Rule 8.3- TMN Group

Herald Investment Trust PLC
14 March 2008


                                                               FORM 8.3


    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

                        (Rule 8.3 of the Takeover Code)





1.         KEY INFORMATION


Name of person dealing  (Note 1)              Herald Investment Management Limited acting on behalf of
                                              discretionary clients
Company dealt in                              TMN Group
Class of relevant security to which the       Ordinary GBP 0.01p
dealings being disclosed relate (Note 2)

Date of dealing                               13/03/08






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 securities                        1,800,000
                                               2.4%

(2) Derivatives (other than options)


(3) Options and agreements to purchase/sell


Total                                          1,800,000
                                               2.4%




(b)        Interests and short positions in relevant securities of the company,
other than the class dealt in (Note 3)


Class of relevant security:                                  Long                              Short


                                               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 (Note 5)


Purchase 13/03/08                      400,000                               0.5        GBP





(b)        Derivatives transactions (other than options)


Product name,         Long/short (Note 6)       Number of securities (Note 7)       Price per unit (Note 5)

e.g. CFD








(c)        Options transactions in respect of existing securities

(i)         Writing, selling, purchasing or varying


Product name,         Writing, selling, Number of securities  Exercise   Type, e.g.      Expiry     Option money
                        purchasing,     to which the option              American,
e.g. call option      varying etc.      relates (Note 7)      price      European etc.   date       paid/received per
                                                                                                    unit (Note 5)





(ii)        Exercising


Product name, e.g. call option         Number of securities                 Exercise price per unit (Note 5)






(d)        Other dealings (including new securities) (Note 4)


Nature of transaction (Note 8)         Details                              Price per unit (if applicable) (Note 5)








4.         OTHER INFORMATION



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.


NONE











Is a Supplemental Form 8 attached? (Note 9)
            [DEL:YES:DEL]/NO




Date of disclosure                                                14/03/2008

Contact name                                                      Douglas Carstairs

Telephone number                                                  0131 275 3176

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








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