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Highcross (Bugatti)

Offer for Bizspace plc
Highcross (Bugatti) Limited
08 June 2006

Not for release, publication or distribution in whole or in part in, into or
from the United States of America, Canada, Australia, or Japan or any other
jurisdiction where it would be unlawful to do so.

                                                                     8 June 2006

  RECOMMENDED CASH OFFER BY DELOITTE CORPORATE FINANCE ON BEHALF OF HIGHCROSS
                       (BUGATTI) LIMITED FOR BIZSPACE PLC

Summary

•                    The Boards of Highcross (Bugatti) Limited ('HBL') and
Bizspace plc ('Bizspace') announce that they have reached agreement on the terms
of a recommended cash offer for the whole of the issued and to be issued share
capital of Bizspace, to be made by Deloitte Corporate Finance on behalf of HBL.

•                    The Offer will be 93.5 pence in cash for each Bizspace
Share and values the existing issued ordinary share capital of Bizspace at
approximately £77.6 million.

•                    The Offer represents a premium of 18.4 per cent. to the
Closing Price of 79.0 pence per Bizspace Share on 28 March 2006, being the last
business day prior to the announcement that Bizspace was in discussions which
may or may not lead to an offer being made for Bizspace; and 21.4 per cent. to
the fully diluted net asset value per Bizspace Share of 77.0 pence after
deferred tax as at 28 February 2006.

•                    The Directors of Bizspace, who have been so advised by
PricewaterhouseCoopers, consider the terms of the Offer to be fair and
reasonable. In providing advice to the Bizspace Directors,
PricewaterhouseCoopers has taken into account the commercial assessments of the
Bizspace Directors.

•                    Accordingly, the Bizspace Directors will unanimously
recommend that Bizspace Shareholders accept the Offer, as those Bizspace
Directors who hold Bizspace Shares have irrevocably undertaken to do in respect
of their own beneficial holdings, amounting to a total of 531,998 Bizspace
Shares representing approximately 0.6 per cent. of the existing issued share
capital of Bizspace.

•                    In addition, other major Bizspace Shareholders, holding a
total of 33,484,038 Bizspace Shares representing in aggregate approximately 40.4
per cent. of the issued share capital of Bizspace, have also given irrevocable
undertakings to accept or procure the acceptance of the Offer.

•                    Letters of intent to accept or procure acceptance of the
Offer have been received from Schroder Investment Management Limited and Merrill
Lynch Investment Managers Limited in respect of a total of 14,419,363 Bizspace
Shares representing approximately 17.4 per cent. of the existing issued share
capital of Bizspace.

•                    Accordingly, irrevocable commitments and non-binding
letters of intent to accept or procure acceptance of the Offer have been
received from shareholders in respect of a total of 48,435,399 Bizspace Shares,
representing approximately 58.4 per cent. of the existing issued share capital
of Bizspace.

•                    Highcross is a group of private, fully integrated real
estate investment entities. In 2004, the founders of Highcross raised £150
million for a real estate fund from a diversified set of investors, and have
substantially committed this capital. On 1 May 2006 Highcross completed the
closing of a second real estate fund, having raised £325 million through the
Highcross Funds. The Highcross Funds' 21 investors include major U.S. endowments
and foundations and other international private investors.

Commenting on the Offer;

          •           Peter Gubb, Managing Director of HBL said:

'We are delighted to be making the Offer, which the Board of Bizspace has
recommended as representing good value for Bizspace Shareholders. We believe
that the Offer presents the next logical step for the Bizspace business as it
provides the opportunity to combine Highcross's investment expertise and capital
resources with Bizspace's strong management team and operations.'

          •           Larry Lipman, Executive Chairman of Bizspace said:

'The Offer represents an excellent opportunity for Shareholders to realise their
investment in Bizspace at an attractive price. Considerable value has been
created for Bizspace Shareholders by the Bizspace management team since the
company was listed on AIM in 2000 and we have created a good business with an
attractive market position. I am pleased that the business will be developed
further by the Highcross Funds.'



Enquiries

Highcross (Bugatti) Limited
Peter Gubb                                                         01635 521 088
Mike Megan

Deloitte Corporate Finance
Jonathan Hinton                                                    020 7936 3000
David Kent

Bizspace plc
Larry Lipman                                                       020 8815 1616
Paul Davis

PricewaterhouseCoopers
(financial adviser to Bizspace)
Simon Boadle                                                       020 7583 5000
Gerry Young

Teather & Greenwood
(nominated adviser and broker to Bizspace)
Mark Dickenson                                                     020 7426 9000
Rob Naylor




This summary should be read in conjunction with the full text of the attached
announcement.

This announcement does not constitute an offer or invitation to purchase any
securities.  The Offer will be made solely by means of the Offer Document and
the form of acceptance accompanying the Offer Document, which will contain the
full terms and conditions of the Offer including details of how it may be
accepted.

The full text of the conditions of the Offer and the bases and sources of
assumptions and calculations are set out in Appendices 1 and 2, respectively,
each of which forms part of, and should be read with, this announcement.
Defined terms have the meanings set out in Appendix 3, which also forms part of
and should be read in conjunction with this announcement.

Deloitte Corporate Finance is acting for HBL, Highcross Jersey Holdings and
Highcross Partners GP, and for no one else in connection with the Offer and will
not regard any other person as its client nor be responsible to anyone other
than HBL, Highcross Jersey Holdings and Highcross Partners GP for providing the
protections afforded to clients of Deloitte Corporate Finance nor for providing
advice in relation to the Offer or any matter referred to herein. Deloitte
Corporate Finance is a division of Deloitte & Touche LLP, which is authorised
and regulated by the Financial Services Authority in respect of regulated
activities.

PricewaterhouseCoopers LLP, which is authorised and regulated in the United
Kingdom by the Financial Services Authority for designated investment business,
is acting exclusively for Bizspace and for no one else in relation to the Offer
and will not be responsible to anyone other than Bizspace for providing the
protections afforded to clients of PricewaterhouseCoopers LLP, or for giving
advice in relation to the Offer or any other matter referred to herein.

The availability of the Offer to persons who are not resident in the United
Kingdom may be affected by the laws of the relevant jurisdiction in which they
are located.  Persons who are not resident in the United Kingdom should inform
themselves about, and observe, applicable legal or regulatory requirements in
their jurisdiction.

The Offer will not be made, directly or indirectly, in or into, or by use of the
mails, or by any means or instrumentality (including, without limitation, telex,
facsimile transmission, telephone, internet or other forms of electronic
communication) of interstate or foreign commerce of, or by any facilities of a
national securities exchange of, the United States, Canada, Australia, or Japan
or any other jurisdiction if to do so would constitute a violation of the
relevant laws of such jurisdiction and the Offer cannot be accepted by any such
use, means or instrumentality or otherwise from or within the United States,
Canada, Australia, or Japan or any other jurisdiction if to do so would
constitute a violation of the relevant laws of such jurisdiction. Accordingly,
copies of this announcement are not being, and must not be, mailed or otherwise
forwarded, distributed or sent in or into or from any such jurisdiction.

