SAR - Impax Group PLC

RNS Number:9171O
Swan Corporation Limited
21 August 2003

                                                        FORM SAR 3


                                       Date of disclosure.......21ST AUGUST 2003

                 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of acquisition........20TH AUGUST 2003.....................................

Acquisition in.............IMPAX GROUP PLC.....................(name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares acquired      acquired, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ORDINARY SHARES.....      1,496,100.......shares    VOTING.................
                              591,000.........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    1,752,100......( 4.94 %)  5,678,900.......( 16 %)   7,431,000...(  20.94 %)


(3) Party making disclosure......SWAN COPORATION LIMITED......................  

(4)  (a)  Name of person acquiring shares or rights over shares ......  SWAN
          CORPORATION LIMITED
          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)............................


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory)...SCOTT WHITE................................

Telephone and extension number...0207 490 3788..............................

Note. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person.  Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring 
Section, Tel. No: 020 7638 0129.



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