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               17 March 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      11,193,369      4.20%      892,280       0.34%
securities
(2) Derivatives      337,543      0.13%      450,999       0.17%
(other than
options)
(3) Options and            0      0.00%            0       0.00%
agreements to
purchase/sell
Total             11,530,912      4.33%    1,343,279       0.50%


(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      240                  5.7250
Purchase      1,014                5.3950
Purchase      91,900               5.1472
Purchase      213                  5.0750
Purchase      31,860               5.2821
Purchase      1,800                5.2842
Purchase      2,666                5.3304
Purchase      165,648              5.2809
Purchase      77,034               5.1705
Purchase      1,270                5.2753
Purchase      423                  5.7415
Purchase      80,044               5.2430
Purchase      56,618               5.1516
Purchase      7,743                5.8458
Purchase      1,652                5.2906
Purchase      3,400                5.1459
Purchase      7,509                5.3171
Purchase      8,406                5.8372
Sale          15,754               5.2807
Sale          2,666                5.3303
Sale          489                  5.2250
Sale          191                  5.2248
Sale          1,757                5.2438
Sale          21,365               5.2106
Sale          8,406                5.8371
Sale          31,623               5.2223
Sale          10,480               5.5520

(b)  Derivatives transactions (other than options)
Product name,  Long/Short    Number of     Price per
(e.g. CFD)     (Note 6)      Securities    unit (GBP)
CFD            Short         3400          5.1459
CFD            Short         91900         5.1471
CFD            Short         56618         5.1515
CFD            Short         77034         5.1704
CFD            Short         80044         5.243
CFD            Short         13388         5.2448
CFD            Short         1270          5.2752
CFD            Short         165648        5.2809
CFD            Short         31860         5.2821
CFD            Short         1800          5.2842
CFD            Short         7509          5.3171
CFD            Long          31623         5.2222
CFD            Long          191           5.2247
CFD            Long          1757          5.2438
CFD            Long          45320         5.2702
CFD            Long          15754         5.2806
CFD            Long          10480         5.552

(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                         18 March 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