Offer Update

RNS Number:0988B
Moorfield Group PLC
27 March 2001


27 March 2001

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

STESSA LIMITED ("STESSA")

RECOMMENDED CASH OFFER FOR 

MOORFIELD GROUP PLC ("MOORFIELD")

Extension of Offer and level of acceptances

The board of Stessa announces that, by 3.00 p.m. on 26 March 2001, the first
closing date of the Offer, valid acceptances of the Offer had been received in
respect of a total of 135,459,135 Moorfield Shares, representing approximately
85.1 per cent. of the issued ordinary share capital of Moorfield.  These
acceptances include valid acceptances in respect of 96,894,396 Moorfield
Shares, representing approximately 60.9 per cent. of the issued ordinary share
capital of Moorfield, in respect of which Stessa had received undertakings to
accept the Offer.

Accordingly the Offer has been extended and will remain open until 3.00pm on 2
April 2001.

On 5 March 2001, Marc Gilbard and Graham Stanley who are both directors of
Stessa and Moorfield were interested in 810,427 and 785,095 Moorfield Shares
respectively. Marc Gilbard and Graham Stanley have each validly accepted the
Offer in respect of 222,666 and 222,667 Moorfield Shares respectively,
representing approximately 0.3 per cent. of the issued ordinary share capital
of Moorfield.  Share certificates from Marc Gilbard and Graham Stanley for
587,761 and 562,428 Moorfield Shares respectively are in the process of being
delivered to Capita IRG to provide sufficient cover for acceptances previously
lodged.

Save as disclosed above and as previously disclosed by Deloitte & Touche
Corporate Finance, no persons deemed to be acting in concert with Stessa have
acquired or agreed to acquire any Moorfield Shares (or rights over such
shares) since the commencement of the Offer Period and no acceptances have
been received from persons acting in concert with Stessa.

Terms defined in the Offer Document have the same meanings when used herein
unless the context requires otherwise.

Enquiries              
Stessa:                                  Marc Gilbard       020 7399 1900
Deloitte & Touche Corporate Finance:     Ian Jamieson       020 7303 6729
                                         Richard Collins    020 7303 5810

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.

Deloitte & Touche of Stonecutter Court, 1 Stonecutter Street, London EC4A 4TR,
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 for Stessa and no one else in
connection with the Offer and will not be responsible to anyone other than
Stessa for providing the protections afforded to clients of Deloitte & Touche
Corporate Finance nor for providing advice in relation to the Offer.

Deloitte & Touche Corporate Finance has approved this announcement as an
investment advertisement solely for the purpose of section 57 of the Financial
Services Act 1986.