Posting of Offer Document

Personal Group Holdings PLC
16 December 2004

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


                                                                16 December 2004



                          Personal Group Holdings plc

Recommended £12.3 million cash offer for Berkeley Morgan Group plc to be made by
                 Durlacher Limited on behalf of Personal Group

                           Posting of Offer Document





Personal Group announces that the Offer Document in relation to the recommended
cash offer made by Durlacher Limited on behalf of Personal Group for the whole
of the issued and to be issued share capital of Berkeley Morgan is being posted
to Berkeley Morgan Shareholders today, together with the Form of Acceptance.



The Form of Acceptance should be completed, signed and returned in accordance
with the instructions set out in the Offer Document and in the Form of
Acceptance so as to be received as soon as possible, and, in any event, by not
later than 3.00 p.m. (London time) on 6 January 2005.  If Berkeley Morgan Shares
are held in CREST, acceptance should be made electronically so that the TTE
instruction settles as soon as possible and, in any event, by not later than
3.00 p.m. (London time) on 6 January 2005.



Berkeley Morgan Shareholders may obtain copies of the Offer Document and Form of
Acceptance from the Receiving Agent, Capita IRG Plc Corporate Actions, PO Box
166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH during normal
business hours.



Enquiries:



Durlacher Limited (financial adviser to Personal Group)            020 7459 3600
Grant Harrison
Jonathan Retter
Marcus Jackson


Bankside (Public Relations adviser to Personal Group)              020 7444 4153
Simon Rothschild



Terms used in this announcement shall have the same meaning as those in the
Offer Document.



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