Offer Update

Personal Group Holdings PLC
26 January 2005

26 January 2005

Not for release, publication or distribution in or into or from the United
States, Canada, Australia, Republic of Ireland or Japan or any other
jurisdiction if to do so would constitute a violation of the relevant laws of
such jurisdiction

                          PERSONAL GROUP HOLDINGS PLC

                      RECOMMENDED CASH OFFER (THE 'OFFER')

                                       BY

                               DURLACHER LIMITED

                                  ON BEHALF OF

                PERSONAL GROUP HOLDINGS PLC ('PERSONAL GROUP ')

                                      FOR

                 BERKELEY MORGAN GROUP PLC ('BERKELEY MORGAN ')

          COMPLUSORY ACQUISITION OF OUTSTANDING BERKELEY MORGAN SHARES



Personal Group announces that at 3.00 p.m. on 21 January 2005, valid acceptances
had been received in respect of 11,147,820 Berkeley Morgan Shares, representing
approximately 95.26 per cent. of Berkeley Morgan's issued share capital. As
valid acceptances of the Offer have been received in respect of more than 90 per
cent.in value of the Berkeley Morgan Shares to which the Offer relates, Personal
Group are accordingly issuing compulsory acquisition notices under section 429
of the Companies Act 1985. These have been despatched today to the holders of
Berkeley Morgan Shares who have not accepted the Offer.



Enquiries:
Christopher Johnston, Chairman
John Barber, Financial Director
Personal Group Holdings Plc                             01908 605000



Jonathan Retter/Marcus Jackson
Durlacher Limited                                       020 7459 3600



Durlacher, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting for Personal Group and no-one else in
connection with the Offer and will not be responsible to anyone other than
Personal Group for providing the protections afforded to clients of Durlacher
nor for providing advice in relation to the Offer or in relation to the contents
of this announcement or any matter referred to herein.



The Offer will not be made, directly or indirectly, and this announcement should
not be sent, in or into or from the United States, Canada, Australia, the
Republic of Ireland or Japan or by use of the mails of or by any means or
instrumentality (including, without limitation, facsimile transmission, telex,
telephone or e-mail) of interstate or foreign commerce of, or any facilities of
a national securities exchange of, any of these jurisdictions and doing so may
render invalid any purported acceptance of the Offer. Accordingly, copies of
this announcement and any other document relating to the Offer are not being,
and must not be, marked or otherwise distributed or sent in or into the United
States, Canada, Australia, the Republic of Ireland or Japan. Any person
(including, without limitation, custodians, nominees and trustees) who may have
contractual or legal obligations, or may otherwise intend, to forward this
announcement to any jurisdiction outside the United Kingdom should read the
relevant provisions of the Offer Document before taking any action.



The availability of the Offer to persons not resident in the United Kingdom may
be affected by the laws of the relevant jurisdictions in which they are located.
Persons who are (or who are nominees, custodians or trustees for) citizens,
nationals or residents of countries outside the United Kingdom should inform
themselves about and observe any applicable legal or regulatory requirements in
relation to this announcement and the Offer.



This announcement is not intended to and does not constitute, or form part of,
an offer or an invitation to purchase any securities.




                      This information is provided by RNS
            The company news service from the London Stock Exchange