Offer Update

RNS Number:8466P
Mouchel plc
17 September 2003



Mouchel plc

17 September 2003


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



                                  Mouchel plc


                    Recommended Offer for Parkman Group plc


                 OFFER DECLARED UNCONDITIONAL AS TO ACCEPTANCES


Mouchel announces that the recommended Offer to acquire the whole of the issued
and to be issued ordinary share capital of Parkman is declared unconditional as
to acceptances.  The Offer will remain open for acceptance until further notice.

By 3.00 p.m. on 16 September 2003, the first closing date of the Offer, valid
acceptances of the Offer had been received in respect of 30,347,206 Parkman
Shares, representing approximately 86.3 per cent. of the current issued ordinary
share capital of Parkman.  This includes acceptances received pursuant to
irrevocable undertakings entered into prior to the commencement of the Offer
Period by the Parkman Directors, certain members of their families and certain
members of Parkman's senior management in respect of, in aggregate, 9,142,687
Parkman Shares representing approximately 26.0 per cent. of the current issued
ordinary share capital of Parkman.

Save as disclosed above, neither Mouchel nor any person deemed to be acting in
concert with Mouchel held any Parkman Shares or rights over Parkman Shares prior
to the commencement of the Offer Period on 21 August 2003, or has either
acquired or agreed to acquire any Parkman Shares or rights over Parkman Shares
since then.

The Offer is conditional on, amongst other things, the approval of Mouchel
Shareholders.  Mouchel has convened an Extraordinary General Meeting for 18
September 2003 at which resolutions will be proposed to approve the Offer, to
authorise an increase in the share capital of Mouchel and the allotment of the
New Mouchel Shares and to change the Company's name to Mouchel Parkman plc.

Parkman Shareholders who have not yet accepted the Offer are urged, if their
Parkman Shares are in certificated form (that is, not in CREST) to complete and
return their Forms of Acceptance as soon as possible or, if their Parkman Shares
are held in uncertificated form (that is, in CREST) to ensure that an Electronic
Acceptance is made by them, or on their behalf, which settles as soon as
possible.

If the Offer becomes or is declared unconditional in all respects Mouchel
intends to acquire compulsorily any outstanding Parkman Shares to which the
Offer relates by applying the provisions of sections 428 to 430F inclusive of
the Companies Act 1985 and to procure the making of an application by Parkman to
delist the Parkman Shares from the Official List and to cancel trading on the
London Stock Exchange's market for listed securities.  It is anticipated that
cancellation of listing and trading will take effect no earlier than 20 Business
Days after the Offer becomes or is declared unconditional in all respects.

Terms defined in the Offer Document dated 26 August 2003 have the same meaning
in this announcement unless the context otherwise requires.


Enquiries:

Mouchel plc                      Kevin Young                     01932 337118


Cazenove                         Nick Garrett                    020 7588 2828
                                 Malcolm Moir


Cazenove, which is regulated in the United Kingdom by the Financial Services
Authority, is acting for Mouchel and for no one else in connection with the
Offer and will not be responsible to anyone other than Mouchel for providing the
protections afforded to clients of Cazenove, nor for providing advice in
relation to the Offer or any matter referred to herein or in the Offer Document,
Listing Particulars or Circular.



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