Kleinwort Benson - EMM Disclosure

RNS No 5853c
KLEINWORT BENSON SECURITIES LIMITED
30th December 1998


                                                    FORM 38.5 (SUMMARY)

Lodge with Company Announcements Office and the Panel.  Use a separate form
for each class of securities in which dealings have been made.
                                       
                                       
                        CONNECTED EXEMPT MARKET-MAKERS:
     DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS



Name of EMM ..Kleinwort Benson Securities Limited (318).......................


Date of disclosure ..30th December 1998.......................................


Contact name ..Caz Marshall...................................................


Telephone number ..0171 475 5844..............................................


Please see attached disclosure of dealings under Rule 38.5 in the securities
of the following companies:

..BTR.........................................................................

..IBSTOCK.....................................................................

..PENDRAGON...................................................................

..SEARS.......................................................................


..............................................................................

..............................................................................

..............................................................................


AMENDMENT

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous disclosure was incorrect:

..............................................................................

..............................................................................

..............................................................................

..............................................................................

In the case of option business or dealings in derivatives full details should
be given on a separate sheet so that the nature of the dealings can be fully
understood.  For options this should include the number of securities under
option, the exercise period (or in the case of exercise, the exercise date),
the exercise price and any option money paid or received.  For derivatives
this should include, at least, the number of reference securities to which
they relate (when relevant), the maturity date (or if applicable the closing
out date) and the reference price.

For full details of disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Monitoring Section of the Panel, Tel. No: 0171 638
0129


                                                            FORM 38.5

                                       
                        CONNECTED EXEMPT MARKET-MAKERS:
      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
                                       
                                       
                                       
Dealing in ..BTR............................................ (name of company)

Class of security ..ORD.......................................................

Date of disclosure ..30th December 1998.......................................

Date of dealing ..29th December 1998..........................................

Name of EMM ..Kleinwort Benson Securities Limited (318).......................

Name of offeree/offeror with whom connected ..SIEBE...........................



Total number of securities purchased ..17,724.........................

Highest price paid*            ..#1.245...............................

Lowest price paid*             ..#1.2225..............................



Total number of securities sold ..635.................................

Highest price received*         ..#1.2525.............................

Lowest price received*          ..#1.23................................



*Currency must be stated

                                                            FORM 38.5

                                       
                        CONNECTED EXEMPT MARKET-MAKERS:
      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
                                       
                                       
                                       
Dealing in ..IBSTOCK........................................ (name of company)

Class of security ..ORD.......................................................

Date of disclosure ..30th December 1998.......................................

Date of dealing ..29th December 1998..........................................

Name of EMM ..Kleinwort Benson Securities Limited (318).......................

Name of offeree/offeror with whom connected ..CRH.............................



Total number of securities purchased ..250............................

Highest price paid*            ..#0.685...............................

Lowest price paid*             ..#0.685...............................



Total number of securities sold ..0...................................

Highest price received*         ......................................

Lowest price received*          .......................................



*Currency must be stated

                                                            FORM 38.5

                                       
                        CONNECTED EXEMPT MARKET-MAKERS:
      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
                                       
                                       
                                       
Dealing in ..PENDRAGON...................................... (name of company)

Class of security ..ORD.......................................................

Date of disclosure ..30th December 1998.......................................

Date of dealing ..29th December 1998..........................................

Name of EMM ..Kleinwort Benson Securities Limited (318).......................

Name of offeree/offeror with whom connected ..EVANS HALSHAW...................



Total number of securities purchased ..2,218..........................

Highest price paid*            ..#1.5275..............................

Lowest price paid*             ..#1.5275..............................



Total number of securities sold ..22..................................

Highest price received*         ..#1.5425.............................

Lowest price received*          ..#1.5425..............................



*Currency must be stated

                                                             FORM 38.5

                                       
                        CONNECTED EXEMPT MARKET-MAKERS:
      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
                                       
                                       
                                       
Dealing in ..SEARS.......................................... (name of company)

Class of security ..ORD.......................................................

Date of disclosure ..30th December 1998.......................................

Date of dealing ..29th December 1998..........................................

Name of EMM ..Kleinwort Benson Securities Limited (318).......................

Name of offeree/offeror with whom connected ..SEARS...........................



Total number of securities purchased ..600............................

Highest price paid*            ..#2.59................................

Lowest price paid*             ..#2.59................................



Total number of securities sold ..3,383...............................

Highest price received*         ..#2.62...............................

Lowest price received*          ..#2.61................................



*Currency must be stated

END

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