BTR PLC - Initial Redemption Period,etc

RNS No 2207k
BTR PLC
11th May 1998


                       BTR plc ("BTR")
         Announcement of Initial Redemption Period,
                   Redemption of B Shares
    and repurchase of aggregated fractional entitlements
                              

Following admission of the Consolidated Ordinary Shares  and
the B Shares to the Official List at 8.30am this morning all
conditions  to  the Capital Reorganisation, announced  on  9
April 1998, have been satisfied.

As  envisaged in the Circular dated 9 April 1998, the  Board
of   BTR  announces an Initial Redemption Period from  today
until 5pm on 5 June 1998.  Shareholders who did not complete
and  return an Early Redemption Form by 9.30pm on 8 May 1998
may elect to have their B Shares redeemed on 8 June 1998 by

  -     completing the Redemption Form on the reverse of the B
  Share certificate, once it is received, if they held their
  Existing Ordinary Shares in certificated form (ie. not  in
  CREST), or

  -    by following the instructions set out in paragraph 3 of
  Appendix VI of the Circular dated 9 April 1998 if they held
  their Existing Ordinary Shares in uncertificated form (ie.
  in CREST).

J.  Henry  Schroder  & Co. Limited ("Schroders")  acting  as
agent  for  those  shareholders who completed  and  returned
Early  Redemption Forms by 9.30pm on Friday 8 May 1998,  has
elected  for redemption of 3,499,294,671 B Shares.  BTR  has
today  redeemed these shares at their nominal value  of  36.5
pence. These shares represented approximately 85.7 per cent.
of   the  B  Shares  in  issue.   Following  the  redemption
583,949,403 B Shares remain in issue.

Fractional  entitlements  to  Consolidated  Ordinary  Shares
arising  out  of  the 13 for 16 Share Capital  Consolidation
have  been  aggregated  into  59,839  Consolidated  Ordinary
Shares  of 3010/13 pence and have been purchased by Schroder
Securities  Limited ("Schroders Securities")at  a  price  of
195.5 pence per share and BTR has purchased these shares  at
the  same  price. All the Consolidated Shares  so  purchased
will be cancelled and will not be reissued.  The proceeds of
sales  will  be distributed among shareholders in proportion
to their fractional entitlements.

Where appropriate, Consolidated Ordinary Share certificates,
B  Share  certificates and cheques in respect  of  B  Shares
redeemed  today and/or in respect of fractional entitlements
to  Consolidated  Ordinary  Shares  will  be  despatched  to
shareholders by 15 May 1998.

Contacts:

BTR

David Robbie                  Tel: [phone]

Schroders

Steve Wallace                 Tel: [phone]
Michael Hornung

Schroders, which is regulated in the United Kingdom  by  the
Securities  and  Futures Authority  Limited,  is  acting  as
financial  adviser  to BTR plc in relation  to  the  Capital
Reorganisation and redemption of B Shares and  no  one  else
and  will  not be responsible to anyone else other than  BTR
plc  for providing the protections afforded to customers  of
Schroders  nor  for  providing advice  in  relation  to  the
Capital Reorganisation and redemption of B Shares.

END

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