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Macfarlane Group PLC (MACF)

Macfarlane Group PLC

Stmt re BPI Announcement
Macfarlane Group PLC
7 December 2000

  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES,

             CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND OR JAPAN

7 December 2000

                            FOR IMMEDIATE RELEASE



MACFARLANE GROUP INCREASED FINAL* CASH OFFER FOR BRITISH POLYTHENE INDUSTRIES
                                     PLC



The board of Macfarlane has noted the announcement by BPI that the third party
referred to in BPI's announcement of Monday, 4 December 2000 does not intend
to make an offer for BPI.


Macfarlane's Increased Final Offer remains the only 100 per cent. cash offer
available to BPI shareholders. We will write to BPI shareholders shortly
urging them to accept Macfarlane's Increased Final Cash Offer for BPI. To
accept our Offer of 310 pence in cash for every BPI share, BPI shareholders
should complete the blue Revised Form of Acceptance sent to BPI shareholders
on 1 December 2000 as soon as possible and in any event so as to arrive not
later than 1.00 pm on the 16 December 2000. Further copies of this form will
accompany our letter to BPI shareholders.


Macfarlane is now BPI's largest shareholder with 13.2% of its issued share
capital. Macfarlane currently either owns, holds irrevocable undertakings
over, or has received acceptances over, total of 24.6% of BPI's issued share
capital.


Iain Duffin, Macfarlane Group CEO, today said:


'In the interests of its shareholders and employees, I urge BPI now to
recommend our offer to bring this period of uncertainty to a close and work
with us to create a strong and vibrant company.


BPI shareholders are reminded that the only alternative to Macfarlane's
Increased Final Cash Offer is a tender offer from BPI for only 30 per cent. of
the issued share capital at a price of 320 pence per share. This would leave
shareholders with an uncertain value for the remaining 70 per cent. of their
shares. Accordingly, I again urge all BPI shareholders to accept our offer
before 1.00 pm on 16 December 2000.'


        *          Macfarlane reserves the right to revise and/or increase and
        /or extend the Increased Final Offer in the event of a competitive
        situation (as determined by the Panel) arising or otherwise with the
        consent of the Panel.

Words and expressions defined in previous Macfarlane documents and
announcements have the same meanings in this announcement, unless otherwise
indicated.


        Enquiries:


Macfarlane Group PLC     0141 333 9666

Iain Duffin


Noble Grossart Limited     0131 226 7011

Sir Angus Grossart

Todd Nugent


HSBC     020 7336 9000

John Hannaford




Bell Pottinger          020 7353 9203

David Rydell

Kate Power


Beattie Media          01698 787878

Gordon Beattie


Copies of the Original Offer Document, the document sent to BPI shareholders
on 2 November 2000, the Increased Final Offer Document and the Revised Form of
Acceptance are available free of charge from Lloyds TSB Registrars, Antholin
House, 71 Queen Street, London EC4N 1SL (telephone 0870 600 2027).


The directors of Macfarlane (whose names are set out in paragraph 2 of part 7
of the Original Offer Document) accept responsibility for the information
contained in this announcement and to the best of the knowledge and belief of
the directors of Macfarlane (who have taken all reasonable care to ensure that
such is the case), the information contained in this announcement is in
accordance with the facts and does not omit anything likely to affect the
import of such information.


Noble Grossart Limited, which is regulated in the UK by The Securities and
Futures Authority Limited, is acting for Macfarlane and no one else in
connection with the Increased Final Offer, and will not be responsible to
anyone other than Macfarlane for providing the protections afforded to
customers of Noble Grossart, or for providing advice in relation to the
Increased Final Offer. The contents of this announcement have been approved by
Noble Grossart Limited for the purpose only of Section 57 of the Financial
Services Act 1986.



                                                                                
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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