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Rensburg plc (RBG)

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Thursday 31 March, 2005

Rensburg plc

Pre-conditional Offer Update

Rensburg plc
31 March 2005

31st March 2005

                           RENSBURG PLC ('RENSBURG')

                    PRE-CONDITIONAL OFFER PROPOSAL - UPDATE

The Board of Rensburg notes today's announcement by Rathbone Brothers plc ('
Rathbones') that it will not increase its pre-conditional offer proposal
announced on 27th February 2005. The unanimous view of the Rensburg Board, as
advised by Fenchurch Advisory Partners and Rothschild remains that Rathbones'
final proposal significantly undervalues Rensburg, representing a control
premium of only 7 per cent to Rensburg's closing price of 598.5 pence on 30th
March 2005, being the last dealing day prior to this announcement.

The Board of Rensburg continues to believe there to be significant
implementation risks entailed in a combination of Rathbones with Rensburg,
including potential business risks concerning certain business units and the
retention of certain key fee earning Rensburg staff together with the associated
effects on revenue.

Mike Burns, Chief Executive of Rensburg said:

'The Board of Rensburg remains confident that the transformational acquisition
of Carr Sheppards Crosthwaite will create greater value for shareholders through
delivering clear cost savings and enhanced revenue growth opportunities. The
senior investment professionals at Rensburg and Carr Sheppards Crosthwaite are
very enthusiastic about our merger and the opportunities to enhance the
interests of our shareholders, clients and staff.'

The Panel on Takeovers and Mergers announced on 29th March 2005 that Rathbones
must, by 5pm on Monday, 11th April 2005, either announce a firm intention to
make an offer for Rensburg or announce that it does not intend to make an offer
for Rensburg.

Enquiries:
Rensburg                                 0151 227 2030

Christopher Clarke, Chairman

Michael Burns, Chief Executive
Fenchurch Advisory Partners              020 7961 0735

Malik Karim
Rothschild                               0113 200 1900

David Forbes
Numis Securities                         020 7776 1500

Christopher Wilkinson
gcg hudson sandler                       020 7796 4133

Nick Lyon

Fenchurch Advisory Partners Limited ('Fenchurch Advisory Partners'), which is
authorised and regulated by the Financial Services Authority in the UK, is
acting for Rensburg and no one else in connection with the matters referred to
herein and will not be responsible to any person other than Rensburg for
providing the protections afforded to the clients of Fenchurch Advisory Partners
or for providing advice in relation to the matters referred to herein or the
contents of this announcement.

N M Rothschild & Sons Limited ('Rothschild'), which is authorised and regulated
by the Financial Services Authority in the UK, is acting for Rensburg and no one
else in connection with the matters referred to herein and will not be
responsible to any person other than Rensburg for providing the protections
afforded to the clients of Rothschild or for providing advice in relation to the
matters referred to herein or the contents of this announcement.

Numis Securities Limited ('Numis Securities'), which is authorised and regulated
by the Financial Services Authority in the UK, is acting for Rensburg and no one
else in connection with the matters referred to herein and will not be
responsible to any person other than Rensburg for providing the protections
afforded to the clients of Numis Securities or for providing advice in relation
to the matters referred to herein or the contents of this announcement.


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

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