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               25 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      10,953,432      4.11%       187,531      0.07%
securities
(2) Derivatives      112,099      0.04%       929,605      0.35%
(other than
options)
(3) Options and            0      0.00%            0       0.00%
agreements to
purchase/sell
Total             11,065,531      4.16%     1,117,136      0.42%


(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      3,724                5.2001
Purchase      19,400               5.1900
Purchase      162                  5.1900
Purchase      86,147               5.2024
Purchase      52,204               5.1900
Purchase      21,200               5.1795
Purchase      19,978               5.1908
Purchase      34,955               5.2475
Purchase      4,841                5.1910
Purchase      6,301                5.2003
Purchase      1,550                5.1660
Purchase      5,198                5.2000
Sale          6,600                5.1550
Sale          57                   Transfer
Sale          3,880                5.1895
Sale          34,955               5.2475
Sale          57                   Transfer
Sale          15,104               5.1181
Sale          1,942                5.1900
Sale          34,955               5.2475
Sale          990                  5.1855
Sale          4,900                5.1506
Sale          20,680               5.1900

(b)  Derivatives transactions (other than options)
Product name,  Long/Short    Number of     Price per
(e.g. CFD)     (Note 6)      Securities    unit (GBP)
CFD            Short         1550          5.1659
CFD            Short         21200         5.1794
CFD            Short         33695         5.1821
CFD            Short         52204         5.19
CFD            Short         19978         5.1907
CFD            Short         4841          5.1909
CFD            Short         5198          5.2
CFD            Short         3724          5.2001
CFD            Short         6301          5.2003
CFD            Short         86147         5.2024
CFD            Long          15104         5.118
CFD            Long          4900          5.1505
CFD            Long          6600          5.155
CFD            Long          2423          5.1761
CFD            Long          990           5.1854
CFD            Long          3880          5.1894
CFD            Long          23134         5.1952

(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                         26 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