Form 8.3 - Panmure Gordon & Co

FORM 8.3

           PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY            

    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE     

                  Rule 8.3 of the Takeover Code (the "Code")                   

1. KEY INFORMATION

(a) Identity of the person whose positions/    Liontrust Investment Partners   
dealings are being disclosed:                  LLP                             
                                                                               
(b) Owner or controller of interests and short                                 
positions disclosed, if different from 1(a):                                   
                                                                               
The naming of nominee or vehicle companies is                                  
insufficient                                                                   
                                                                               
(c) Name of offeror/offeree in relation to     Panmure Gordon & Co             
whose relevant securities this form relates:                                   
                                                                               
Use a separate form for each offeror/offeree                                   
                                                                               
(d) If an exempt fund manager connected with                                   
an offeror/offeree, state this and specify                                     
identity of offeror/offeree:                                                   
                                                                               
(e) Date position held undertaken:             24th Sept 2010                  
                                                                               
(f) Has the discloser previously disclosed, or No                              
are they today disclosing, under the Code in                                   
respect of any other party to this offer?                                      

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a) Interests and short positions in the relevant securities of the offeror or
offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:                                                  
                                                                             
                                     Interests            Short positions    
                                                                             
                                   Number         %         Number        %  
                                                                             
(1) Relevant securities owned    5,442,542     3.7495                        
and/or controlled:                                                           
                                                                             
(2) Derivatives (other than                                                  
options):                                                                    
                                                                             
(3) Options and agreements to                                                
purchase/sell:                                                               
                                                                             
TOTAL:                           5,442,542     3.7495                        

All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase
or sell relevant securities, should be given on a Supplemental Form 8 (Open
Positions).

(b) Rights to subscribe for new securities (including directors' and other
executive options)

Class of relevant security in                                                
relation to which subscription right                                         
exists:                                                                      
                                                                             
Details, including nature of the                                             
rights concerned and relevant                                                
percentages:                                                                 

If there are positions or rights to subscribe to disclose in more than one
class of relevant securities of the offeror or offeree named in 1(c), copy
table 2(a) or (b) (as appropriate) for each additional class of relevant
security.

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

(a) Purchases and sales

 Class of relevant    Purchase/sale         Number of        Price per unit  
     security                              securities                        
                                                                             
4p Ord                                                                       

(b) Derivatives transactions (other than options)

   Class of      Product      Nature of dealing     Number of     Price per  
   relevant    description                          reference       unit     
   security                 e.g. opening/closing a  securities               
                 e.g. CFD    long/short position,                            
                            increasing/reducing a                            
                             long/short position                             
                                                                             

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Class of   Product    Writing,   Number of  Exercise   Type    Expiry   Option 
relevant description purchasing, securities  price              date    money  
security  e.g. call   selling,    to which  per unit   e.g.             paid/  
           option      varying     option            American,         received
                        etc.      relates            European          per unit
                                                       etc.                    
                                                                               

(ii) Exercising

 Class of relevant       Product            Number of      Exercise price per
     security          description         securities             unit       
                                                                             
                     e.g. call option                                        
                                                                             

(d) Other dealings (including subscribing for new securities)

Class of relevant    Nature of dealing          Details       Price per unit 
    security                                                 (if applicable) 
                     e.g. subscription,                                      
                         conversion                                          
                                                                             

The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of
the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as
appropriate) for each additional class of relevant security dealt in.

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or          
understanding, formal or informal, relating to relevant securities which may 
be an inducement to deal or refrain from dealing entered into by the person  
making the disclosure and any party to the offer or any person acting in     
concert with a party to the offer:                                           
                                                                             
If there are no such agreements, arrangements or understandings, state "none"
                                                                             
None                                                                         

(b) Agreements, arrangements or understandings relating to options or
derivatives

Details of any agreement, arrangement or understanding, formal or informal,  
between the person making the disclosure and any other person relating to:   
                                                                             
(i) the voting rights of any relevant securities under any option; or        
                                                                             
(ii) the voting rights or future acquisition or disposal of any relevant     
securities to which any derivative is referenced:                            
                                                                             
If there are no such agreements, arrangements or understandings, state "none"
                                                                             
None                                                                         

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?                 NO       

Date of disclosure:                    24th September 2010                   
                                                                             
Contact name:                          Greg Shannon                          
                                                                             
Telephone number:                      020 7412 1755                         

Public disclosures under Rule 8 of the Code must be made to a Regulatory
Information Service and must also be emailed to the Takeover Panel at 
[e-mail] . The Panel's Market Surveillance Unit is
available for consultation in relation to the Code's dealing disclosure
requirements on [phone].

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk .

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