Argent Group PLC - Rule 8 Disclosure

RNS No 284t
ARGENT GROUP PLC


                                       Date of Disclosure...7.7.97...

               DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3
                 OF THE CITY CODE ON TAKE-OVERS AND MERGERS

Date of dealing..4.7.97.............

Dealing in..ARGENT GROUP PLC...............................(name of company)

(1)  Class of securities (eg ordinary shares)..........ORD 10P.............

(2)  Amount bought                  Amount sold             Price per unit

        23,879,947                                                    375P

(3)  Resultant total of the same class owned or controlled
(and percentage of class).......24 629 947.......................... (40.761%)

(4)  Party making disclosure.......HERMES INV MANAGEMENT LTD.................

(5)  EITHER (a) Name of purchaser/vendor (Note 1).............................
     OR     (b) if dealing for discretionary client(s), name of fund management
                organisation
................HERMES INVESTMENT MANAGEMENT LTD...............................

(6)  Reason for disclosure (Note 2)  
     (a) associate of (i)  offeror (Note 3)                             NO
                      (ii) offeree company                              NO

Specify which category or categories of associate (1-8 overleaf)....N/A........

If category (8), explain.........N/A............................................

................................................................................
     (b) Rule 8.3 (ie disclosure because of ownership or control of 1% or more
         of the class of relevant securities dealt in)                  YES

Signed, for and on behalf of the party named in (4) above......N/A..............

(Also print name of signatory).........SHARON WYNDHAM...........................

Telephone and extension number......0171 702 0888.EXT: 2316.....................

Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also
identify controller of owner, eg where an owner normally acts on instructions of
a controller.

Note 2.  Disclosure might be made for more than one reason; if so, state all
reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company
or with an associate of any offeror or of the offeree company in relation to
relevant securities, details of such arrangement must be disclosed, as required
by Note 6 on Rule 8............................................................
...............................................................................
...............................................................................

For full details of disclosure requirements, see Rule 8 of the Code.  If in
doubt, contact the Panel on Take-overs and Mergers, Tel. No: 0171-382 9026.

END