The Directors of HBL and the directors of Highcross Partners GP accept
responsibility for the information contained in this announcement, other than
the information relating to the Bizspace Group, and the Bizspace Directors and
their immediate families, and related trusts and persons connected with them,
for which the Bizspace Directors accept responsibility.  To the best of the
knowledge and belief of the Directors of HBL and the directors of Highcross
Partners GP (who have taken all reasonable care to ensure that such is the
case), the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

The Directors of Bizspace accept responsibility for the information contained in
this announcement relating to the Bizspace Group, themselves and their immediate
families, related trusts and persons connected with them.  To the best of the
knowledge and belief of the Directors of Bizspace (who have taken all reasonable
care to ensure that such is the case), such information contained in this
announcement for which they accept responsibility is in accordance with the
facts and does not omit anything likely to affect the import of such
information.





Not for release, publication or distribution in whole or in part in, into or
from the United States of America, Canada, Australia, or Japan or any other
jurisdiction where it would be unlawful to do so.

                                                                     8 June 2006

  RECOMMENDED CASH OFFER BY DELOITTE CORPORATE FINANCE ON BEHALF OF HIGHCROSS
                       (BUGATTI) LIMITED FOR BIZSPACE PLC

1.                  Introduction

The Boards of HBL and Bizspace announce that they have reached agreement on the
terms of a recommended cash offer to be made by Deloitte Corporate Finance, on
behalf of HBL, to acquire the whole of the issued and to be issued share capital
of Bizspace.

The Offer will be 93.5 pence in cash for each Bizspace Share and values the
existing issued ordinary share capital of Bizspace at approximately £77.6
million.

The Offer represents a premium of 18.4 per cent. to the Closing Price of 79.0
pence per Bizspace Share on 28 March 2006, being the last business day prior to
the announcement that Bizspace was in discussions which may or may not lead to
an offer being made for Bizspace; and 21.4 per cent. to the fully diluted net
asset value per Bizspace Share of 77.0 pence after deferred tax as at 28
February 2006.

The formal Offer will be set out in the Offer Document, which is expected to be
dispatched to Bizspace Shareholders today.

2.                  The Offer

The Offer, which will be subject to the conditions and further terms set out in
Appendix 1 and to be set out in the Offer Document, will be made on the
following basis:

     for each Bizspace Share                           93.5 pence in cash

The Offer, which is wholly in cash, values the existing issued ordinary share
capital of Bizspace at approximately £77.6 million.

The Offer represents a premium of 18.4 per cent. to the Closing Price of 79.0
pence per Bizspace Share on 28 March 2006, being the last business day prior to
the announcement that Bizspace was in discussions which may or may not lead to
an offer being made for Bizspace; and 21.4 per cent. to the fully diluted net
asset value per Bizspace Share of 77.0 pence after deferred tax as at 28
February 2006.

Bizspace Shares will be acquired by HBL fully paid and free from all liens,
equitable interests, charges, encumbrances, rights of pre-emption and other
third party interests and rights of whatsoever nature and together with all
rights attaching thereto on or after 8 June 2006, including the right to receive
and retain all dividends and other distributions (if any) declared, made or paid
by Bizspace on or after such date.

The Offer extends to all Bizspace Shares unconditionally allotted or issued and
fully paid on the date of the Offer and any Bizspace Shares which are
unconditionally allotted or issued and fully paid (including pursuant to the
exercise of options under the Bizspace Share Option Scheme and awards vested
under the Bizspace LTIP) before the date on which the Offer closes (or such
earlier date as HBL may, subject to the City Code, decide, not being earlier
than the date on which the Offer becomes unconditional as to acceptances).

3.                  Recommendation

The Bizspace Directors, who have been so advised by PricewaterhouseCoopers,
consider the terms of the Offer to be fair and reasonable. In providing advice
to the Bizspace Directors, PricewaterhouseCoopers has taken into account the
commercial assessments of the Bizspace Directors.

Accordingly, the Bizspace Directors will unanimously recommend that Bizspace
Shareholders accept the Offer, as those Bizspace Directors who hold Bizspace
Shares have irrevocably undertaken to do in respect of their own beneficial
holdings amounting to a total of 531,998 Bizspace Shares representing
approximately 0.6 per cent. of the issued share capital of Bizspace.

4.                  Irrevocable Undertakings

All of the Directors of Bizspace who hold Bizspace Shares have irrevocably
undertaken to accept the Offer in respect of, in aggregate, 531,998 Bizspace
Shares owned by them, representing approximately 0.6 per cent. of the existing
issued share capital of Bizspace. These undertakings continue to be binding in
the event of a competing offer being made for Bizspace.

HBL has also received irrevocable undertakings from Trefick Limited, Safeland
Holdings Corporation and Unicorn Asset Management Limited to accept or procure
acceptance of the Offer in respect of, in aggregate, a further 26,969,942
Bizspace Shares, representing approximately 32.5 per cent. of the existing
issued share capital of Bizspace. These undertakings continue to be binding in
the event of a competing offer being made for Bizspace.

In addition, Safeland plc has undertaken, subject to obtaining the approval of
its shareholders at an extraordinary general meeting (expected to be held on or
about 26 June 2006), to accept or to procure the acceptance of the Offer in
respect of its entire beneficial holding of 6,514,096 Bizspace Shares,
representing approximately 7.9 per cent. of the existing issued share capital of
Bizspace. This undertaking continues to be binding in the event of a competing
offer being made for Bizspace. Larry Lipman, executive chairman of Bizspace and
a director and shareholder of Safeland plc, has undertaken to vote in favour of
the resolution to be proposed at the extraordinary general meeting.

Schroder Investment Management Limited and Merrill Lynch Investment Managers
Limited have provided HBL with non-binding letters of intent to accept or
procure acceptance of the Offer in respect of a total of 14,419,363 Bizspace
Shares, representing approximately 17.4 per cent. of the existing issued share
capital of Bizspace.

In aggregate, therefore, HBL has received undertakings and non-binding letters
of intent to accept the Offer in respect of a total of 48,435,399 Bizspace
Shares, representing approximately 58.4 per cent. of the existing issued share
capital of Bizspace.

5.                  Background to and reasons for recommending the Offer

Bizspace is a specialist provider of managed workspace, offering a wide range of
flexible accommodation to start-up and smaller businesses requiring studio,
workshop, light industrial, office or storage facilities. Bizspace's shares were
admitted to AIM in July 2000. Since Bizspace was floated on AIM it has grown its
property portfolio from 11 centres with a book value of £15.2 million as at 28
February 2001 to 60 centres which have been independently valued at £159.8
million as at 28 February 2006.

On 17 May 2006, Bizspace announced its audited preliminary results for the year
ended 28 February 2006 and reported net asset value per share up 47.3 per cent.
and basic earnings per share (pre-exceptionals) up 20.9 per cent. over the
previous financial year. Since the year end Bizspace has traded satisfactorily.

