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Tuesday 29 May, 2007

Tulip Holdings Ltd

Offer Update

Tulip Holdings Limited
29 May 2007


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE 
RELEVANT LAWS OF SUCH JURISDICTION



29 May 2007


                        Tulip Holdings Limited ('Tulip')


         Statement regarding announcement by Trace Group plc ('Trace')

                      of lapsing of Scheme of Arrangement



The Board of Tulip have noted the announcement made by the Independent Directors
of Trace on 25 May 2007 that the Scheme of Arrangement in relation to the offer
for Trace by Tulip has lapsed following the Independent Directors'
recommendation of the cash offer for Trace to be made by Microgen plc
('Microgen').


The Board of Tulip is seeking clarification of certain matters concerning
undertakings stated to have been given by the Trace Independent Directors to
Microgen in connection with the Microgen offer.


Tulip urges Trace shareholders to take no action with regard to the Microgen
offer until Tulip has obtained such clarification, following which Tulip shall
make a further announcement with regard to the Tulip Offer.


Terms used in this announcement shall have the same meaning as set out in the
Rule 2.5 Announcement dated 20 April 2007.



Enquiries:


Tulip Holdings Limited                           Telephone: +44 (0) 20 7825 1000
Richard Wolfe
Peter Stolerman


Charles Stanley Securities                       Telephone: +44 (0) 20 7149 6000
(Financial adviser to Tulip)
Russell Cook
Henry Fitzgerald-O'Connor



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