Morgan Stanley - EMM Disclosure

RNS No 6083m
MORGAN STANLEY SECURITIES LIMITED
31st 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: Morgan Stanley Securities Limited................................


Date of disclosure: 31 December 1998..........................................


Contact name: Gail Higgins....................................................


Telephone number : 0171 425 8913..............................................


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

1. Guardian Royal Exchange Plc................................................

2. Siebe Plc..................................................................

3. BTR Plc...................................................................

4. ...........................................................................

5. ...........................................................................

6. ...........................................................................


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: Guardian Royal Exchange Plc.................... (name of company)

Class of security: Ordinary Shares............................................

Date of disclosure: 31 December 1998..........................................

Date of dealing: 30 December 1998.............................................

Name of EMM: Morgan Stanley Securities Limited................................

Name of offeree/offeror with whom connected: Guardian Royal Exchange Plc......





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

Highest price paid*                    .......................................

Lowest price paid*                     ......................................





Total number of securities sold       34,284..............................

Highest price received*               #3.38..............................

Lowest price received*                #3.35.............................



*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: Siebe Plc...................................... (name of company)

Class of security: Ordinary Shares............................................

Date of disclosure: 31 December 1998..........................................

Date of dealing: 30 December 1998.............................................

Name of EMM: Morgan Stanley Securities Limited................................

Name of offeree/offeror with whom connected: Siebe Plc........................





Total number of securities purchased   700,423................................

Highest price paid*                    #2.39...........................

Lowest price paid*                     #2.34...............................



Total number of securities sold        782,089.....................

Highest price received*                #2.38................................

Lowest price received*                 #2.37...............................


*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: BTR Plc........................................ (name of company)

Class of security: Ordinary Shares............................................

Date of disclosure: 31 December 1998..........................................

Date of dealing: 30 December 1998.............................................

Name of EMM: Morgan Stanley Securities Limited................................

Name of offeree/offeror with whom connected: Siebe Plc........................


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

Highest price paid*                    .......................................

Lowest price paid*                     ......................................


Total number of securities sold        125,228................................

Highest price received*                #1.23...........................

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



*Currency must be stated



END

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