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Durlacher Corp PLC (PMR)

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Tuesday 22 July, 2003

Durlacher Corp PLC

Offer Update

Durlacher Corporation PLC
22 July 2003

22 July 2003



This announcement is not for release, publication or distribution in or into the
USA, Canada, Australia or Japan



                        Recommended Offer ('the Offer')

                                       by

                          Nabarro Wells & Co. Limited

                                  on behalf of

                           Durlacher Corporation Plc

                                      for

                                 web-angel plc

    Offer for web-angel plc declared unconditional in all respects save for
                                   Admission





Durlacher Corporation plc ('Durlacher' or 'the Company') is pleased to announce
that as at 3.00 p.m. on 22 July 2003, acceptances of the Offer valid in all
respects had been received in respect of a total of 117,845,184 web-angel
Shares, representing approximately 90.6 per cent. of the existing issued share
capital of web-angel.



All the conditions (save for the condition relating to Admission (which is
expected to occur on 23 July 2003)) have been and remain satisfied or waived.



Accordingly subject to Admission, the board of Durlacher declares the Offer
wholly unconditional in all respects.



Settlement of the consideration to which web-angel Shareholders are entitled in
respect of valid acceptances received by 3.00pm on 22 July 2003, will be made by
6 August 2003 being 14 days following the date of Admission.  Details of the
settlement procedures are set out in the offer document dated 23 June 2003.  For
those web-angel Shareholders who have still to accept the Offer settlement will
be made within 14 days of receipt of valid acceptances (or in the case of those
valid acceptances received prior to 22 July 2003 by 6 August 2003).



The Offer will remain open until further notice.  The procedure for acceptance
of the Offer is set out in the offer document and form of acceptance which were
posted to web-angel Shareholders on 23 June 2003.  web-angel Shareholders who
wish to accept the Offer and have not yet done so should return their completed
form of acceptance as soon as possible.



Tony Caplin, Chairman of Durlacher, said:



'This acquisition strengthens Durlacher's balance sheet, providing further
financial resources to grow the business. This is a good time to be investing in
high grade personnel and acquiring complementary businesses and this acquisition
enhances our ability to do so.'



Words and expressions used in this announcement shall bear the same respective
meanings as defined in the offer document dated 23 June 2003, unless the context
otherwise requires.



A copy of the Listing Particulars in relation to this transaction have been
submitted to the UKLA, and are available for inspection at the UKLA's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Tel. 020 7066 1000





                                    - ends -



For further information:



Durlacher Corporation plc   020 7459 3600

Sophie Dawn, Marketing / Communications



Nabarro Wells & Co Limited   020 7710 7400

Nigel Atkinson / David Nabarro



Bell Pottinger Financial      020 7861 3232

David Rydell / Billy Clegg



Nabarro Wells, which is regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for Durlacher and no one else in
connection with the Offer and will not be responsible to anyone other than
Durlacher for providing the protections afforded to clients of Nabarro Wells nor
for giving advice in relation to the Offer.  The contents of this announcement
have been approved by Nabarro Wells for the purposes of s21 of the Financial
Services and Markets Act 2000.



KBC Peel Hunt, which is regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for web-angel and no one else in
connection with the Offer and will not be responsible to anyone other than
web-angel for providing the protections afforded to clients of KBC Peel Hunt nor
for giving advice in relation to the Offer.



This announcement does not constitute nor form any part of an offer or
invitation to purchase any securities.



The availability of the Offer to persons who are citizens, nationals or
residents of countries outside the UK may be affected by the laws of the
relevant jurisdictions.  Persons who are citizens, nationals or residents of
countries outside the UK should inform themselves of, and observe, any
applicable legal requirements.



The Offer is not made, directly or indirectly in or into the United States,
Canada, Australia or Japan.  Accordingly, copies of this announcement and any
other document relating to the Offer, are not being, and must not be, mailed or
otherwise distributed or sent in or into 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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