RNS Number:5108J
BIL International Limited
01 April 2003



THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA OR JAPAN






01 April 2003





                               CASH OFFER BY HSBC

                         ON BEHALF OF BIL (UK) LIMITED

                             FOR THISTLE HOTELS PLC


               BIL TO RETAIN ITS 45.8 PER CENT. STAKE IN THISTLE


Following the announcement by Thistle on 31 March 2003 confirming discussions
with certain unnamed parties who may or may not be considering either a possible
competing offer for Thistle or the acquisition of certain of Thistle's hotel
assets, BIL wishes to clarify its position.


The BIL Group currently owns Thistle Shares representing approximately 45.8 per
cent. of Thistle's existing issued share capital.


In its Offer Document, BIL states that the BIL Group will not dispose of its
shareholding in Thistle, even if a competing offer were made. For the avoidance
of doubt, the BIL Group confirms that it will not accept any competing offer in
respect of its Thistle Shares, regardless of the terms of such offer.


In addition, the BIL Group will not dispose of shareholding in Thistle for a
period of at least 12 months. This means that, even if its Offer lapses, for a
period of at least 12 months, the BIL Group will not accept any offer in respect
of its Thistle Shares that may be made in that period, regardless of the terms
of such offer.


Under the City Code on Takeovers and Mergers, the Independent Directors of
Thistle may not, during the Offer Period, sell or dispose of or agree to sell or
dispose of assets of a material amount without the approval of shareholders in
general meeting. Such approval requires a simple majority of the votes cast by
those shareholders present (in person or by proxy) and voting at the meeting.


Enquiries:

BIL
Arun Amarsi                                             +65 6228 1427


HSBC
Neil Goldie-Scot                                  +44 (0)20 7991 8888
Jan Sanders
Marcus Ayre


Brunswick
Jonathan Glass                                    +44 (0)20 7404 5959
Simon Sporborg


Definitions used in the Offer Announcement dated 4 March 2003 and in the Offer
Document dated 31 March 2003 have the same meaning when used in this
announcement, unless the context requires otherwise.


This announcement has been issued by HSBC, which is regulated in the UK by The
Financial Services Authority, and which is acting as financial adviser to BIL
and BIL (UK) and no one else in connection with the Offer and the matters
described in this announcement and will not be responsible to anyone other than
to BIL and BIL (UK) for providing the protections afforded to customers of HSBC,
nor for providing advice in relation to the Offer or any other matters described
in this announcement.


Unless BIL (UK) otherwise determines, the Offer is not being made, directly or
indirectly, in or into the United States, Canada, Australia or Japan or by use
of the mails of, or by any means or instrumentality of interstate or foreign
commerce of, or any facility of a national securities exchange of any of those
jurisdictions and the Offer should not be accepted by any such use, means,
instrumentality or facility or from within the United States, Canada, Australia
or Japan. This includes, but is not limited to, the post, facsimile
transmissions, telex, telephone, e-mail and the internet. Accordingly, copies of
this announcement and any related documents are not being sent and must not be
mailed or otherwise distributed or sent in, into or from the United States,
Canada, Australia or Japan. Persons receiving such documents (including, without
limitation, custodians, nominees and trustees) should not distribute or send
them in, into or from the United States, Canada, Australia or Japan or use the
United States, Canadian, Australian or Japanese mails or any such means,
instrumentality or facility for any purpose, directly or indirectly, in
connection with the Offer. Doing so may invalidate any related purported
acceptance of the Offer.


The directors of BIL and BIL (UK) accept responsibility for the information
contained in this announcement, save that the only responsibility accepted by
them in respect of the information in this announcement relating to Thistle or
the Thistle Group (which has been compiled from published sources) is to ensure
that such information has been correctly and fairly reproduced and presented.
Subject as aforesaid to the best of the knowledge and belief of the directors of
BIL and BIL (UK) (who have taken all reasonable care to ensure that such is the
case), the information contained in this announcement for which they are
responsible is in accordance with the facts and does not omit anything likely to
affect the import of such information.





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