Posting of circular

TBI PLC
16 November 2004

TBI PLC ('TBI' or the 'Group')

Posting of circular to shareholders

Further to the announcement made on 27 October 2004 regarding the proposed
acquisition of the Alterra Interests in London Luton, TBI announces that it has
today posted to shareholders a circular (the 'Circular') containing further
details of the proposed acquisition, the unaudited interim results for the six
months ended 30 September 2004 and a notice of an Extraordinary General Meeting
to be held on 2 December 2004 to seek the requisite approval from shareholders.

Application has been made to the London Stock Exchange for trading and the UK
Listing Authority for the admission to the Official List of 14,925,372 Ordinary
Shares of 10p in relation to the proposed acquisition of the Alterra Interests
in London Luton.

Terms defined in the announcement dated 27 October 2004 have the same meaning in
this announcement.

A copy of the Circular published today has been submitted to the UK Listing
Authority and is available to the public for inspection at the UK Listing
Authority's Document Viewing Facility, which is situated at:

Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS
Tel no. 020 7676 1000.



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