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Queensborough Hldgs (QSN)

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Thursday 20 July, 2000

Queensborough Hldgs

Offer Update

Queensborough Hldgs PLC
20 July 2000


Queensborough Holdings PLC - Offer Update

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

                   Cloudburst Holdings Limited ('Cloudburst')

                      Recommended cash offer (the 'Offer')

                                      for

                  Queensborough Holdings plc ('Queensborough')

*    85.2 per cent. acceptance of the Offer

*    Cloudburst extends the time for acceptance of the Offer for Queensborough

Cloudburst announces that, as at 3.00 p.m on 19 July 2000 valid acceptances 
of the  Offer  had  been  received in respect of 39,297,578 Queensborough 
Shares,representing approximately 85.2 per cent. of the Queensborough Shares
to  which the  Offer  relates  and approximately 34.4 per cent. of  the 
existing issued share  capital  of Queensborough.  These acceptances include
valid  acceptances from  certain  Queensborough Shareholders in accordance 
with  the  irrevocable undertakings  given by them to accept the Offer in
respect of an aggregate of 2,547,626 Queensborough Shares representing
approximately 5.5 per cent. of the Queensborough  Shares  to  which the Offer
relates and  approximately  2.2  per cent. of Queensborough's issued share
capital.

A   total  of  68,160,986  Queensborough  Shares  amounting  in  aggregate  
to approximately 59.6 per cent. of the existing issued ordinary share  capital
of Queensborough will be transferred to Cloudburst on the Offer becoming or 
being declared unconditional in all respects.

Save as disclosed above, neither Cloudburst nor any person acting, or deemed
to be  acting, in concert with Cloudburst held any Queensborough Shares (or
rights over  Queensborough Shares) prior to the commencement of the Offer
Period,  nor has  any such person acquired or agreed to acquire any
Queensborough Shares (or rights  over  Queensborough Shares) since that time
and no acceptances of the Offer have been received from such persons acting,
or deemed to be acting,  in concert with Cloudburst.

The  Offer  has  been extended for a further 7 days and will  remain  open 
for acceptance until 3.00 pm on 26 July 2000.  Queensborough Shareholders who 
have not  yet accepted the Offer and wish to do so should complete and return 
their Forms  of  Acceptance as soon as possible and in any event so as to be
received by no later than 3.00 pm on 26 July 2000.  The procedures for
acceptance of the Offer  are set out on pages 11 to 13 of the Offer Document
and in the  Form  of Acceptance.  The Offer remains subject to the terms and
conditions set out in the Offer Document.

Terms  defined  in the Offer Document have  the  same  meaning  as  in  this
announcement.


For further information contact:

Nigel Barratt, LBC Corporate Finance         0161 238 4927
Piers Hooper, Hudson Sandler                 020 7796 4133

The directors of Cloudburst accept responsibility for the contents  of  this
announcement,  which  has been approved by LBC Corporate Finance, a firm
authorised by the Institute of Chartered Accountants of Scotland to  carry 
out investment  business, solely for the purpose of section 57 of the 
Financial Services Act 1986. LBC Corporate Finance are acting for Cloudburst
and no one else in connection with the Offer and will not be responsible to
anyone  other than  Cloudburst  for providing the protections afforded to 
customers of LBC Corporate Finance nor for the provision of advice in relation
to the Offer.

The  Offer will not be made, directly or indirectly, in or into, or by  use 
of the mails of or by any means or instrumentality (including, without
limitation, facsimile  transmission, telex or telephone) of interstate or
foreign  commerce of,  or  of  any  facilities of a national securities
exchange of, the United States nor will it be made in or into Canada or
Australia and the Offer will not  be  capable  of  acceptance  by any such
use,  means, instrumentality or facilities or from within the United States,
Canada or Australia.


                                                                                
                                                                        

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