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               19 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      11,415,920      4.29%       196,168      0.07%
securities
(2) Derivatives      120,736      0.05%       514,109      0.19%
(other than
options)
(3) Options and            0      0.00%            0       0.00%
agreements to
purchase/sell
Total             11,536,656      4.33%       710,277      0.27%


(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      8,690                5.2730
Purchase      4,079                5.0968
Purchase      163,763              5.0869
Purchase      30,702               5.4700
Purchase      4,027                5.1326
Purchase      28,093               5.2651
Purchase      5,672                5.2082
Purchase      2,000                5.0958
Purchase      10,400               5.0893
Purchase      13,260               5.1612
Purchase      61,852               5.0839
Purchase      26,175               5.1397
Purchase      11,072               5.4700
Sale          4,990                5.1343
Sale          5,717                5.1420
Sale          1,000                5.2841
Sale          4,754                5.2690
Sale          8,819                5.1699
Sale          30,702               5.4700
Sale          16,957               5.2767
Sale          3,717                5.2606
Sale          15,684               5.1420
Sale          18,770               5.2738
Sale          1,190                5.2700
Sale          30,699               5.4700
Sale          46,946               5.3659
Sale          124,562              5.1243
Sale          11,072               5.4700
Sale          1,797                5.0700

(b)  Derivatives transactions (other than options)
Product name,  Long/Short    Number of     Price per
(e.g. CFD)     (Note 6)      Securities    unit (GBP)
CFD            Short         61852         5.0838
CFD            Short         163763        5.0869
CFD            Short         10400         5.0893
CFD            Short         2000          5.0958
CFD            Short         4079          5.0968
CFD            Short         4027          5.1325
CFD            Short         26175         5.1396
CFD            Short         27032         5.1459
CFD            Short         13260         5.1611
CFD            Short         8690          5.2729
CFD            Long          29856         5.0893
CFD            Long          124562        5.1242
CFD            Long          4990          5.1343
CFD            Long          8819          5.1699
CFD            Long          3717          5.2605
CFD            Long          4754          5.2689
CFD            Long          18770         5.2738
CFD            Long          16957         5.2767
CFD            Long          1000          5.2841
CFD            Long          46946         5.3658

(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                         20 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