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               27 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      11,091,596      4.16%      132,941       0.05%
securities
(2) Derivatives       68,464      0.03%    1,012,343       0.38%
(other than
options)
(3) Options and            0      0.00%            0       0.00%
agreements to
purchase/sell
Total             11,160,060      4.19%    1,145,284       0.43%


(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      62,047               5.1766
Purchase      3,200                5.1805
Purchase      6,390                5.2234
Purchase      1,330                5.2611
Purchase      1,440                5.1496
Purchase      54,590               5.2103
Purchase      19,600               5.1634
Purchase      6,031                5.1738
Purchase      22,122               5.2036
Purchase      5,400                5.2000
Purchase      2,924                5.2200
Purchase      54,590               5.2109
Purchase      7,799                5.2115
Purchase      4,846                5.1860
Purchase      9,785                5.1951
Purchase      7,200                5.1850
Purchase      3,073                5.1805
Sale          11,900               5.2075
Sale          3,515                5.2345
Sale          13,509               5.2061
Sale          189                  5.1800
Sale          54,590               5.2109
Sale          15,490               5.2044
Sale          8,600                5.2312
Sale          305                  5.1850

(b)  Derivatives transactions (other than options)
Product name,  Long/Short    Number of     Price per
(e.g. CFD)     (Note 6)      Securities    unit (GBP)
CFD            Long          189           5.18
CFD            Long          15490         5.2043
CFD            Long          13509         5.206
CFD            Long          11900         5.2075
CFD            Long          1707          5.2111
CFD            Long          18694         5.2263
CFD            Long          8600          5.2311
CFD            Long          3515          5.2344
CFD            Short         1440          5.1495
CFD            Short         19600         5.1634
CFD            Short         6031          5.1737
CFD            Short         62047         5.1765
CFD            Short         3200          5.1805
CFD            Short         4846          5.1859
CFD            Short         9785          5.195
CFD            Short         5400          5.2
CFD            Short         22122         5.2036
CFD            Short         54590         5.2108
CFD            Short         7799          5.2114
CFD            Short         21887         5.212
CFD            Short         6390          5.2234
CFD            Short         1330          5.261


(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                         28 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