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Trace Group PLC (TCC)

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Thursday 02 August, 2007

Trace Group PLC

Offer Update

Trace Group PLC
02 August 2007

Trace Group plc

2 August 2007

          Statement by certain of the Independent Directors regarding
            the offer for Trace Group plc ('Trace' or the 'Company')
                      by Tulip Holdings Limited ('Tulip')

On 31 July 2007, Tulip announced that it had declared its offer for Trace
unconditional in all respects. The offer from Tulip was not recommended by the
independent directors of Trace (being, Mr. Daniel Chapchal, Professor David
Begg, Mr. Colin Clarke and Mr. Robin Woodall ('the Independent Directors') since
it was at a lower price (156 pence in cash per ordinary Trace share) than an
offer from Microgen plc (180 pence in cash per ordinary Trace share). The offer
from Microgen lapsed on 31 July 2007 as a result of insufficient acceptances
from shareholders.

Mr. Daniel Chapchal, Professor David Begg and Mr. Robin Woodall would like to
record their extreme disappointment that the higher bid of 180 pence per share,
which represented a significant premium over the offer from Tulip and which was
in the interests of all the shareholders, was frustrated as outlined in the
recent announcement by Microgen plc.  They do, however, welcome the fact that
the announcement from Tulip brings to an end this unsettling period for the


Trace Group plc                       Telephone: +44 (0) 20 7825 1000
Daniel Chapchal                       Telephone: +44 (0) 7836 512 549
Robin Woodall                         Telephone: +44 (0) 20 7825 1000


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