Result of Open Offer

3 May 2011

Hansteen Holdings PLC("Hansteen" or the "Company")

RESULT OF OPEN OFFER

On 13 April 2011, Hansteen announced a share issue to raise gross proceeds of approximately £150.0 million (approximately £147.0 million net of expenses) through the issue of 185,185,186 New Ordinary Shares by way of a Placing and Open Offer at a price of 81p per New Ordinary Share, fully underwritten by Peel Hunt. The Placing and Open Offer consists of 61,462,987 Firm Placed Shares and 123,722,199 Open Offer Shares and is conditional, amongst other things, upon the passing of the Resolutions.

The Open Offer has now closed in accordance with its terms. Hansteen is pleased to announce that it has received valid acceptances under the Open Offer in respect of 95,355,889 Open Offer Shares from Qualifying Shareholders. This represents a take-up of approximately 77.07% of the 123,722,199 Open Offer Shares offered pursuant to the Open Offer. The remaining 28,366,310 Open Offer Shares, representing approximately 22.93% of the 123,722,199 Open Offer Shares, have been allocated to the institutional investors with whom they had been conditionally placed. In addition, 61,462,987 Firm Placed Shares have been placed with certain institutional and other investors pursuant to the terms of the Firm Placing.

Shareholder approval for the Placing and Open Offer will be sought at the General Meeting to be held at the offices of Jones Day, 21 Tudor Street, London EC4Y 0DJ at 10.00 a.m. on 6 May 2011.

In addition to Shareholder approval, the Placing and Open Offer remains conditional upon the Placing Agreement becoming unconditional in all respects and Admission. It is expected that Admission will become effective, and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on 9 May 2011.

New Ordinary Shares in uncertificated form are expected to be credited to CREST accounts on 9 May 2011 and definitive share certificates for the New Ordinary Shares in certificated form are expected to be dispatched by 23 May 2011.

The Enlarged Share Capital of Hansteen following Admission will be 638,833,250 Ordinary Shares in aggregate.

Commenting on the result of the Placing and Open Offer, Ian Watson and Morgan Jones, Joint Chief Executives of Hansteen said: "We would like to thank both our existing and new shareholders for their overwhelming support in this fundraising which means we can take advantage of the exceptional buying opportunities available."

ENQUIRIES:

Capitalised terms used, but not defined, in this announcement have the same meanings as given to them in the Prospectus published by the Company dated 13 April 2011 unless the context requires otherwise.

This announcement should be read in conjunction with the full text of the Prospectus published by Hansteen on 13 April 2011. The Prospectus, which includes a notice convening a general meeting of Hansteen, is available to view via the National Storage Mechanism at www.hemscott.com/nsm.do. In addition, the Prospectus is available to view on the Company's website at www.hansteen.co.uk/investor-centre/public-documents.php and will be available for inspection at the offices of Jones Day, 21 Tudor Street, London EC4Y 0DJ during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted).