SAR - SWP Group plc

RNS Number:4869W
SWP Group PLC
27 May 2002

                                                        FORM SAR 3

Lodge with Company Announcements Office and the Panel.  A copy must also be sent
to the company the shares of which are acquired.

                                       Date of disclosure       27 May 2002

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


Date of acquisition          21 May 2002

Acquisition in   SWP 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           10,000,000 shares         N/A
                              N/A        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)

    60,898,842 (18.26%)       ...............(    %)    18.26%


(3) Party making disclosure        SWP Group plc

(4)  (a)  Name of person acquiring shares or rights over shares
          and, if different, beneficial owner          Francis Joseph Bell

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5)       NONE


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

(Also print name of signatory)      Francis Joseph Bell

Telephone and extension number      01786 835048

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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