EMM Disclosure

RNS Number:2669P
Old Mutual Securities Ld
10 August 2000

                           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..............OLD MUTUAL SECURITIES LTD......................

Date of disclosure.......10th AUGUST 2000...............................

Contact name.............GARY HINDE.....................................

Telephone number.........020 7489-4643..................................

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

.........................HILL & SMITH...................................

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

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

........................................................................
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...............HILL & SMITH.................(name of company)

Class of security........ORDINARY...................................

Date of disclosure.......10th AUGUST 2000...........................

Date of dealing..........09th AUGUST 2000...........................

Name of EMM..............OLD MUTUAL SECURITIES LTD..................

Name of offeree/offeror with whom connected.HLL & SMITH.............


Total number of securities purchased........0

Highest price paid*........GBP..............0

Lowest price paid*.........GBP..............0

Total number of securities sold.........5,913

Highest price received*....GBP.............58

Lowest price received*.....GBP.............58



*Currency must be stated