Offer Update

RNS Number:4545A
Moorfield Group PLC
14 March 2001


Not for release, publication or distribution in or into the United States of
America, Canada, Australia or Japan

STESSA LIMITED ("STESSA")
RECOMMENDED CASH OFFER FOR 
MOORFIELD GROUP PLC ("MOORFIELD")

The board of Stessa is pleased to announce that it yesterday posted its
recommended proposal to holders of options granted under the Moorfield Group
PLC Unapproved Executive Share Option Scheme.

Moorfield Shareholders are reminded that the first closing date for the Offer
is 3.00 p.m. on 26 March 2001.  If the Offer is declared unconditional in all
respects, it is the intention of the directors of Stessa to continue the
existing Moorfield strategy of seeking high returns on its equity investments
underpinned by secure assets and increasing assets under management,
particularly through the use of joint ventures and limited partnerships with
private equity investors.

Press Enquiries

For further information contact:

Sir Brian Corby           Moorfield Group PLC      Tel: [phone]
Chris Fielding            Hoare Govett Limited     Tel: [phone]
Marc Gilbard              Stessa Limited           Tel: [phone]
Ian Jamieson              Deloitte & Touche        Tel: [phone]
                            Corporate Finance

Deloitte & Touche is authorised by the Institute of Chartered Accountants in
England and Wales to carry on investment business.  Deloitte & Touche
Corporate Finance, a division of Deloitte & Touche, is acting exclusively for
Stessa and no-one else in connection with the Offer and the preparation and
distribution of this announcement, and will not be responsible to anyone other
than Stessa for providing the protections afforded to clients of Deloitte &
Touche Corporate Finance or for providing advice in relation to the Offer, the
contents of this announcement or any transaction or arrangement referred to
herein.

Hoare Govett, which is regulated by The Securities and Futures Authority
Limited, is acting exclusively for Moorfield, acting through its Independent
Directors, and no-one else in connection with the Offer and will not be
responsible to anyone other than Moorfield, for providing the protections
afforded to customers of Hoare Govett or for providing advice in relation to
the Offer, the contents of this announcement or any transaction or arrangement
referred to herein.

Terms defined in the Offer Document dated 5 March 2001 have the same meaning
in this announcement save where the context requires otherwise.  This
announcement does not constitute an offer or invitation to purchase any
securities.

The directors of Stessa and Stessa Holdings accept responsibility for the
information contained in this announcement. To the best of the knowledge and
belief of the directors of Stessa and Stessa Holdings (who have taken all
reasonable care to ensure that such is the case), the information contained in
this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.

The directors of Moorfield accept responsibility for the information contained
in this announcement relating to Moorfield.  To the best of the knowledge and
belief of the directors of Moorfield (who have taken all reasonable care to
ensure that such is the case), the information relating to Moorfield contained
in this announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.