Whilst historic financial performance has been strong, the Bizspace Board is
mindful of the fact that yields on industrial property have fallen to
historically low levels and that further gains in net asset value from yield
compression may be challenging to sustain. In February 2006, the Board of
Bizspace appointed PricewaterhouseCoopers to review the strategic options for
the Bizspace Group. After considering these options, the Board of Bizspace
concluded that a sale of Bizspace was likely to be the most beneficial route to
realise shareholder value. PricewaterhouseCoopers conducted a controlled auction
process which resulted in Highcross and certain other property companies making
indicative offer proposals. The Offer is the successful outcome of this process.

In the opinion of the Bizspace Directors, the Offer represents good value for
shareholders, being priced at a premium of 21.4 per cent. to Bizspace's fully
diluted net asset value of 77.0 pence per share after deferred tax as at 28
February 2006, and at a premium to Bizspace's fully diluted net asset value of
92.8 pence per share as at 28 February 2006, which premiums compare favourably
to recent offers for UK listed property companies. Accordingly, the Bizspace
Directors consider the Offer to be fair and reasonable and will recommend to
Bizspace Shareholders that they accept the Offer, as the Chairman of Bizspace
and the other Bizspace Directors who hold Bizspace Shares have irrevocably
undertaken to do in respect of their own beneficial holdings of Bizspace Shares.

As stated in paragraph 8 of this announcement, HBL intends to develop further
the Bizspace business which, under HBL ownership, will benefit from the proven
property investment skills and financial resources of Highcross and the
Highcross Funds. The Bizspace Board views this as a positive development for the
business.

The Bizspace Board also notes HBL's intentions with respect to management and
employees of the Bizspace Group as set out in paragraph 9 of this announcement.
HBL has stated that the employment rights of Bizspace employees will be
safeguarded and it is intended that the business will continue to be carried on
in all material respects as it has been prior to the Offer with key executive
management and employees remaining in their current roles. The Bizspace Board
therefore considers the Offer to be in the interest of employees.

6.                  Information relating to HBL

HBL was incorporated in England and Wales on 27 March 2006 at the direction of
Highcross Partners GP for the purposes of making the Offer. Since its
incorporation, HBL has not traded other than to the extent necessary to make the
Offer. Upon the Offer being declared wholly unconditional, shares in HBL will be
controlled by Highcross Partners GP on behalf of the Highcross Funds.

The current directors of HBL are Peter Gubb, Michael Megan, Keith Woods and
Helen Wright.

7.                  Information relating to Highcross

Highcross is a group of private, fully integrated real estate investment
entities. In 2004, the founders of Highcross raised £150 million for a real
estate fund from a diversified set of investors, and have substantially
committed this capital. On 1 May 2006 Highcross completed the closing of a
second real estate fund, having raised £325 million through the Highcross Funds.
The Highcross Funds' 21 investors include major U.S. endowments and foundations
and other international private investors.

To date the Highcross Funds have invested £25 million of their total capital
commitments in a series of single UK property assets. The Offer represents the
Highcross Funds' first acquisition of a corporate entity.

8.                  Background to and reasons for the Offer

The Highcross Funds are private real estate investment vehicles focussed on
making investments predominantly in regional UK office and industrial property.
The Board of HBL believes that the acquisition of Bizspace, a provider of
managed workspace, will fit well with the strategy of the Highcross Funds to
acquire income producing property assets in the UK.

By combining the operating management expertise of the Bizspace management with
the proven property investment skills and financial resources of Highcross, the
Directors of HBL believe there will be considerable opportunity to enhance
current revenue streams as well as delivering additional value through
development of the existing portfolio. HBL will seek to develop further the
Bizspace business model through economies of scale and the continued development
of additional service offerings to tenants. It will also offer Bizspace the
potential to grow its asset base through access to the Highcross Funds'
significant capital resources.

The HBL Directors believe that, particularly in the context of recent
uncertainty in the UK equity markets, the Offer will provide an attractive
opportunity for Bizspace Shareholders to realise their investment for cash at a
premium of 18.4 per cent. over the Closing Price of 79.0 pence per Bizspace
Share on 28 March 2006, being the last dealing date before the announcement that
Bizspace was in discussions which may or may not lead to an offer for Bizspace.

9.                  Management and employees

The Board of HBL attaches great importance to the skills and experience of the
management and employees of Bizspace. The Board of HBL has provided assurances
to the Bizspace Board that, upon the Offer becoming or being declared
unconditional in all respects, the existing employment rights of all employees
of the Bizspace Group, including pension rights, will be fully safeguarded.

HBL intends that following the Offer being declared unconditional in all
respects, the Bizspace business will be carried on in all material respects as
it has been prior to the Offer being made. Its ongoing key executive management
and employees will remain in their current roles, although Directors of HBL are
expected to join the Bizspace Board. Apart from the intended relocation of
Bizspace's head office (expected to take place before the end of 2006) from
premises it currently shares with Safeland plc, the Bizspace business is
intended to be carried on from its current premises. The Board of HBL is
actively seeking appropriate premises to locate Bizspace's head office and
employees will be informed of developments in due course.

Larry Lipman, Paul Davis and the non-executive directors of Bizspace have agreed
to resign subject to and with effect from the Offer being declared unconditional
in all respects.

10.              Financing of the Offer

Full acceptance of the Offer would involve a maximum cash payment by HBL of
approximately £81.7 million (assuming the exercise in full of all options and
awards over Bizspace Shares in existence with exercise prices below the Offer
Price). This is to be financed by capital commitments from the limited partners
of the Highcross Funds, the proceeds of which have been lent by Highcross Jersey
Holdings to HBL.

Deloitte Corporate Finance is satisfied that sufficient resources are available
to HBL to satisfy full acceptance of the Offer in cash.

11.              Bizspace Share Schemes

The Offer extends to any Bizspace Shares issued or unconditionally allotted and
fully paid prior to the date on which the Offer closes (or such earlier date as
HBL may, subject to the City Code, determine) including any Bizspace Shares
which are unconditionally allotted or issued and fully paid pursuant to the
exercise of options under the Bizspace Share Option Scheme or awards vested
under the Bizspace LTIP.

Appropriate proposals will be made to holders of options in the Bizspace Share
Option Scheme upon the Offer being declared unconditional in all respects.

The awards made under the Bizspace LTIP have performance conditions attached to
them that are to be measured over a three year period. As these awards were
granted in January 2006 the three year period has not elapsed and the terms of
the Bizspace LTIP provide that in such circumstances the remuneration committee
of the Bizspace Board shall determine whether the awards become exercisable on a
change of control. The remuneration committee, having satisfied itself that the
performance conditions have been met in relation to the year ended 28 February
2006, has determined that upon the Offer becoming or being declared
unconditional in all respects, all of the awards under the Bizspace LTIP,
amounting to 2,488,299 Bizspace Shares, will vest. The beneficiaries of this
share award, who are the four executive directors of Bizspace, have undertaken
to accept the Offer in respect of these shareholdings.

