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Tuesday 07 August, 2007

Tulip Holdings Ltd

Offer Update

Tulip Holdings Limited
07 August 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

07 August 2007

                              TULIP HOLDINGS LIMITED

                      Offer for Trace Group PLC ('Trace')
                        by Tulip Holdings Ltd ('Tulip')

                               Acceptance Levels


The Board of Tulip announced on 31 July 2007 that Tulip had received valid
acceptances for the Revised Cash Offer in respect of 6,963,454 Trace Shares,
representing approximately 48.87 per cent. of the existing issued share capital
of Trace (excluding Trace Treasury Shares that are not subject to the Revised
Cash Offer) which together with 169,327 Trace Shares beneficially owned by
Tulip, representing 1.19% of the issued share capital of Trace, total 7,132,781
Trace Shares representing 50.06 per cent. of the issued share capital of Trace.

As at 3.24 p.m. (London time) on 06 August 2007, valid acceptances of the
Revised Cash Offer have been received in respect of a total of 10,791,376 Trace
Shares, representing approximately 75.73 per cent. of the existing issued share
capital of Trace (excluding Trace Treasury Shares that are not subject to the
Revised Cash Offer) which together with 169,327 Trace Shares beneficially owned
by Tulip, representing 1.19% of the issued share capital of Trace, total
10,960,703 Trace Shares representing 76.92 per cent. of the issued share capital
of Trace.


Tulip, having now received acceptances for greater than 75 per cent. of the
voting share capital of Trace, will shortly make an application for the
cancellation of the Listing of Trace Shares on the Official List. A further
announcement will follow in due course.

The Revised Cash Offer, which remains subject to the terms set out in the Offer
Document, will remain open for acceptance until 1.00p.m. (London time) on 14
August 2007 (unless extended by way of a further announcement).

Trace Shareholders who hold Trace Shares in certificated form (that is, not in
CREST) and wish to accept the Revised Cash Offer (and, if relevant, to elect for
the Loan Note Alternative) and have not done so already are urged to complete,
sign and return the Form of Acceptance which has been posted to them with the
Offer Document (together with their share certificate(s) and any other documents
of title) by 1.00p.m. (London time) on 14 August 2007 by post or by hand to
Computershare at PO Box 859, The Pavilions, Bridgwater Road, Bristol, BS99 1XZ.

If you hold your Trace Shares, or any of them, in uncertificated form (that is,
in CREST), to accept the Revised Cash Offer in respect of those Trace Shares
(and, if relevant, to elect for the Loan Note Alternative), you should follow
the procedure for Electronic Acceptance through CREST so that the TTE
instruction settles by 1.00p.m. (London time) on 14 August 2007.  If you hold
your Trace Shares as a CREST-sponsored member, you should refer to your CREST
sponsor as only your CREST sponsor will be able to send the necessary TTE
instructions to CRESTCo.


Save for the irrevocable undertakings described in the Revised Offer Document,
neither Tulip nor any person acting in concert with Tulip has borrowed or lent
any relevant securities nor has any arrangement in relation to relevant
securities been made. For these purposes, 'arrangement' includes any indemnity
or option arrangement, any agreement or understanding, formal or informal, of
whatever nature, relating to relevant securities which is, or may be, an
inducement to deal or refrain from dealing in such securities.


Terms herein have the same meaning as in the Offer Document dated 10 July 2007,
save where the context requires otherwise.


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


This Announcement does not, and is not intended to, constitute or form part of
any offer to sell, or an invitation to purchase, any securities or the
solicitation of any vote or approval in any jurisdiction. The Revised Offer has
been made solely by means of the Tulip Offer Document, which contains the full
terms and conditions of the Revised Offer. Trace Shareholders are advised to
read carefully the formal documentation in relation to the Revised Offer.



The availability of the Revised Offer and the release, publication or
distribution of this Announcement to persons who are not resident in the United
Kingdom may be affected by the laws of the relevant jurisdictions in which they
are located.  Persons who are not resident in the United Kingdom should inform
themselves of, and observe, any applicable requirements. Any failure to comply
with such applicable requirements may constitute a violation of the securities
laws of any such jurisdictions. This Announcement has been prepared for the
purposes of complying with English law and the City Code and the information
disclosed may not be the same as that which would have been disclosed if this
Announcement had been prepared in accordance with the laws of jurisdictions
outside the United Kingdom.



The Revised Offer has not been made in or into any jurisdiction where to do so
would constitute a violation of the relevant laws of such jurisdiction.
Custodians, nominees and trustees should observe these restrictions and should
not send or distribute the document in or into any jurisdiction where to do so
would constitute a violation of the relevant laws of such jurisdiction.



Charles Stanley, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Tulip and no one else in
connection with the Revised Offer and will not be responsible to anyone other
than Tulip for providing the protections afforded to clients of Charles Stanley
nor for providing advice in relation to the Revised Offer, the content of this
Announcement or any matter referred to herein.


                      This information is provided by RNS
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