Waterford Wedgwood plc ('Waterford Wedgwood' or the 'Company')

2008 Equity Issue - Update

On 16 September, 2008, the Company announced its intention to raise up to €153.7 million, before expenses, by way of the 2008 Equity Issue. The 2008 Equity Issue comprises an Open Offer to raise up to €101.7 million and a Placing to raise up to €78.7 million (of which €52 million is additional to the Open Offer). Of the €101.7 million to be raised under the Open Offer, approximately €75 million, in aggregate, is committed by way of the 2008 Irrevocable Undertakings entered into by the O'Reilly/Goulandris Interests (as to €60 million) and the Corporate Partners Interests (as to €15m).

As advised to Stockholders and Preference Shareholders in the Prospectus published by the Company on 18 September, 2008, the deadline for the receipt of completed application forms under the Open Offer is 11.00am on Friday 10 October, 2008. The Extraordinary General Meeting, at which resolutions are proposed to enable, inter alia, completion of the 2008 Equity Issue, will take place at 11.00 a.m. on Monday 13 October, 2008 at the Citywest Hotel, Saggart, Co. Dublin, Ireland. 

The Company confirms that the Placing process with JPMorgan Cazenove acting as lead manager, Lazard acting as US lead manager and Davy, as placing agent, is underway at this time. With the continuing unprecedented turbulence in global capital markets, the Placing is not likely to complete until some time after completion of the Open Offer. In accordance with its terms and as detailed in the Prospectus, the Placing is required to be completed by no later than 30 November, 2008 or if so agreed by 15 December, 2008.

Further announcements in relation to the Placing will be made in due course.

Defined terms used in this announcement have the meaning set out in the Prospectus.

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