Alexon Group PLC - Rule 8 Disclosure

RNS No 4113e
ALEXON GROUP



                                       Date of Disclosure...1/10/99.............

               DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3
                 OF THE CITY CODE ON TAKE-OVERS AND MERGERS

Date of dealing....30/9/99....................

Dealing in.........ALEXON..................................(name of company)

(1)  Class of securities (eg ordinary shares)..............................

(2)  Amount bought                  Amount sold             Price per unit

       181,135                                                    183P

(3)  Resultant total owned or controlled of ordinary shares
(and percentage of class)...3,181,866.............................. (5.3  %)

(4)  Party making disclosure...PHILLIPS & DREW FUND MANAGEMENT LIMITED.......

(5)  EITHER (a) Name of purchaser/vendor (Note 1)..............................

     OR     (b) if dealing for discretionary client(s), name of fund management
                organisation
...............................PHILLIPS & DREW FUND MANAGEMENT LIMITED.........

(6)  Reason for disclosure (Note 2)  
     (a) associate of (i)  offeror (Note 3)                             YES
                      (ii) offeree company                              NO

Specify which category or categories of associate (1-8 overleaf)........6......

If category (8), explain........................................................

................................................................................
     (b) Rule 8.3 (ie disclosure because of ownership or control of 1% or more
         of the class of relevant securities dealt in)                  YES

Signed, for and on behalf of the party named in (4) above.....N/A...............

(Also print name of signatory)........ALASTAIR SMITH............................

Telephone and extension number........0171-901-5482.............................

Note 1.   Specify owner, not nominee or vehicle company.  If relevant, also
          identify controller of owner, eg where an owner normally acts on
          instructions of a controller.

Note 2.   Disclosure might be made for more than one reason; if so, state all
          reasons.

Note 3.   Specify which offeror if there is more than one.

Note 4.   When an arrangement exists with any offeror, with the offeree company
          or with an associate of any offeror or of the offeree company in
          relation to relevant securities, details of such arrangement must be
          disclosed, as required by Note 6 on Rule 8...........................
          .....................................................................
          ......................................................................

Note 5.   It may be necessary, particularly when disclosing derivative
          transactions, to append a sheet to this disclosure form so that
          relevant information can be given.

Note 6.   In the case of an average price bargain, each underlying trade should
          be disclosed.

For full details of disclosure requirements, see Rule 8 of the Code.  If in
doubt, contact the Panel on Take-overs and Mergers, Tel. No: 0171-382 9026.


END


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