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Queensborough Hldgs (QSN)

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Thursday 27 July, 2000

Queensborough Hldgs

Offer Update

Queensborough Hldgs PLC
27 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')


                  Queensborough Holdings plc ('Queensborough')

*    87.2 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 26 July 2000  valid  acceptances
of  the Offer had been received in respect of 40,222,714 Queensborough Shares,
representing  approximately  87.2 per cent. of  the  Queensborough  Shares  to
which  the  Offer  relates and approximately 35.2 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 and will remain open for acceptance until 3.00 p.m
on 4 August 2000 and will not be extended beyond that date unless the Offer
has been declared unconditional as to acceptances.  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 no later than 3.00  p.m  on  4 August 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

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

a d v e r t i s e m e n t