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Fuller, Smith & Turner P.L.C. ("Fuller’s")

Recommended cash offers for George Gale & Company Limited ("Gales")

The boards of directors of Fuller’s and Gales are pleased to announce that they have reached agreement on the terms of recommended cash offers for Gales to be made by McQueen Limited on behalf of Fuller’s.

The Offers will be 4421 pence in cash (with a Loan Note Alternative) for each Gales Ordinary Share, 1160 pence in cash (with a Loan Note Alternative) for each Gales ‘A’ Share and 1200 pence in cash for each Gales Preference Share. The Offers value the fully diluted share capital of Gales at approximately £82.7 million and represent an enterprise value of approximately £91.8m.

Fuller’s has received irrevocable undertakings to accept the Voting Offers, including from the directors of Gales, in respect of 646,203 Ordinary Gales Shares and 2,730,235 Gales ‘A’ Shares, representing approximately 80.6 per cent. of the voting rights exercisable at a general meeting of Gales.

The proposed acquisition is consistent with Fuller’s strategy of seeking acquisitions with an excellent geographic fit and a high quality, largely freehold estate that provides cost savings through scale and that will generate value for Fuller’s shareholders.

For further information please contact:

George Fleet
McQueen Limited
020 7484 8800

This summary should be read in conjunction with the full text of the announcement below:

http://www.companyannouncements.net/cgi-bin/articles/200511080701537796T.html