RESULTS OF EGM/OPEN OFFER

Millfield Group PLC
18 July 2002

Date:                            18 July 2002

On behalf of:                    Millfield Group plc

                                 For immediate release



Millfield Group plc

RESULTS OF EGM AND OPEN OFFER



The Board of Millfield Group plc, the financial services group, announces that
the resolutions proposed at the Extraordinary General Meeting held earlier today
were duly passed.  The Extraordinary General Meeting was convened to approve the
issue of 12,674,734 new Ordinary Shares to raise £16.0 million net of expenses
under the Firm Placing and the Placing and Open Offer and approve the joint
venture with AM Corporation of Australia.



As announced on 25 June 2002, the Firm Placing and the Placing and Open Offer
were undertaken to fund the Group's proposed programme of strategic acquisitions
of IFA businesses and its joint venture with AM Corporation to create a
portfolio services business.



Under the Open Offer 3,851,204 new Ordinary Shares were made available for take
up by qualifying shareholders.  By 3.00p.m. on 16 July 2002, being the latest
time and date for receipt of application forms and payment in full under the
Open Offer, valid applications had been received from qualifying shareholders
for 773,591 new Ordinary Shares, representing approximately 20 per cent. of the
new Ordinary Shares which were made available for take up by qualifying
shareholders under the Open Offer.  The balance of 3,077,613 new Ordinary Shares
will be taken up by institutional and other investors with whom they were placed
subject to recall to satisfy valid applications by qualifying shareholders under
the Open Offer.



The new Ordinary Shares are expected to be admitted to trading on AIM at 0800hrs
on 19 July 2002.

                                    - ends -



For further information or photographs, please contact:



Emma Kane/Scott Convoy, Redleaf Communications         Tel:  [phone]
Paul Tebbutt, Chief Executive, Millfield Group plc     Tel:  [phone]
Richard Clarke, KPMG Corporate Finance                 Tel:  [phone]
Kripa Radhakrishnan, Collins Stewart Limited           Tel:  [phone]
Barry Egan, AM Corp                                    Tel:  [phone]





KPMG Corporate Finance, a division of KPMG LLP which is authorised by the
Financial Services Authority for investment business activities, is acting as
Nominated Adviser to the Company in relation to the Firm Placing and the Placing
and Open Offer and for no other person, and will not be responsible to any
person other than the Company for providing the protections afforded to clients
of KPMG Corporate Finance or for providing advice in relation to the Firm
Placing and the Placing and Open Offer or any other matter referred to in this
document.



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