,
mailed or otherwise distributed or sent in or into or from the United States,
Canada, Australia, South Africa or Japan.



Arbuthnot has approved the contents of this announcement solely for the purpose
of Section 21 of the Financial Services and Markets Act 2000.  The principal
place of business of Arbuthnot Securities Limited is Arbuthnot House, 20
Ropemaker Street, London EC2Y 9AR.



This announcement does not constitute, or form part of, an offer or invitation
to purchase any securities.


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