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Scottish Highland (SHH)

Scottish Highland

Offer Acceptances, etc.
20 August 1999


        Recommended offer for Scottish Highland Hotels plc

On  18  August  1999,  the board of Paramount  Hotels  Investments
Limited ('Paramount Hotels Investments') announced the terms of  a
recommended cash offer, to be made by Apax Partners & Co.  Capital
Limited on behalf of Paramount Hotels Investments, to acquire  the
entire  issued,  and  to  be  issued, share  capital  of  Scottish
Highland Hotels plc ('Scottish Highland'). The document containing
the   terms  of  the  Offer  was  posted  to  Scottish  Highland's
shareholders  on 18 August 1999.  The Offer is 130p  in  cash  for
each  Scottish  Highland  share which values  Scottish  Highland's
existing issued share capital at approximately £38 million.

Paramount  Hotels  Investments  is a  newly  incorporated  company
formed  for  the  purpose of making the Offer and a  wholly  owned
subsidiary of Paramount Hotels Group Limited ('Paramount Hotels').
The  Alchemy Investment Plan currently controls 87.5 per cent. and
directors  and  senior  management hold  12.5  per  cent.  of  the
ordinary share capital of Paramount Hotels.

Alchemy  Partners,  which was established in 1997,  is  a  venture
capital  advisory business and advises Alchemy Partners (Guernsey)
Limited, which manages the Alchemy Investment Plan.

On  posting  of  the  Offer,  Paramount  Hotels  Investments  held
irrevocable  undertakings  relating to,  in  aggregate,  5,557,880
Scottish  Highland shares (representing 19.02  per  cent.  of  the
issued  share capital of  Scottish Highland).  Further details  on
these undertakings are set out in yesterday's announcement and  in
the Offer Document.

In  addition,  on  18  August 1999, Paramount  Hotels  Investments
acquired 8,738,663 Scottish Highland shares representing 29.90 per
cent. of the issued share capital of Scottish Highland at 130p per

Accordingly, therefore, Paramount Hotels Investments now owns,  or
has  received undertakings to accept the Offer in respect  of,  in
aggregate,  14,296,543  shares in Scottish Highland,  representing
48.92 per cent. of the issued share capital of Scottish Highland.

The  directors of Paramount Hotels, Paramount Hotels  Investments,
the  directors of Alchemy Partners (Guernsey) and the partners  of
Alchemy   Partners,  accept  responsibility  for  the  information
contained  in this announcement and to the best of their knowledge
and  belief (having taken all reasonable care to ensure that  such
is  the  case).  The information contained herein is in accordance
with  the  facts and does not omit anything likely to  affect  the
impact of such information.

Apax  Partners, which is regulated by The Securities  and  Futures
Authority  Limited,  is  acting for Paramount  Hotels  and  Hotels
Investments  and  no  one else in connection with  the  Offer  for
Scottish Highland and will not be responsible to anyone other than
Paramount   Hotels  and  Hotels  Investments  for  providing   the
protections afforded to their customers or for providing advice in
relation to the Offer.

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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