Warburg Dillon Read - EMM Disclosure

RNS No 5615n
WARBURG DILLON READ
29th 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       WARBURG DILLON READ
      
Date of disclosure        29 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

BTR PLC ADRs

SEARS PLC ORDINARY 

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       29 DECEMBER 1998
      
..............................................................................
..........................................................

Date of dealing       24 DECEMBER 1998
      
..............................................................................
..........................................................

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

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


Total Number of securities bought       329,456
       ......................................................

Highest price paid*       127       GBP
       ......................................................

Lowest price paid*       123       GBP
       ......................................................





Total number of securities sold       12,883
       ......................................................

Highest price received*       127       GBP
       ......................................................

Lowest price received       123.5       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       BTR PLC       (name of company)
      
..............................................................................
.....................

Class of Security       ADRs
      
..............................................................................
..........................................................

Date of disclosure       29 DECEMBER 1998
      
..............................................................................
..........................................................

Date of dealing       28 DECEMBER 1998
      
..............................................................................
..........................................................

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

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





Total Number of securities bought       65,000
       ......................................................

Highest price paid*       812.5       USD
       ......................................................

Lowest price paid*       812.5       USD
       ......................................................





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       SEARS PLC       (name of company)
      
..............................................................................
.....................

Class of Security       ORDINARY
      
..............................................................................
..........................................................

Date of disclosure       29 DECEMBER 1998
      
..............................................................................
..........................................................

Date of dealing       24 DECEMBER 1998
      
..............................................................................
..........................................................

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

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





Total Number of securities bought       52,800
       ......................................................

Highest price paid*       258       GBP
       ......................................................

Lowest price paid*       258       GBP
       ......................................................





Total number of securities sold       18,000
       ......................................................

Highest price received*       260       GBP
       ......................................................

Lowest price received*       259       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       29 DECEMBER 1998
      
..............................................................................
..........................................................

Date of dealing       24 DECEMBER 1998
      
..............................................................................
..........................................................

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

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



Total Number of securities bought       12,658
       ......................................................

Highest price paid*       237       GBP
       ......................................................

Lowest price paid*       237       GBP
       ......................................................


Total number of securities sold       31,445
       ......................................................

Highest price received*       237       GBP
       ......................................................

Lowest price received*       230       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       29 DECEMBER 1998
      
..............................................................................
..........................................................

Date of dealing       28 DECEMBER 1998
      
..............................................................................
..........................................................

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

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





Total Number of securities bought       0
       ......................................................

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

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





Total number of securities sold       9,800
       ......................................................

Highest price received*       793.75       USD
       ......................................................

Lowest price received*       793.72       USD
       ......................................................



*Currency must be stated


END

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