12.              Inducement Fee

By an agreement dated 11 May 2006 Bizspace has agreed to pay Highcross Jersey
Holdings an inducement fee of £810,000 (or such lower amount as permitted by the
City Code) in the event that, inter alia:

(a)                the Board of Bizspace withdraws or modifies its
recommendation of the Offer; or

(b)               the Board of Bizspace recommends an alternative offer or
offers (howsoever structured) for the ordinary shares of Bizspace or any of its
subsidiaries; or

(c)                an alternative offer(s) having been announced which:

(i)              subsequently becomes or is declared unconditional in all
respects; or

(ii)            otherwise completes;

and which in either case leads to the Offer not becoming unconditional in all
respects.

(d)               Safeland plc fails to deliver an acceptance of the Offer (that
is valid in accordance with the terms of the Offer) in respect of its entire
holding of shares in Bizspace by 12.00 noon on 28 July 2006 (being the 50th day
after the posting of the Offer Document) and Highcross has not received
sufficient valid acceptances to the Offer by 12.00 noon on 7 August 2006 to
allow it to invoke the compulsory purchase provisions contained in sections
428-430F of the Companies Act and the Offer subsequently lapses or is withdrawn;

(e)                Bizspace enters into any arrangement with regard to
inducement fees, break fees or other similar arrangements with any other party
in relation to a possible offer for Bizspace or its subsidiaries or any
substantial part of its or their business.

Pursuant to Rule 21.2 of the City Code, Bizspace and PricewaterhouseCoopers have
confirmed to the Panel that they consider the terms of the inducement fee to be
in the best interests of the Bizspace Shareholders.

13.              Disclosure of interests in Bizspace

As at 7 June 2006, the last practicable business day prior to this announcement,
neither HBL nor, so far as HBL is aware, any person acting in concert (within
the meaning of the City Code) with HBL, had an interest in or right to subscribe
for relevant securities of Bizspace or borrowed or lent, or had any short
position in relation to, relevant securities of Bizspace (whether conditional or
absolute and whether in the money or otherwise), including any short position
under a derivative, any agreement to sell or any delivery obligation or right to
require another person to purchase or take delivery of any relevant  securities
of Bizspace.

Save for the irrevocable undertakings and letters of intent described above,
neither HBL nor any person acting in concert with HBL has any arrangement in
relation to Bizspace Shares, or any securities convertible or exchangeable into
Bizspace Shares or options (including traded options) in respect of, or
derivatives referenced to, Bizspace Shares. For these purposes, 'arrangement'
includes any indemnity or option arrangement, any agreement or understanding,
formal or informal, of whatever nature, relating to relevant securities which
is, or may be, an inducement to deal or refrain from dealing in such securities.

14.              Dealing disclosure requirements

Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes,
'interested' (directly or indirectly) in 1 per cent. or more of any class of '
relevant securities' of Bizspace all 'dealings' in any 'relevant securities' of
Bizspace (including by means of an option in respect of, or a derivative
referenced to, any such 'relevant securities') must be publicly disclosed by not
later than 3.30 p.m. on the business day following the date of the relevant
transaction. This requirement will continue until the date on which the Offer
becomes, or is declared, unconditional as to acceptances, lapses or is otherwise
withdrawn or on which the Offer Period otherwise ends. If two or more persons
act together pursuant to an agreement or understanding, whether formal or
informal, to acquire an 'interest' in 'relevant securities' of Bizspace, they
will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the City Code, all 'dealings' in 'relevant
securities' of Bizspace by HBL or Bizspace, or any of their respective '
associates', must be disclosed by no later than 12.00 noon on the business day
following the date of the relevant transaction.

A disclosure table, giving details of companies in whose 'relevant securities' '
dealings' should be disclosed, and the number of such securities in issue, can
be found on the Panel's website at www.thetakeoverpanel.org.uk.

15.              Cancellation of admission to AIM and compulsory acquisition

It is intended that, upon the Offer being declared unconditional in all
respects, provided that HBL has, by virtue of its shareholdings and acceptances
of the Offer acquired, or agreed to acquire, issued share capital carrying 75
per cent. or more of the voting rights attaching to the ordinary share capital
of Bizspace, HBL will procure the making of an application by Bizspace to the
London Stock Exchange for the cancellation of the admission of Bizspace Shares
to AIM. It is anticipated that such cancellations will take effect no earlier
than 20 business days after HBL, by virtue of its shareholding (if any) and
acceptances of the Offer, has acquired or agreed to acquire 75 per cent. of the
voting rights attached to the Bizspace Shares. The cancellation of the admission
of Bizspace Shares would significantly reduce the liquidity and marketability of
any Bizspace Shares not assented to the Offer and their value may be affected as
a consequence.

If HBL receives acceptances under the Offer in respect of, and/or otherwise
acquires, 90 per cent. or more of the Bizspace Shares to which the Offer relates
and the Offer becomes or is declared unconditional in all respects, Bizspace
intends to exercise its rights pursuant to the provisions of sections 428 to
430F (inclusive) of the Companies Act to acquire compulsorily all the remaining
Bizspace Shares on the same terms as the Offer.

It is also proposed that, following the Offer being declared wholly
unconditional in all respects and after the cancellation of the admission of the
Bizspace Shares, HBL will seek to procure the re-registration of Bizspace as a
private company under the relevant provisions of the Companies Act.

16.              General

The Offer will be subject to the conditions contained in this announcement and
on the terms and conditions to be set out or referred to in the Offer Document
and the Form of Acceptance. The Offer will be subject to and will comply with
the provisions of the City Code.

The Offer Document, together with the Form of Acceptance will be posted to
Bizspace Shareholders and (for information only) to participants in the Bizspace
Share Schemes later today.

The Offer and acceptances thereof will be governed by English law.

Enquiries

Highcross (Bugatti) Limited
Peter Gubb                                                         01635 521 088
Mike Megan

Deloitte Corporate Finance
Jonathan Hinton                                                    020 7936 3000
David Kent

Bizspace plc
Larry Lipman                                                       020 8815 1616
Paul Davis

PricewaterhouseCoopers
(financial adviser to Bizspace)
Simon Boadle                                                       020 7583 5000
Gerry Young

Teather & Greenwood
(nominated adviser and broker to Bizspace)
Mark Dickenson                                                     020 7426 9000
Rob Naylor


This announcement does not constitute an offer to sell or an invitation to
purchase any securities.  The Offer will be made solely by means of the Offer
Document and the form of acceptance accompanying the Offer Document, which will
contain the full terms and conditions of the Offer including details of how it
may be accepted.

The full text of the conditions of the Offer and the bases and sources of
assumptions and calculations are set out in Appendices 1 and 2, respectively,
each of which forms part of, and should be read with, this announcement.
Defined terms have the meanings set out in Appendix 3, which also forms part of
and should be read in conjunction with this announcement.

