EMM Disclosure

RNS Number:2281U
HSBC Investment Bank PLC(EMM)
16 November 2000



                                                         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 .........HSBC INVESTMENT BANK PLC.................................


Date of disclosure .....16 November 2000


Contact name ........JASEN CRAWFORD OR WIL GOLDSMITH.........................


Telephone number.....0207 336 9364 OR 0207 336 2387........................


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



Hewden-Stuart plc 
Matthews(Bernard) plc
Wolv.&Dudley Breweries plc

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: 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 .............Hewden-Stuart plc...................(name of company)

Class of security ......Ordinary Shares.......................................

Date of disclosure ....16 November 2000.....................................

Date of dealing .......15 November 2000......................................

Name of EMM ........HSBC Investment Bank plc..................................

Name of offeree/offeror with whom connected .........Hewden-Stuart plc........


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

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

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


Total number of securities sold        549....................................

Highest price received*                88p....................................

Lowest price received*                 88p....................................



*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 .............Matthews (Bernard) plc..............(name of company)

Class of security ......Ordinary Shares.......................................

Date of disclosure ....16 November 2000.....................................

Date of dealing .......15 November 2000......................................

Name of EMM ........HSBC Investment Bank plc..................................

Name of offeree/offeror with whom connected ......Matthews (Bernard) plc......


Total number of securities purchased   25000..................................

Highest price paid*                    182p...................................

Lowest price paid*                     182p...................................




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 .....Wolverhampton & Dudley Breweries plc........(name of company)

Class of security ......Ordinary Shares.......................................

Date of disclosure ....16 November 2000.....................................

Date of dealing .......15 November 2000......................................

Name of EMM ........HSBC Investment Bank plc..................................

Name of offeree/offeror with whom connected ..Wolverhampton & Dudley Breweries
plc..........

Total number of securities purchased   2,900..................................

Highest price paid*                    420p...................................

Lowest price paid*                     420p...................................




Total number of securities sold        2,900.................................

Highest price received*                421p...................................

Lowest price received*                 421p...................................



*Currency must be stated