Rule 8.3 - PUNCH TAVERNS

FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
              (Rule 8.3 of the City Code on Takeovers and Mergers)


1.   KEY INFORMATION

Name of person dealing        BARCLAYS PLC
(Note 1)
Company dealt in              PUNCH TAVERNS
Class of relevant security    ORD SHS GBP0.0004786
to which the dealings being
disclosed relate (Note 2)
Date of dealing               20 February 2008

2.   INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a)  Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)

                            Long                     Short

                      Number       (%)         Number       (%)

(1) Relevant      11,203,611      4.21%      940,923       0.35%
securities
(2) Derivatives    1,184,812      0.44%      250,917       0.09%
(other than
options)
(3) Options and            0      0.00%            0       0.00%
agreements to
purchase/sell
Total             12,388,423     4.65%     1,191,840       0.45%


(b)  Interests and short positions in relevant securities of the company, other
     than the class dealt in (Note 3)

Class of                    Long                     Short
relevant
security:

                  Number              (%)   Number              (%)

(1) Relevant
securities

(2) Derivatives
(other than
options)

(3) Options and
agreements to
purchase/sell

Total


  (c)  Rights to subscribe (Note 3)

Class of relevant security:   Details



3.   DEALINGS (Note 4)

  (a)  Purchases and sales

Purchase/sale Number of Securities Price per unit
                                   (GBP)
Purchase      1,817                6.5043
Purchase      6,571                6.5137
Purchase      738                  6.6011
Purchase      400                  6.6261
Purchase      2,500                6.5950
Purchase      10,614               6.5111
Purchase      3,200                6.6450
Purchase      1,263                6.6013
Purchase      61,882               6.5267
Purchase      1,157                6.5112
Purchase      6,100                6.6211
Purchase      16,928               6.5591
Sale          9,625                6.6295
Sale          29,600               6.5677
Sale          6,825                6.5873
Sale          4,728                6.5100
Sale          1,364                6.5100
Sale          17,118               6.5611
Sale          23,800               6.7000
Sale          5,910                6.5100
Sale          4,275                6.5688

(b)  Derivatives transactions (other than options)
Product name,  Long/Short    Number of     Price per
(e.g. CFD)     (Note 6)      Securities    unit (GBP)
CFD            Short         1817          6.5043
CFD            Short         10614         6.5111
CFD            Short         1157          6.5112
CFD            Short         6571          6.5137
CFD            Short         38724         6.5167
CFD            Short         15930         6.537
CFD            Short         7228          6.5571
CFD            Short         16928         6.5591
CFD            Short         17432         6.5749
CFD            Short         738           6.601
CFD            Short         1263          6.6012
CFD            Short         6100          6.621
CFD            Short         400           6.6261
CFD            Short         3200          6.645
CFD            Long          17118         6.5611
CFD            Long          29600         6.5677
CFD            Long          4275          6.5687
CFD            Long          6825          6.5873
CFD            Long          9625          6.6295


(c)  Options transactions in respect of existing securities

(i)  Writing, selling, purchasing or varying

Product name,   Writing,          Number of          Exercise  Type, e.g.      Expiry   Option money
e.g. call       selling,          securities to      price     American,       date     paid/received
option          purchasing,       which the option             European etc.            per unit (GBP)
                varying etc.      relates (GBP)


(ii) Exercising

Product name, e.g.  Number of           Exercise price per
call option         securities          unit (Note 5)




(d)  Other dealings (including new securities) (Note 4)


Nature of transaction Details           Price per unit
(Note 8)                                (if applicable)
                                        (Note 5)




4.   OTHER INFORMATION
None

Agreements, arrangements or understandings relating to options or derivatives


Full details of any agreement, arrangement or understanding between the
person disclosing and any other person relating to the voting rights of
any relevant securities under any option referred to on this form or
relating to the voting rights or future acquisition or disposal of any
relevant securities to which any derivative referred to on this form is
referenced.  If none, this should be stated.




Is a Supplemental Form 8 attached? (Note 9)                 NO


Date of disclosure                         21 February 2008
Contact name                               Geoff Smith
Telephone number                           020 7116 2913
If a connected EFM, name of
offeree/offeror with which connected
If a connected EFM, state nature of
connection (Note 10)


Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk