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Wednesday 29 August, 2007

Tulip Holdings Ltd

Offer Update

Tulip Holdings Limited
29 August 2007





29 August 2007



                             TULIP HOLDINGS LIMITED



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



                         Offer Update and Offer Closed





Further to the Revised Offer made on 10 July 2007 by Tulip to acquire the
existing issued share capital of Trace (excluding shares held in treasury that
are not subject to the Revised Offer) and the announcement on 31 July  2007 that
all conditions relating to the Revised Offer had been satisfied or waived and
that the Revised Offer had been declared wholly unconditional, Tulip announces
that the Revised Offer closed at 1.00 pm (London time) on 28 August 2007 and is
no longer available for acceptance.



As at 1:00pm on 28 August 2007 valid acceptances of the Revised Offer had been
received in respect of a total of 13,721,953 Trace Shares, representing
approximately 96.30% per cent. of the existing issued share capital of Trace
(excluding shares held in treasury that are not subject to the Revised Offer).


Tulip also beneficially owns 169,327 Trace Shares representing 1.19 per cent. of 
the issued share capital of Trace.


Accordingly, as at 1.00 p.m. (London time) on 28 August 2007, Tulip held and had
received valid acceptances of the Revised Offer in respect of an aggregate of
13,891,280 Trace Shares, representing approximately 97.49% per cent. of the
existing issued share capital of Trace (excluding shares held in treasury that
are not subject to the Revised Offer).



As Tulip has received acceptances which, together with other shares acquired
represent 90 per cent. or more of the Trace Shares to which the  Revised Offer
relates, Trace intends to apply the provisions of sections 974 to 991
(inclusive) of the Companies Act 2006 to acquire compulsorily the  outstanding
Trace Shares to which the Revised Offer relates. Accordingly, Tulip will be
posting in due course formal notices under section 979 of the Companies Act 2006
to Trace Shareholders who have not yet accepted the Revised Offer.



As announced on 8 August 2007, Tulip, having received valid acceptances of the
Revised Offer for greater than 75 per cent. of the voting share capital of
Trace, has procured that Trace applies to the Financial Services Authority for
the listing of Trace Shares on the Official List of the UK Listing Authority to
be cancelled and to the London Stock Exchange plc for the admission to trading
of Trace Shares to be cancelled. Cancellation of the listing of Trace Shares on
the Official List of the UK Listing Authority and the cancellation of the
admission to trading of Trace Shares on the London Stock Exchange plc will take
effect not earlier than 6 September 2007.



Commenting on the result Richard Wolfe said:-



'I am delighted that the initial aims of Tulip have been achieved and Trace can
move forward to its next stage for the benefit of all its staff and clients.  In
particular I would like to thank our advisors and bankers, Charles Stanley,
Bevan Brittan and Fortis Bank, who have made this possible and especially I
thank the large number of private shareholders who identified themselves with
the aims of Tulip and hence supported its lower bid.'



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








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