Deloitte Corporate Finance is acting for HBL, Highcross Jersey Holdings and
Highcross Partners GP, and for no one else in connection with the Offer and will
not regard any other person as its client nor be responsible to anyone other
than HBL, Highcross Jersey Holdings and Highcross Partners GP for providing the
protections afforded to clients of Deloitte Corporate Finance nor for providing
advice in relation to the Offer or any matter referred to herein. Deloitte
Corporate Finance is a division of Deloitte & Touche LLP, which is authorised
and regulated by the Financial Services Authority in respect of regulated
activities.

PricewaterhouseCoopers LLP, which is authorised and regulated in the United
Kingdom by the Financial Services Authority for designated investment business,
is acting exclusively for Bizspace and for no one else in relation to the Offer
and will not be responsible to anyone other than Bizspace for providing the
protections afforded to clients of PricewaterhouseCoopers LLP, or for giving
advice in relation to the Offer or any other matter referred to herein.

The availability of the Offer to persons who are not resident in the United
Kingdom may be affected by the laws of the relevant jurisdictions in which they
are located.  Persons who are not resident in the United Kingdom should inform
themselves about, and observe, applicable legal or regulatory requirements in
their jurisdiction.

The Offer will not be, made, directly or indirectly, in or into, or by use of
the mails, or by any means or instrumentality (including, without limitation,
telex, facsimile transmission, telephone, internet or other forms of electronic
communication) of interstate or foreign commerce of, or by any facilities of a
national securities exchange of, the United States, Canada, Australia, or Japan
or any other jurisdiction if to do so would constitute a violation of the
relevant laws of such jurisdiction and the Offer cannot be accepted by any such
use, means or instrumentality or otherwise from or within the United States,
Canada, Australia, or Japan or any other jurisdiction if to do so would
constitute a violation of the relevant laws of such jurisdiction. Accordingly,
copies of this announcement are not being, and must not be, mailed or otherwise
forwarded, distributed or sent in or into or from any such jurisdiction.

The Directors of HBL and the directors of Highcross Partners GP accept
responsibility for the information contained in this announcement, other than
the information relating to the Bizspace Group and the Bizspace Directors, their
immediate families and related trusts and persons connected with them for which
the Bizspace Directors accept responsibility.  To the best of the knowledge and
belief of the Directors of HBL and the directors of Highcross Partners GP (who
have taken all reasonable care to ensure that such is the case), the information
contained in this announcement for which they accept responsibility is in
accordance with the facts and does not omit anything likely to affect the import
of such information.

The Directors of Bizspace accept responsibility for the information contained in
this announcement relating to the Bizspace Group, themselves and their immediate
families, related trusts and persons connected with them.  To the best of the
knowledge and belief of the Directors of Bizspace (who have taken all reasonable
care to ensure that such is the case), such information contained in this
announcement for which they accept responsibility is in accordance with the
facts and does not omit anything likely to affect the import of such
information.



Appendix 1

CONDITIONS of the offer

The Offer will be subject to the following conditions:

(a)                valid acceptances of the Offer being received (and not, where
permitted, withdrawn) by no later than 3.00 p.m. on the First Closing Date (or
such later time(s) and/or date(s) as HBL may, subject to the rules of the City
Code, decide) in respect of not less than 90 per cent., (or such lesser
percentage as HBL may decide) in nominal value of the Bizspace Shares to which
the Offer relates, provided that this condition will not be satisfied unless HBL
and/or any member of the Wider HBL Group shall have acquired or agreed to
acquire (whether pursuant to the Offer or otherwise) Bizspace Shares carrying in
aggregate more than 50 per cent. of the voting rights normally exercisable at a
general meeting of Bizspace including for this purpose (to the extent, if any,
required by the Panel) any such voting rights attached to any Bizspace Shares
unconditionally allotted before the Offer becomes or is declared unconditional
as to acceptances whether pursuant to the exercise of conversion or subscription
right or otherwise. For the purposes of this condition:

(i)              Bizspace Shares which have been unconditionally allotted but
not issued shall be deemed to carry the voting rights which they will carry upon
issue;

(ii)            the expression 'Bizspace Shares to which the Offer relates'
shall be construed in accordance with sections 428 to 430F of the Companies Act;
and

(iii)           valid acceptances shall be deemed to have been received in
respect of Bizspace Shares which are treated for the purposes of section 429(8)
of the Companies Act as having been acquired or contracted to be acquired by HBL
by virtue of acceptances of the Offer;

(b)               no central bank, government or governmental,
quasi-governmental, supranational, statutory, regulatory or investigative body,
trade agency, court, professional association, or any other such body or person
in any jurisdiction (each a 'Third Party') having given notice of a decision to
take, institute or threaten any action, proceeding, suit, investigation, enquiry
or reference, or having required any action to be taken, or otherwise having
done anything, or having enacted, made or proposed any statute, regulation,
decision or order which would:

(i)              make the Offer, its implementation or the acquisition or
proposed acquisition of any Bizspace Shares by HBL or any member of the Wider
HBL Group void, unenforceable or illegal, or restrict, prohibit or delay to a
material extent or otherwise materially interfere with the implementation of, or
impose material additional conditions or obligations with respect to, or
otherwise materially challenge or require material amendment of, the Offer or
the acquisition of any Bizspace Shares by HBL;

(ii)            result in a material delay in the ability of HBL, or render HBL
unable, to acquire some or all of the Bizspace Shares or require a divestiture
by HBL or any member of the Wider HBL Group of any Bizspace Shares;

(iii)           require, prevent or delay the divestiture, or alter the terms
envisaged for any proposed divestiture, by HBL or any member of the Wider HBL
Group or by any member of the Wider Bizspace Group of all or any material part
of their respective businesses (or any of them) or to own their respective
assets or properties or any part of them, to an extent in any such case which is
material in the context of the Offer or the Wider Bizspace Group taken as a
whole;

(iv)          impose any material limitation on, or result in a material delay
in, the ability of HBL or any member of the Wider HBL Group to acquire or to
hold or to exercise effectively, directly or indirectly, all rights of ownership
of shares, loans or other securities (or the equivalent) in Bizspace or the
ability of any member of the Wider Bizspace Group or HBL to hold or exercise
effectively any rights of ownership of shares, loans or other securities in any
respect which is material in the context of the Wider Bizspace Group taken as a
whole to exercise management control over any member of the Wider Bizspace
Group;

(v)            save pursuant to the Offer or to Part XIIIA of the Companies Act,
require any member of the Wider HBL Group or of the Wider Bizspace Group to
acquire or offer to acquire any shares or other securities (or the equivalent)
in any member of the Wider Bizspace Group owned by any third party where such
acquisition would be material in the context of the Offer;

(vi)          impose any limitation that is material in the context of the
business of the Wider Bizspace Group taken as a whole on the ability of any
member of the Wider HBL Group or the Wider Bizspace Group to integrate or
co-ordinate the business of any member of the Wider Bizspace Group, or any part
of it, with that of any member(s) of the Wider HBL Group and/or any other member
of the Wider Bizspace Group; or

