RNS Number:6769U
ISIS Asset Management PLC
27 January 2004



                                                      FORM SAR 5


                                       Date of disclosure....27TH JANUARY 04....

             DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of sale.........23RD JANUARY 04........................

Sale of.....UNIVERSE GROUP...........(name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares sold          sold, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

   NEW ORDINARY SHARES 5P     ..136,061...shares    .....................
   RFD 01/01//04)                                   ...N/A..........rights


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

    3,097,770                  ...............( %)       .....19.38...( %)


(3) Party making disclosure......ISIS ASSET MANAGEMENT...............  

(4)  (a)  Name of person selling shares or rights over shares  ISIS ASSET
          and, if different, beneficial owner.............MANAGEMENT.. 

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


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

(Also print name of signatory)....DOUGLAS STEWART................

Telephone and extension number...0131 465 1081..................

Note: The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

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. E-mail: monitoring@disclosure.org.uk





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