ALV Alvis

RNS Number:2505A
Cater Allen International Limited
29 June 2004


                                  Date of Disclosure 29TH JUNE 2004

                    DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3 
                       OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of dealing 28TH JUNE 2004

Dealing in ALVIS PLC (name of company)

1)  Class of securities (eg ordinary shares) ORDINARY SHARES

2)  Amount bought      Amount sold      Price per unit
                         3,600,000              3.1725


3)  Resultant total of the same class owned or controlled 
    (and percentage of class)                      0.00 (0.00%)


4) Party making disclosure CATER ALLEN INTERNATIONAL LIMITED


5)  EITHER (a) Name of purchaser/vendor (Note 1)  CATER ALLEN INTERNATIONAL 
                                                  LIMITED

    OR     (b) if dealing for discretionary client(s), name of fund 
               management organisation

6)  Reason for disclosure (Note 2)                                     
    (a) associate of (i) offeror (Note 3)                       NO
                    (ii) offeree company                        NO

Specify which category or categories of associate (1-8 overleaf) 

If category (8), explain

     (b)  Rule 8.3 (ie disclosure because of ownership or control of 1% 
          or more of the class of relevant securities dealt in)  YES

Signed, for and on behalf of the party named in (4) above  N/A  

(Also print name of signatory)
MATTHEW HILL

Telephone and extension number
020 7756 6170

Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also 
         identify controller of owner, eg where an owner normally acts on 
         instructions of a controller

Note 2.  Disclosure might be made for more than one reason; if so, state all 
         reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company 
         or which an associate of any offeror or of the offeree company 
         in relation to relevant securities, details of such arrangement must 
         be disclosed, as required by Note 6 on Rule 8

Note 5.  It may be necessary, particularly when disclosing derivative 
         transactions, to append a sheet to this disclosure form so that
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade 
         should be disclosed.

Note 7.  The resultant total percentage holding of the class of relevant
         security is to be calculated by reference to the percentage held and 
         in issue outside treasury.

For full details of disclosure requirements, see Rule 8 of the Code.  If in 
doubt, contact the Panel on Takeovers and Mergers, Monitoring Section, Tel. No:
020 7638 0129. Email: monitoring@disclosure.org.uk


Form 8 Enclosure

Cater Allen International is the beneficial owner of 0.00 ordinary shares of 
Alvis Plc, all of which are held to hedge Total Return Swaps (TRS') positions 
for clients.

A Total Return Swap is a product used by clients to finance long positions. They
have a fixed maturity date but at the time of maturity there may be an extension
to the terms of the trade. The client will sell their position to CAIL for which
they will receive the current market price. The Client will then receive money
if the price of the share sold increases above the sale price or pay money if it
falls. In addition the client will pay an agreed rate of interest on the money 
received.

The following Total Return Swaps were executed;

             Underlying                CAIL Buy 
Date         number of    Reference    or Sell        Maturity   Product
Executed     shares       Price        Performance    Date       Type
                                 
     
TOTAL        0.00


Closed out TRS's

Date         Underlying     Reference     Product Type     Close out
Executed     number of      Price                          price
             shares

28/06/04     1,000,000      2.84          TRS              3.1725
28/06/04     1,100,000      2.84          TRS              3.1725
28/06/04     1,500,000      2.79          TRS              3.1725

          3,600,000.00



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

END

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