RNS Number:9953L
David Tye
05 June 2003


                                                                      FORM SAR 3


Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.

A copy must also be sent to the company the shares of which are acquired.


Date of disclosure

5 June 2003


DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING

SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")


Date of acquisition

5 June 2003


Acquisition in (name of company)

Rugby Estates Plc


1. Class of voting shares (eg ordinary shares)

Ords 20p


Number of shares/rights over shares acquired

           329,200   Shares                         Rights


If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights




2. Resultant total holding of voting shares (and % of total voting shares in
issue)

                                3,271,631   28.76 %


Resultant total holding of rights over shares (and % of total voting shares in
issue)

                                                                             %


Total percentage

28.76 %


3. Party making disclosure

David Tye

4. (a) Name of person acquiring shares or rights over shares

David Tye


and, if different, beneficial owner




(b) Names of any other persons acting by agreement or understanding (see SAR 5)

David Tye holds 2,685,980 shares (23.61%) and is deemed to be acting together
with Rugby Estates Plc Retirement Benefit Scheme (525,661 shares, 4.62%) and
Rugby Estates Plc All Employee Share Ownership Plan (59,990 shares, 0.53%)


Signed, for and on behalf of the party named in (3) above




(Also print name of signatory)

Stephen Jones, Rugby Estates Plc


Telephone and extension number

020 7632 2200


Note.   Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.


For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section.  Tel. No: 020 7638 0129.

Email:monitoring@disclosure.org.uk








                      This information is provided by RNS
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