RNS Number:3498T
Chelsfield PLC
17 December 2003



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM 
AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

                                                                December 17,2003

                  CHELSFIELD PLC ("CHELSFIELD" OR "THE 
                                 COMPANY")

                               OFFER UPDATE

Further to the announcement on November 19, 2003 the Independent Directors
of Chelsfield (the "Independent Directors") announce that the process put in
place to evaluate expressions of interest from parties other than the group led
by the Chairman of Chelsfield, Elliot Bernerd (the "Consortium") has, to date,
not resulted in any substantive proposal being forthcoming. The data room
remains open to any bona fide interested party.

The proposal put forward by the Consortium, involving an offer of 305 pence in
cash per Chelsfield share, has been rejected by the Independent Directors as
they believe that it may not fully reflect the long term value of Chelsfield.
Discussions are progressing with the Consortium with a view to securing a more
attractive proposal for Chelsfield shareholders. There can be no assurance that
any offer will be forthcoming. 

A further announcement will be made when appropriate. 


Enquiries:

CAZENOVE & CO. LTD                                    Telephone: 020 7588 2828
Richard Cotton
Patrick Magee

MERRILL LYNCH INTERNATIONAL                           Telephone: 020 7628 1000
Simon Mackenzie-Smith
Simon Fraser

BELL POTTINGER FINANCIAL                              Telephone: 020 7861 3232
Charlotte Lambkin


The Independent Directors accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the Independent
Directors, 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 contain anything likely to affect the import of such information.

Cazenove & Co. Ltd is acting exclusively for Chelsfield and for no-one else in
connection with the possible offer for Chelsfield and will not be responsible to
anyone other than Chelsfield for providing the protections afforded to clients
of Cazenove & Co. Ltd or for providing advice in relation to such possible
offer.

Merrill Lynch International is acting exclusively for Chelsfield and for no-one
else in connection with the possible offer for Chelsfield and will not be
responsible to anyone other than Chelsfield for providing the protections
afforded to clients of Merrill Lynch International or for providing advice in
relation to such possible offer.



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

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