Director/PDMR Shareholding

Merchants Trust PLC
20 July 2005





NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING

MANAGERIAL RESPONSIBILITY AND CONNECTED PERSONS



This form is intended for use by an issuer to make a RIS notification required
by DR 3.1.4R(1).


(1) An issuer making a notification in respect of a transaction relating to the
shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating the
shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director/
person discharging managerial responsibilities should complete boxes 1 to 3 and
17 to 24.

(4) An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should complete
boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.


Please complete all relevant boxes in block capital letters.



1. Name of the issuer



THE MERCHANTS TRUST PLC



2. State whether the notification relates to

(i) a transaction notified in accordance with DR

3.1.4R(1)(a); or

(ii) DR 3.1.4(R)(1)(b) a disclosure made in

accordance with section 324 (as extended by

section 328) of the Companies Act 1985; or

(iii) both (i) and (ii)



 RELATES TO (iii) ABOVE



3. Name of person discharging managerial

responsibilities/director



SIR BOB REID



4. State whether notification relates to a person

connected with a person discharging

managerial responsibilities/director named in 3

and identify the connected person



N/A



5. Indicate whether the notification is in respect

of a holding of the person referred to in 3 or

4 above or in respect of a non-beneficial

interest



PERSON NAMED IN 3. ABOVE





6. Description of shares (including class),

debentures or derivatives or financial

instruments relating to shares



ORDINARY SHARES OF 25P EACH





7. Name of registered shareholders(s) and, if

more than one, the number of shares held by

each of them



SIR BOB REID





8 State the nature of the transaction



PURCHASE OF SHARES





9. Number of shares, debentures or financial

instruments relating to shares acquired



4,500





10. Percentage of issued class acquired (treasury

shares of that class should not be taken into

account when calculating percentage)





0.004%



11. Number of shares, debentures or financial

instruments relating to shares disposed



N/A



12. Percentage of issued class disposed (treasury

shares of that class should not be taken into

account when calculating percentage)



N/A



13. Price per share or value of transaction



388.5  P



14. Date and place of transaction



20 JULY 2005 , UK



15. Total holding following notification and total

percentage holding following notification

(any treasury shares should not be taken into

account when calculating percentage)



5,000 ORDINARY SHARES, 0.004 %



16. Date issuer informed of transaction





20 JULY 2005



If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes



17 Date of grant



N/A



18. Period during which or date on which it can

be exercised



N/A



19. Total amount paid (if any) for grant of the

option



N/A



20. Description of shares or debentures involved

(class and number)



N/A



21. Exercise price (if fixed at time of grant) or

indication that price is to be fixed at the time

of exercise



N/A



22. Total number of shares or debentures over

which options held following notification



N/A



23. Any additional information





24. Name of contact and telephone number for

queries



KIRSTEN SALT 020 7065 1513



Name of duly authorised officer of issuer responsible for making notification



KIRSTEN SALT - COMPANY SECRETARY 020 7065 1513



Date of notification



20 JULY 2005


                      This information is provided by RNS
            The company news service from the London Stock Exchange