(vii)         otherwise adversely affect the business, assets, liabilities, or
profits or prospects of any member of the Wider HBL Group or of the Wider
Bizspace Group, to an extent in any such case which is material in the context
of the Wider Bizspace Group taken as a whole,

and all applicable waiting and other time periods during which any such Third
Party could take, institute or threaten any such action, proceeding, suit,
investigation, enquiry or reference or otherwise so intervene having expired,
lapsed or been terminated;

(c)                all necessary material notifications and filings having been
made in connection with the Offer and all statutory and regulatory obligations
in connection with the Offer in any relevant jurisdiction having been complied
with and all material authorisations, orders, recognitions, grants, consents,
clearances, confirmations, certificates, licences, permissions and approvals ('
Authorisations') deemed reasonably necessary or appropriate by HBL in any
relevant jurisdiction for, or in respect of, the Offer and, except pursuant to
Part XIIIA of the Companies Act, the acquisition or the proposed acquisition of
the Bizspace Shares by HBL or any member of the Wider HBL Group having been
obtained in terms reasonably satisfactory to HBL from all appropriate Third
Parties, all or any applicable waiting and other time periods having expired,
lapsed or been terminated (as appropriate) and all such Authorisations (together
with all material Authorisations deemed reasonably necessary or appropriate to
carry on the business of any member of the Wider Bizspace Group) remaining in
full force and effect at the time at which the Offer becomes otherwise
unconditional and there being no notice of any intention to revoke, suspend,
restrict, amend or not to renew any such Authorisations (where in each case, the
Authorisations are reasonably necessary or expedient and where the absence of
such Authorisation would have a material adverse effect on the Wider Bizspace
Group taken as a whole or the Wider HBL Group taken as a whole);

(d)               save as disclosed in writing to HBL or its advisers by or on
behalf of Bizspace prior to the commencement of the Offer Period or save as
publicly announced by any member of the Wider Bizspace Group prior to the
commencement of the Offer Period, there being no provision of any arrangement,
agreement, lease, licence, permit or other instrument to which any member of the
Wider Bizspace Group is a party or by or to which any such member or any of its
assets is or may be bound or be subject, which as a consequence of the Offer or
the acquisition or the proposed acquisition by HBL or any member of the Wider
HBL Group of any shares or other securities (or the equivalent) in Bizspace or
because of a change in the control or management of any member of the Wider
Bizspace Group or otherwise, would result in:

(i)              any monies borrowed by, or any other indebtedness, actual or
contingent, of, any member of the Wider Bizspace Group being or becoming
repayable, or being capable of being declared repayable immediately or prior to
their or its stated maturity, or the ability of any such member to borrow monies
or incur any indebtedness being withdrawn or inhibited;

(ii)            the creation or enforcement of any mortgage, charge or other
security interest, over the whole or any part of the business, property or
assets of any member of the Wider Bizspace Group or any such mortgage, charge or
other security interest (whenever arising or having arisen) becoming
enforceable;

(iii)           any such arrangement, agreement, lease, licence, permit or other
instrument being terminated or adversely modified or affected or any onerous
obligation or liability arising or any adverse action being taken thereunder;

(iv)          (other than in the ordinary course of business) any assets or
interests of any member of the Wider Bizspace Group being or falling to be
disposed of or charged or any right arising under which any such asset or
interest could be required to be disposed of or charged;

(v)            any such member of the Wider Bizspace Group ceasing to be able to
carry on business under any name under which it presently does so;

(vi)          the value of, or financial or trading position, profits or
prospects of Bizspace or any member of the Wider Bizspace Group being prejudiced
or adversely affected; or

(vii)         the creation of any liability (actual or contingent) by any member
of the Wider Bizspace Group, in each case, to an extent which is material in the
context of the Wider Bizspace Group taken as a whole;

(e)                save as disclosed in the Annual Report or publicly announced
through a Regulatory Information Service prior to the commencement of the Offer
Period or disclosed in writing to HBL or its advisers by or on behalf of
Bizspace prior to the commencement of the Offer Period, no member of the Wider
Bizspace Group having since 28 February 2006:

(i)              issued or agreed to issue or authorised or announced its
intention to authorise the issue of additional shares of any class, or
securities convertible into, or exchangeable for, or rights, warrants or options
to subscribe for or acquire, any such shares or convertible securities (save as
between members of the Bizspace Group and save for the issue of Bizspace Shares
to employees on the exercise or vesting of options or awards granted under, or
the grant of options or awards under, any of the Bizspace Share Schemes);

(ii)            recommended, declared, paid or made any bonus issue, dividend or
other distribution whether payable in cash or otherwise other than dividends (or
other distributions whether payable in cash or otherwise) lawfully paid or made
to another member of the Bizspace Group;

(iii)           implemented, effected, authorised, proposed or announced its
intention to implement, effect or authorise any merger, demerger,
reconstruction, amalgamation, scheme, commitment or acquisition or disposal of
assets or shares (or the equivalent thereof) in any undertaking or undertakings
(save as between members of the Bizspace Group) that are material in the context
of the Bizspace Group taken as a whole or any change in its share or loan
capital (save for the issue of Bizspace Shares to employees on the exercise or
vesting of options or awards granted under any of the Bizspace Share Schemes);

(iv)          (save as between members of the Bizspace Group and other than in
the ordinary course of business) disposed of, or transferred, mortgaged or
created any security interest over any asset or any right, title or interest in
any asset that is material in the context of the Bizspace Group taken as a whole
or authorised the same or announced any intention to do so;

(v)            issued, authorised or announced an intention to authorise the
issue of any debentures or (save for intra-Bizspace Group transactions or
transactions under existing credit arrangements or in the ordinary course of
business) incurred any indebtedness or contingent liability which is material in
the context of the Bizspace Group as a whole;

(vi)          entered into or varied or terminated or authorised or announced
its intention to enter into or vary or terminate any contract, arrangement,
agreement, transaction or commitment (whether in respect of capital expenditure
or otherwise) which is of a long term, unusual or onerous nature or magnitude or
which involves or is reasonably likely to involve an obligation of such a nature
or magnitude which is, in any such case, or which is or is likely to be
restrictive on the business of any member of the Wider Bizspace Group, which is,
in any such case, material in the context of the Wider Bizspace Group taken as a
whole;

(vii)         entered into or varied to a material extent or authorised,
proposed or announced its intention to enter into or vary to a material extent
the terms of, or make any offer (which remains open for acceptance) to enter
into or vary to a material extent the terms of, any service agreement with any
director or, save for salary increases, bonuses or variations of terms in the
ordinary course, of a senior executive of Bizspace;

(viii)       purchased, redeemed or repaid or announced a proposal to purchase,
redeem or repay any of its own shares or other securities (or the equivalent) or
reduced or made any other change to any part of its share capital; save for any
shares allotted upon the exercise or vesting of options or awards granted under
the Bizspace Share Schemes or as between members of the Bizspace Group;

(ix)          waived, compromised or settled any claim which is material in the
context of the Wider Bizspace Group as a whole;

(x)            made any alteration to its memorandum or articles of association;

