Watts Blake Bearne - Offer Acceptances/Extended

RNS No 4732c
WATTS BLAKE BEARNE & COMPANY PLC
12 April 1999
                                 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED
STATES, CANADA OR JAPAN
                                 
                       S.C.R. - SIBELCO S.A.
                      ----------------------
             UNCONDITIONAL RECOMMENDED CASH OFFERS FOR
            ------------------------------------------
             WATTS, BLAKE, BEARNE AND COMPANY, P.L.C.
             ----------------------------------------
        LEVEL OF ACCEPTANCES AND EXTENSION OF OFFER PERIOD
        ---------------------------------------------------
                                 
In relation to the unconditional recommended cash offers (the
'Offers') by S.C.R. - Sibelco S.A. ('Sibelco') for Watts, Blake,
Bearne and Company, P.L.C. ('Watts Blake Bearne') Sibelco
announces that:-

          Ordinary Offer
          --------------

          By 3.00 p.m. on Friday, 9 April, 1999, the third closing
          date of the Ordinary Offer, valid acceptances of the
          Ordinary Offer had been received by Sibelco in respect
          of a total of 9,233,640 Ordinary Shares, representing
          approximately 43.7 per cent. of Watts Blake Bearne's
          issued ordinary share capital.  These acceptances
          include valid acceptances from the Independent Directors
          of Watts Blake Bearne and certain other persons,
          entities and institutional shareholders, in accordance
          with the irrevocable undertakings to accept the Ordinary
          Offer given by them, in respect of an aggregate of
          5,384,435 Ordinary Shares, representing approximately
          25.5 per cent. of Watts Blake Bearne's issued ordinary
          share capital.

          Prior to commencement of the offer period on 18 January,
          1999, Sibelco was beneficially interested in 11,386,824
          Ordinary Shares, representing approximately 53.9 per
          cent. of the issued ordinary share capital of Watts
          Blake Bearne.  Since the commencement of the offer
          period Sibelco has acquired a further 6,500 Ordinary
          Shares, representing approximately 0.03 per cent. of
          Watts Blake Bearne's issued ordinary share capital.

          Accordingly, Sibelco now owns or has received
          acceptances of the Ordinary Offer in respect of a total
          of 20,626,964 Ordinary Shares, representing
          approximately 97.6 per cent. of Watts Blake Bearne's
          issued ordinary share capital.

          Sibelco now intends to implement the necessary
          procedures to acquire compulsorily, pursuant to sections
          428 to 430F (inclusive) of the Companies Act, any
          outstanding Ordinary Shares for which valid acceptances
          of the Ordinary Offer are not received.

          Preference Offer
          ----------------

          By 3.00 p.m. on Friday, 9 April, 1999, the third closing
          date of the Preference Offer, valid acceptances of the
          Preference Offer had been received by Sibelco in respect
          of a total of 136,152 Preference Shares, representing
          approximately 93.2 per cent. of Watts Blake Bearne's
          issued preference share capital.  These acceptances
          include valid acceptances from the Independent Directors
          of Watts Blake Bearne and certain other persons,
          entities and institutional shareholders, in accordance with        
          the irrevocable undertakings to accept the Preference Offer 
          given by them, in respect of an aggregate of 109,389 Preference 
          Shares, representing approximately 74.9 per cent. of Watts Blake
          Bearne's issued preference share capital.

          On 7 April, 1999, Sibelco implemented the necessary
          procedures to acquire compulsorily, pursuant to sections
          428 to 430F (inclusive) of the Companies Act, any
          outstanding Preference Shares for which valid
          acceptances of the Preference Offer have not been
          received.


Save as disclosed above and in the Offer Document, neither
Sibelco, nor any persons acting or deemed to be acting in concert
with Sibelco, held any Watts Blake Bearne Shares (or rights over
such shares) on 15 January, 1999, the last dealing day prior to
the commencement of the offer period, nor have any such persons
acquired or agreed to acquire any Watts Blake Bearne Shares (or
rights over such shares) during the offer period other than by way
of acceptance of the Offers and no acceptances of the Offers have
been received from any person acting or deemed to be acting in
concert with Sibelco.

Both of the Offers have been extended and will remain open until
3.00 p.m. on Friday, 23 April, 1999.  Watts Blake Bearne
Shareholders who wish to accept either of the Offers and have not
yet done so should return their completed Forms of Acceptance as
soon as possible.

Unless the context requires otherwise, the definitions contained
in the Offer Document dated 19 February, 1999, also apply in this
announcement.


Enquiries
---------

Lazard Brothers & Co., Limited          Tel: 0171 588 2721

John Dear
Etienne Bottari


The Offers are not being made, directly or indirectly, in or into
the United States, Canada or Japan.  Accordingly, copies of this
announcement are not being, and must not be, mailed or otherwise
distributed or sent in or into the United States, Canada or Japan.

Lazard Brothers, which is regulated in the United Kingdom by the
Securities and Futures Authority Limited, is acting for Sibelco
and for no one else in connection with the Offers and will not be
responsible to anyone other than Sibelco for providing the
protections afforded to customers of Lazard Brothers or for
providing advice in relation to the Offers.

END


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