SAR - (Microcap Equities)

RNS Number:1038S
Libra Investments Limited
14 November 2003


FORM SAR 3



Date of disclosure

14 November 2003


DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING

SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")


Date of acquisition

13 November 2003


Acquisition in (name of company)

Microcap Equities plc


1. Class of voting shares (eg ordinary shares)

Ordinary Shares


Number of shares/rights over shares acquired

           380,000   Shares           Rights


If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights

2. Resultant total holding of voting shares (and % of total voting shares in
issue)

                                  6,049,692   %17.94


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

             %


Total percentage

             %


3. Party making disclosure

Libra Investments Limited

4. (a) Name of person acquiring shares or rights over shares

Libra Investments 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

P.D. Abbey


(Also print name of signatory)

P.D. Abbey


Telephone and extension number

020 7245 1100


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.

Email:[e-mail]








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