(xi)          made or agreed or consented to any significant change to the terms
of the trust deeds constituting the pension schemes established for its
directors and/or employees and/or their dependants or to the benefits which
accrue, or to the pensions which are payable thereunder, or to the basis on
which qualification for or accrual or entitlement to such benefits or pensions
are calculated or determined or to the basis upon which the liabilities
(including pensions) of such pension schemes are funded or made, or agreed or
consented to any change to the trustees involving the appointment of a trust
corporation, to an extent in any such case which is material in the context of
the Offer;

(xii)         been unable, or admitted in writing that it is unable, to pay its
debts or having stopped or suspended (or threatened to stop or suspend) payment
of its debts generally or ceased or threatened to cease carrying on all or a
substantial part of any business which is material in the context of the Wider
Bizspace Group as a whole;

(xiii)       (other than in respect of a member which is dormant and was solvent
at the relevant time) taken any corporate action or had any action or
proceedings or other steps instituted against it for its winding-up (voluntary
or otherwise), dissolution or reorganisation or for the appointment of a
receiver, administrator, administrative receiver, trustee or similar officer of
all or any material part of its assets or revenues or any analogous proceedings
in any jurisdiction or appointed any analogous person in any jurisdiction; or

(xiv)       entered into any agreement, arrangement or commitment or passed any
resolution or made any proposal or announcement with respect to, or to effect,
any of the transactions, matters or events referred to in this condition (e);

(f)              since 28 February 2006, save as disclosed in the Annual
Report or save as disclosed in writing to any member of HBL Group or its
advisers by or on behalf of Bizspace or except as publicly announced by Bizspace
(by the delivery of an announcement to a Regulatory Information Service), in
each case prior to the commencement of the Offer Period, there having been:

(i)              no adverse change in the business, assets, financial or trading
position or profits or prospects of, and no liability, contingent or otherwise,
of, any member of the Wider Bizspace Group which is material in the context of
the Wider Bizspace Group taken as a whole; or

(ii)            no litigation, arbitration proceedings, prosecution or other
legal proceedings having been announced or instituted by or against or remaining
outstanding against or in respect of any member of the Wider Bizspace Group and
(other than by any competition or anti-trust authority as a result of the Offer)
no enquiry or investigation by or complaint or reference to any Third Party
against or in respect of any member of the Wider Bizspace Group having been
threatened, announced or instituted or remaining outstanding, against or in
respect of any member of the Wider Bizspace Group and which in any such case
might reasonably be expected to have a material adverse effect on the Wider
Bizspace Group taken as a whole;

(g)                save as publicly announced by the delivery of an announcement
to a Regulatory Information Service prior to the commencement of the Offer
Period or as otherwise disclosed in the Annual Report or in writing to HBL or
its advisers by or on behalf of Bizspace prior to the commencement of the Offer
Period, HBL not having discovered that the financial, business or other
information concerning the Wider Bizspace Group publicly announced or disclosed
at any time by or on behalf of any member of the Wider Bizspace Group is
misleading in any material respect, contains a misrepresentation of fact or
omits to state a fact necessary to make the information contained therein not
misleading in any material respect and which is, in any case, material in the
context of the Wider Bizspace Group;

(h)                save as publicly announced by the delivery of an announcement
by Bizspace to a Regulatory Information Service at any time on or after 28
February 2006 or as otherwise disclosed in the Annual Report or in writing to
HBL or its advisers by or on behalf of Bizspace prior to the commencement of the
Offer Period, in relation to any release, emission, discharge, disposal or other
fact or circumstance which causes or might reasonably be expected to cause
pollution of the environment or harm to human health, no past or present member
of the Wider Bizspace Group having, in any manner or to an extent which is
material in the context of the Wider Bizspace Group (i) committed any violation
of any laws, statutes, ordinances or regulations of any jurisdiction and/or (ii)
incurred any liability (whether actual or contingent) with respect thereto.

Subject to the requirements of the Panel, HBL reserves the right to waive, in
whole or in part, all or any of the above conditions (b) to (h).

If HBL is required by the Panel to make an offer for Bizspace Shares under the
provisions of Rule 9 of the City Code, HBL may make such alterations to any of
the above conditions including condition (a) above, as are necessary to comply
with the provisions of that Rule.

The Offer will lapse unless all of the conditions set out above have been
fulfilled or, where permitted, waived or, where appropriate, have been
determined by HBL to be or remain satisfied, by midnight on the First Closing
Date and the date on which condition (a) is fulfilled (or in each case such
later date as HBL may, with the consent of the Panel, decide). HBL shall be
under no obligation to waive (if capable of waiver), to determine to be or
remain satisfied or to treat as fulfilled any of conditions (b) to (h)
(inclusive) by a date earlier than the latest date specified above for the
fulfilment of that condition.

The Offer will lapse if, before the later of 3.00 p.m. on the First Closing Date
and the date when the Offer becomes or is declared unconditional as to
acceptances, the Offer or any part of it is referred to the Competition
Commission. If the Offer so lapses, the Offer will cease to be capable of
further acceptance and accepting Bizspace Shareholders and HBL shall cease to be
bound by any Forms of Acceptance submitted before the time when the Offer
lapses.

The Bizspace Shares will be acquired under the Offer free from all liens,
equities, charges, encumbrances and other interests and together with all rights
attaching thereto.

The Offer will comply with all applicable rules and regulations of the City Code
and the London Stock Exchange, will be governed by English law and will be
subject to the jurisdiction of the Courts of England.



Appendix 2

Bases and Sources

(a)                The value attributed to the existing issued share capital of
Bizspace is based upon the 82,963,350 Bizspace Shares in issue on 7 June 2006
(being the latest practicable date prior to the release of this announcement).

(b)               Unless otherwise stated, the financial information concerning
Bizspace has been extracted from the audited annual report and accounts for the
Bizspace Group for the year ended 28 February 2006.

(c)                Bizspace Share prices have been derived from the London Stock
Exchange Daily Official List and represent the closing middle market prices on
the relevant date.

(d)               Irrevocable undertakings to accept or procure acceptance of
the Offer have been given to HBL and Deloitte Corporate Finance in respect of
the following Bizspace Shares, being, to the best of the knowledge and belief of
the Directors of HBL, the relevant parties' entire holdings of Bizspace Shares
as at the close of business on 7 June 2006, being the latest practicable date
prior to the release of this announcement):

Name                                                    Number of Bizspace   % issued Bizspace Shares
                                                                    Shares                        (%)
Larry Glenn Lipman                                                 215,865                       0.26
Neil Sinclair Corderey                                             100,000                       0.12
Paul Malcolm Davis                                                 216,133                       0.26
Trefick Limited                                                 19,672,353                      23.71
Safeland plc                                                     6,514,096                       7.85
Safeland Holdings Corporation                                    3,667,701                       4.42
Unicorn Asset Management Limited                                 3,629,888                       4.38
TOTAL                                                           34,016,036                      41.00



(e)                Gareth Evans, a Bizspace Director who currently holds no
Bizspace Shares, has irrevocably undertaken to accept the Offer in respect of
any Bizspace Shares issued to him pursuant to the Bizspace Share Option Scheme
and the Bizspace LTIP. His irrevocable undertaking remains binding in the event
of a higher competing offer for Bizspace


