Warburg Dillon Read - EMM Disclosure

RNS No 6092q
WARBURG DILLON READ


                                                          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        31 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

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

SEARS PLC ORDINARY 

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

SIEBE PLC ORDINARY

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

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       31 DECEMBER 1998
      
..............................................................................

Date of dealing       30 DECEMBER 1998
      
..............................................................................
..........................................................

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

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



Total Number of securities bought       986,377
       ......................................................

Highest price paid*       125       GBP
       ......................................................

Lowest price paid*       118       GBP
       ......................................................


Total number of securities sold       1,016,630
       ......................................................

Highest price received*       125       GBP
       ......................................................

Lowest price received       123       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       SEARS PLC       (name of company)
      
..............................................................................
.....................

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

Date of disclosure       31 DECEMBER 1998
      
..............................................................................

Date of dealing       30 DECEMBER 1998
      
..............................................................................

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

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


Total Number of securities bought       2,500
       ......................................................

Highest price paid*       257       GBP
       ......................................................

Lowest price paid*       257       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       31 DECEMBER 1998
      
..............................................................................

Date of dealing       30 DECEMBER 1998
      
..............................................................................

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

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


Total Number of securities bought       404,849
       ......................................................

Highest price paid*       238       GBP
       ......................................................

Lowest price paid*       233       GBP
       ......................................................

Total number of securities sold       450,302
       ......................................................

Highest price received*       239       GBP
       ......................................................

Lowest price received*       234       GBP
       ......................................................


*Currency must be stated 


END

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