Offer Closing Date

GPG (UK) Holdings PLC
23 May 2003


For immediate release

Not for release, publication or distribution in whole or in part in or into the
                   United States, Canada, Japan or Australia


                                                                    23 May, 2003

        CASH OFFER BY AVENUE ACQUISITION PLC ('AVENUE ACQUISITION') 
                        FOR COATS PLC ('COATS')
                          'Offer Closing Date'


The board of Avenue Acquisition announces that:


• the recommended cash offer for the ordinary shares of Coats; and
• the cash offer for Coats' senior convertible bonds due 2003;


made by Strand Partners on behalf of Avenue Acquisition, will, in accordance
with paragraph 2(b) of the of the further terms of the Offers as set out in Part
A of Appendix I to the Offer Document, close on 9 June, 2003.


END






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