Warburg Dillon Read - EMM Disclosure

RNS No 5586q
WARBURG DILLON READ
3rd 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 ADN MERGERS

Name of EMM       WARBURG DILLON READ
      
..............................................................................

Date of disclosure        3 DECEMBER 1998
      
..............................................................................

Contact Name       ROGER BRADLEY
      
..............................................................................

Telephone number       0171 568 5846
      
..............................................................................

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

BTR PLC ORDINARY
MARLEY PLC ORDINARY SHARES
SIEBE PLC ORDINARY
SIEBE PLC ADRs


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 PLC       (name of company)
      
Class of Security       ORDINARY
      
Date of disclosure       3 DECEMBER 1998
      
Date of dealing       2 DECEMBER 1998

Name of EMM       WARBURG DILLON READ

Name of offeree / offeror with whom connected       SIEBE PLC
      

Total Number of securities bought       893,231
       ......................................................

Highest price paid*       118       GBP
       ......................................................

Lowest price paid*       110.5       GBP
       ......................................................


Total number of securities sold       438,044
       ......................................................

Highest price received*       118       GBP
       ......................................................

Lowest price received*       111       GBP
       ......................................................


*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       MARLEY PLC       (name of company)

Class of Security       ORDINARY

Date of disclosure       3 DECEMBER 1998

Date of dealing       2 DECEMBER 1998
      
Name of EMM       WARBURG DILLON READ
      

Name of offeree / offeror with whom connected       MARLEY PLC
      

Total Number of securities bought       108,849
       ......................................................

Highest price paid*       123       GBP
       ......................................................

Lowest price paid*       121       GBP
       ......................................................


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

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

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


*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

Date of disclosure       3 DECEMBER 1998
      
Date of dealing       2 DECEMBER 1998

Name of EMM       WARBURG DILLON READ
      
Name of offeree / offeror with whom connected       SIEBE PLC
      


Total Number of securities bought       669,759
       ......................................................

Highest price paid*       210       GBP
       ......................................................

Lowest price paid*       197       GBP
       ......................................................



Total number of securities sold       87,320
       ......................................................

Highest price received*       210       GBP
       ......................................................

Lowest price received*       198       GBP
       ......................................................



*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       ADRs

Date of disclosure       3 DECEMBER 1998
      
Date of dealing       2 DECEMBER 1998
      
Name of EMM       WARBURG DILLON READ
      
Name of offeree / offeror with whom connected       SIEBE PLC
      


Total Number of securities bought       50,000
       ......................................................

Highest price paid*       656.25       USD
       ......................................................

Lowest price paid*       656.25       USD
       ......................................................


Total number of securities sold       25,000
       ......................................................

Highest price received*       656.25       USD
       ......................................................

Lowest price received*       656.25       USD
       ......................................................



*Currency must be stated


END

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