RNS Number:8698L
Low & Bonar PLC
3 June 2003

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

LOW & BONAR PLC


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

SCHRODER INVESTMENT MANAGEMENT LIMITED AND SUBSIDIARY AND AFFILIATED COS


3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18



4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

SEE BELOW


5)   Number of shares/amount of stock acquired.

70,000


6)   ( 0.0704 %) of issued Class

7)   Number of shares/amount of stock disposed

N/A


8)   ( N/A %) of issued Class

9)   Class of security

ORDINARY 50 PENCE SHARES


10)  Date of transaction

29/5/03


11)  Date company informed

3/6/03


12)  Total holding following this notification

20,912,509

               
13)  Total percentage holding of issued class following this notification

21.023%


14)  Any additional information

SEE BELOW


15)  Name of contact and telephone number for queries

AMANDA WHALLEY, COMPANY SECRETARY
TELEPHONE NUMBER 0207 2698 6820


16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification .......3 JUNE 2003...............


To: Low & Bonar Plc

50p ORDINARY SHARES ("SHARES")

We write to advise you that we, Schroder Investment Management Limited, have an
interest in 17,263,549 shares which are held in portfolios managed by us on a
discretionary basis for clients under investment management agreements.

Included in this figure are:-

(i) 10,098,475 shares held in (a) unit trust(s) operated and managed by an
affiliated company, Schroder Unit Trusts Limited (SUTL), and registered or to be
registered in the name of Chase Nominees Limited,

(ii) 7,165,074 shares neither registered nor to be registered in the name of 
Schroder Nominees. The registration details are shown on the schedule below.

An affiliated company, Schroder Investment Management North America Inc (SIMNA
Inc), is managing (a) portfolio(s) on a similar basis holding a further
3,648,960 shares. These shares are registered or to be registered in the name of
Chase Nominees Limited.

We believe that we and our affiliated company are therefore interested in an
overall aggregate of 20,912,509 shares, representing some 21.023% of the total
number of shares in issue, namely 99,474,690 shares.

This notification is made to you:-

(a) in respect of our interest as investment mangers,

(b) on behalf of SUTL and SIMNA Inc in relation to the interests they are
treated as having respectively under the Companies Act 1985 (the Act), and
 
(c) on behalf of Schroders plc., our holding company, which is treated as having
an interest in all of the above shares under the Act by virtue of its ownership
SIMNA Inc, SUTL and ourselves.

We would be grateful if you will confirm the total number of shares currently
in issue.


                             LOW & BONAR PLC 
                           50P ORDINARY SHARES 
                                 SCHEDULE
 
               REGISTRATION                                               AMOUNT

British Coal Staff Superannuation Scheme (Client) Nominees Ltd a/c: P  2,029,688
BT Globenet Nominees Ltd a/c 6B                                          750,000
Chase Manhattan Bank                                                     523,630
Imperial Pensions Nominees Limited                                     1,000,000
Mineworkers Pension Scheme (Client) Nominees Ltd a/c: R                1,431,386
Nortrust Nominees Ltd                                                  1,000,000
Nutraco Nominees Limited                                                 430,370
 
                                                                       7,165,074

From: Schroder Investment Management Limited


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

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