Appendix 3

 Definitions

The following definitions apply throughout this announcement unless the context
requires otherwise:

'AIM'                                      the AiM market of the London Stock Exchange;

'Annual Report'                            the annual report and accounts for Bizspace for the year ended
                                           28 February 2006;

'Associate'                                has the meaning given in section 430E of the Companies Act;

'Australia'                                the Commonwealth of Australia, its territories and
                                           possessions;

'Bizspace'                                 Bizspace plc, a public limited company incorporated in England
                                           and Wales with registered number 3990878;

'Bizspace Group'                           Bizspace and its subsidiaries and subsidiary undertakings;

'Bizspace LTIP'                            the Bizspace Long Term Incentive Plan 2006;

'Bizspace Shareholders'                    holders of Bizspace Shares;

'Bizspace Share Option Scheme'             the Bizspace plc 2000 Unapproved Executive Share Option
                                           Scheme;

'Bizspace Shares'                          includes:

                                           (i) the existing unconditionally allotted or issued and fully
                                           paid ordinary shares of 5 pence each in the capital of
                                           Bizspace; and

                                           (ii) any further ordinary shares of 5 pence each in the
                                           capital of Bizspace which are unconditionally allotted or
                                           issued and fully paid before the date on which the Offer
                                           closes or before such earlier date as HBL (subject to the City
                                           Code) may determine not being earlier than the date on which
                                           the Offer becomes unconditional as to acceptances;

'Bizspace Share Schemes'                   the Bizspace LTIP and the Bizspace Share Option Scheme;
'Board'                                    as the context requires, the board of directors of Bizspace or
                                           the board of directors of HBL and the terms 'Bizspace Board'
                                           and 'HBL Board' shall be construed accordingly;

'business day'                             any day other than a Saturday or a Sunday or public holiday
                                           when banks are generally open in London for general banking
                                           business;

'Canada'                                   Canada, its provinces and territories and all areas under its
                                           jurisdiction and political sub-divisions thereof;

'City Code'                                The City Code on Takeovers and Mergers;

'Closing Price'                            the middle market price of a Bizspace Share as at the close of
                                           business on the day to which such price relates, as derived
                                           from the Daily Official List or the London Stock Exchange's
                                           website;

'Companies Act'                            the Companies Act 1985 (as amended);

'Daily Official List'                      the daily official list of the London Stock Exchange;

'Deloitte Corporate Finance'               Deloitte & Touche LLP acting through its corporate finance
                                           division and financial adviser to HBL, Highcross Jersey
                                           Holdings and Highcross Partners GP;

'Directors of Bizspace or Bizspace         the directors of Bizspace at the date of this announcement;
Directors'

'Directors of HBL or HBL Directors'        the directors of HBL at the date of this announcement;

'First Closing Date'                       the date which is 21 days after the posting of the Offer
                                           Document;

'Form of Acceptance'                       the form of acceptance and authority relating to the Offer
                                           accompanying the Offer Document, which may only be completed
                                           by Bizspace Shareholders who hold their Bizspace Shares in
                                           certificated form;

'HBL'                                      Highcross (Bugatti) Limited, a private limited company,
                                           incorporated in England and Wales with registered number
                                           5757507;

'Highcross'                                HBL, HXRUK (Bugatti), Highcross Funds, Highcross Jersey
                                           Holdings and Highcross Partners GP;

'Highcross Funds'                          Highcross Regional U.K. Partners II, L.P. and Highcross
                                           Regional U.K. Partners International II, L.P., each an English
                                           limited partnership;

'Highcross Jersey Holdings'                HXRUK II Limited, a company incorporated in Jersey with
                                           registered number 92272;

'Highcross Partners GP'                    Highcross Strategic Partners II LLC, general partner to the
                                           Highcross Funds;

'HXRUK (Bugatti)'                          HXRUK (Bugatti) Limited, a company incorporated in Jersey with
                                           registered number 93477;

'Japan'                                    Japan, its cities, prefectures, territories and possessions;

'London Stock Exchange'                    London Stock Exchange plc, a company incorporated in England
                                           and Wales with registered number 2075721;

'Offer'                                    the offer to be made by Deloitte Corporate Finance on behalf
                                           of HBL to acquire the Bizspace Shares on the terms and subject
                                           to the conditions set out in the Offer Document and the Form
                                           of Acceptance including, where the context so requires, any
                                           subsequent revision, variation, extension, or renewal of such
                                           Offer;

'Offer Document'                           the document to be dispatched on behalf of HBL containing the
                                           terms and conditions of the recommended cash offer for the
                                           entire issued and to be issued share capital of Bizspace;

'Offer Period'                             the period commencing on 29 March 2006 (being the date on
                                           which the Directors of Bizspace announced that Bizspace was in
                                           talks which may or may not lead to an offer for Bizspace) and
                                           ending on the latest of:

                                           (i)              3.00 p.m. on the First Closing Date;

                                           (ii)            the time and date on which the Offer becomes
                                           or is declared unconditional; and

                                           (iii)           the time and date on which the Offer lapses or
                                           is withdrawn;

'Offer Price'                              93.5 pence per Bizspace Share;

'Panel'                                    The Panel on Takeovers and Mergers;

'PricewaterhouseCoopers'                   PricewaterhouseCoopers LLP, financial adviser to Bizspace;

'Regulatory Information Service'           a regulatory information service that is approved by the
                                           Financial Services Authority as meeting the primary
                                           information provider criteria and that is on the list of
                                           regulatory information services maintained by the Financial
                                           Services Authority;

'relevant securities'                      Bizspace Shares, other Bizspace share capital and any
                                           securities convertible into, or exchangeable for, any of the
                                           foregoing;

'UK' or 'United Kingdom'                   the United Kingdom of Great Britain and Northern Ireland;

'United States of America' or 'United      the United States of America, its territories and possessions,
States' or 'U.S.'                          any state of the United States and the District of Columbia;

'Wider Bizspace Group'                     Bizspace and the subsidiaries and subsidiary undertakings of
                                           Bizspace and associated undertakings (including any joint
                                           venture, partnership, firm or company in which any member of
                                           the Bizspace Group is interested or any undertaking in which
                                           Bizspace and such undertakings (aggregating their interests)
                                           have a direct or indirect interest of 20 per cent. or more of
                                           the voting or equity capital or the equivalent); and

'Wider HBL Group'                          Highcross and their associated undertakings and any other body
                                           corporate, partnership, joint venture or person in which
                                           Highcross and such undertakings (aggregating their interests)
                                           have a direct or indirect interest of 20 per cent. or more of
                                           the voting or equity capital or equivalent.

For the purposes of this announcement, 'subsidiary', 'subsidiary undertaking', '
undertaking', 'associated undertaking' have the meanings given by the Companies
Act 1985 (but for this purpose ignoring paragraph 20(1)(b) of Schedule 4A of the
Companies Act).

All the times referred to in this announcement are London times.


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