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 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      10,821,892      4.06%       208,184      0.08%
securities
(2) Derivatives      132,752      0.05%       765,009      0.29%
(other than
options)
(3) Options and            0      0.00%            0       0.00%
agreements to
purchase/sell
Total             10,954,644      4.11%       973,193      0.37%


(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      15,104               5.0358
Purchase      165,414              5.0959
Purchase      4,122                5.0500
Purchase      82                   5.0350
Purchase      152                  5.0350
Purchase      243                  5.0350
Purchase      3,518                5.1700
Purchase      409                  5.0102
Purchase      26,790               5.1127
Purchase      36,800               5.0490
Purchase      34,955               5.2700
Purchase      35,890               5.0350
Purchase      22,130               5.0809
Purchase      9,794                5.0350
Purchase      4,980                5.0360
Purchase      6,248                5.5300
Sale          9,794                5.0350
Sale          2,000                5.0694
Sale          34,955               5.2700
Sale          12,900               5.0636
Sale          5,650                5.1070
Sale          591                  5.0745
Sale          700                  5.1791
Sale          26,652               5.0719
Sale          8,976                5.1376

(b)  Derivatives transactions (other than options)
Product name,  Long/Short    Number of     Price per
(e.g. CFD)     (Note 6)      Securities    unit (GBP)
CFD            Short         409           5.0102
CFD            Short         15104         5.0357
CFD            Short         4980          5.0359
CFD            Short         36800         5.0489
CFD            Short         28081         5.0581
CFD            Short         22130         5.0808
CFD            Short         165414        5.0959
CFD            Short         26790         5.1126
CFD            Short         3518          5.1699
CFD            Long          14783         5.0612
CFD            Long          12900         5.0636
CFD            Long          2000          5.0693
CFD            Long          591           5.0745
CFD            Long          21217         5.0795
CFD            Long          11869         5.0852
CFD            Long          5650          5.1069
CFD            Long          8976          5.1375
CFD            Long          700           5.1791

(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                         25 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