EMM Disclosure

RNS Number:4780P
ING Baring Charterhouse Securities
4 January 2002


                           EMM DISCLOSURE


                                                    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             ING BARINGS CHARTERHOUSE SECURITIES

Date of disclosure      04 JANUARY 2002

Contact name            VICKY SURGEONER

Telephone number        020 7767 8964

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

                            CAPITAL BARS
                            HUGHES (TJ)




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 derivative
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 the disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Monitoring Section of the Panel, Tel. No: 020 7638 0129



                                                          FORM 38.5

                   CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in            CAPITAL BARS                       (name of company)

Class of security     ORDINARY 10P

Date of disclosure    04 JANUARY 2002

Date of dealing       03 JANUARY 2002

Name of EMM           ING BARINGS CHARTERHOUSE SECURITIES

Name of offeree/offeror with whom connected            CAPITAL BARS


Total number of securities purchased                          7,500

Highest price paid*                                 0.25        GBP

Lowest price paid*                                  0.25        GBP


Total number of securities sold

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            HUGHES (TJ)                       (name of company)

Class of security     ORDINARY 10P

Date of disclosure    04 JANUARY 2002

Date of dealing       03 JANUARY 2002

Name of EMM           ING BARINGS CHARTERHOUSE SECURITIES

Name of offeree/offeror with whom connected            CAPITAL BARS


Total number of securities purchased                            500

Highest price paid*                                 1.17        GBP

Lowest price paid*                                  1.17        GBP


Total number of securities sold

Highest price received*

Lowest price received*


*Currency must be stated