SGV Spring Grove

RNS Number:2422D
Park Street Holdings Ltd
23 September 2004


23 SEPTEMBER 2004

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN



                           Park Street Holdings Limited

                            Recommended Cash Offer for
                      Spring Grove Property Maintenance PLC

               Compulsory acquisition of outstanding Spring Grove Shares


The Board of Park Street Holdings Limited ("Park Street"), a wholly-owned
subsidiary of Mount Street Holdings PLC ("Mount Street"), announces that at 3.00
p.m. on 22 September 2004, Park Street had received valid acceptances of the
Offer in respect of a total of 8,177,282 Spring Grove Property Maintenance PLC
("Spring Grove") Shares, representing approximately 94.0 per cent of the Spring
Grove Shares subject to the Offer. As such, Park Street is entitled to exercise
its rights pursuant to sections 428 to 430F of the Companies Act 1985 (the 
"Act") to compulsorily acquire all of the outstanding Spring Grove Shares in
respect of which valid acceptances have not been received.

Accordingly, compulsory acquisition notices pursuant to section 429(4) of the
Act will be despatched in due course to the holders of Spring Grove Shares who
have not yet accepted the Offer.

The Offer will remain open for acceptance until further notice. Spring Grove
Shareholders who have not already done so are urged to accept the Offer as soon
as possible rather than wait for their Spring Grove Shares to be compulsorily
acquired by Park Street.

An application has been made to the London Stock Exchange to cancel the
admission of Spring Grove Shares to AIM.  The cancellation of admission to AIM
is expected to be effective from the close of business on 20 October 2004.

The Offer remains subject to the terms and conditions set out in the Offer 
Document dated 25 August 2004.

Words and expressions defined in the Offer Document shall have the same meaning 
when used in this announcement.



ENQUIRIES

Citigate Dewe Rogerson                                        Tel: 020 7638 9571
Sarah Gestetner
Alexandra Scrimgeour
Alex Brown

Houlihan Lokey Howard & Zukin (Europe) Limited                Tel: 020 7839 3355
Duncan Priston
Lee Yeomans

Shore Capital and Corporate Limited                           Tel: 020 7408 4090
Alex Borrelli
Simon Edwards



The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of, or by any means or instrumentality (including, without limitation,
facsimile transmission, telex, telephone or e-mail) of interstate or foreign
commerce of, or any facilities of a national securities exchange of, the United
States, Canada, Australia or Japan or any other jurisdiction if to do so would
constitute a violation of the relevant laws of such jurisdiction, and cannot be
accepted by any such use, means or instrumentality or facility from or within
the United States, Canada, Australia or Japan.

Houlihan Lokey Howard & Zukin (Europe) Limited, which is authorised and
regulated in the United Kingdom by the Financial Services Authority in respect
of regulated activities, is acting exclusively for Park Street Holdings Limited
and Mount Street Holdings PLC in connection with the Offer and is not acting for
any other person in connection with the Offer. Houlihan Lokey Howard & Zukin
(Europe) Limited will not be responsible to anyone other than Park Street
Holdings Limited and Mount Street Holdings PLC for providing the protections
afforded to its clients or for providing advice in relation to the Offer.

Shore Capital and Corporate Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority in respect of regulated
activities, is acting exclusively for Spring Grove Property Maintenance PLC and
no one else in connection with the Offer and will not be responsible to anyone
other than Spring Grove Property Maintenance PLC for providing the protections
afforded to customers of Shore Capital and Corporate Limited or for giving
advice in relation to the Offer.


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

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