Announcements - 21st June 2004

PUBLICATION OF PLACING AND OPEN OFFER DOCUMENTATION

OPEN OFFER TIMETABLE

Further to the announcement made on Friday, 18 June, 2004, Kenmare is pleased to announce that the document relating to the Company's proposed Placing and Open Offer and convening an Extraordinary General Meeting of the Company for 11.00 a.m. on 14 July, 2004 ("Listing Particulars") is being published and posted to Shareholders today.

Kenmare also confirms that application has been made to the Irish Stock Exchange and the UK Listing Authority for in aggregate 331,468,222 New Ordinary Shares and 82,867,055 New Warrants to be admitted to the Official List of the Irish Stock Exchange and the Official List of the UK Listing Authority and application has been made to the Irish Stock Exchange and the London Stock Exchange for such New Ordinary Shares and New Warrants to be admitted to trading on their respective main markets for listed securities. It is expected, subject to the fulfilment of certain conditions as set out in the Listing Particulars, that admission of the New Ordinary Shares and New Warrants to the Official Lists will become effective and that dealings therein will commence on 15 July, 2004 (in the case of the Placing Shares and related New Warrants), and on 23 July, 2004 (in the case of the Open Offer Shares and related New Warrants).

Document Availability

A copy of the Listing Particulars will be submitted to the Irish Stock Exchange and the UK Listing Authority and will shortly be available for inspection at the following locations:

Company Announcements Office,
Irish Stock Exchange,
28 Anglesea Street,
Dublin 2,
Ireland.
Tel: + 353 1 617 4200

Financial Services Authority,
25 The North Colonnade,
Canary Wharf,
London E14 5HS,
United Kingdom.
Tel: + 44 207 066 1000.

Placing and Open Offer Timetable

A timetable of the expected dates in relation to the Placing and Open Offer is set out at the end of this announcement.

Terms defined in the Listing Particulars have the same meaning in this announcement.

For further information:

Michael Carvill
Managing Director
+353-1-671 0411
+353-87-674 0110

Murray Consultants
Tom Byrne
+353-1-498 0339

Conduit PR Ltd
Leesa Peters
+44-207-6188708
Mob: +44 781 215 9885

PLACING and OPEN OFFER Timetable

The expected timetable in relation to the Placing and Open Offer is as set out below:

Record Date for the Open Offer
close of business on 16 June, 2004

Despatch of the Listing Particulars and of the Open Offer Application Forms
21 June, 2004

Latest time and date for splitting Application Forms (to satisfy bona fide market claims only)
3.00 p.m. on 8 July, 2004

Latest time and date for receipt of Forms of Proxy for the Extraordinary General Meeting
11.00 a.m. on 12 July, 2004

Latest time and date for receipt of completed application Forms and payment in full under the Open Offer
3.00 p.m. on 12 July, 2004

Time and date of Extraordinary General Meeting
11.00 a.m. on 14 July, 2004

Admission of the Placing Shares and associated New Warrants to the Official Lists and commencement of dealing therein on the Irish Stock Exchange and the London Stock Exchange(1) (2) (3)
15 July, 2004

CREST accounts expected to be credited and definitive certificates expected to be despatched in respect of the Placing Shares and associated New Warrants no later than (1) (2) (3)
15 July, 2004

Admission of the Open Offer Shares and associated New Warrants to the Official Lists and commencement of dealing therein on the Irish Stock Exchange and the London Stock Exchange(1) (2) (3)
23 July, 2004

CREST accounts expected to be credited and definitive certificates expected to be despatched in respect of the Open Offer Shares and associated New Warrants no later than (1) (2) (3)
23 July, 2004

Notes

This is an expected date only and assumes that in aggregate Stg£ 53 million (or such lesser amount as provided for in the relevant condition) is raised under the Placing and Open Offer (and if necessary a Supplemental Placing).

These dates will be finalised upon fulfilment of the conditions as referred to in note (2).

Assumes approval of the relevant Resolutions to be proposed and considered at the Extraordinary General Meeting.

The dates set out in the timetable above may be adjusted by Kenmare, in which event details of new dates will be notified, via Regulatory Information Services, to the Irish Stock Exchange, the UK Listing Authority and the London Stock Exchange and, where appropriate to Qualifying Shareholders.