TIDMLBE TIDMMWB 
 
RNS Number : 1211M 
Liberty PLC 
18 May 2010 
 
  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR 
 FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE 
                       RELEVANT LAWS OF SUCH JURISDICTION 
 
                               PRESS ANNOUNCEMENT 
 
                              FOR IMMEDIATE RELEASE 
 
                                  18 May 2010 
 
                            Liberty Plc ("Liberty") 
 
              COMMENT ON ANNOUNCEMENT BY PYRRHO INVESTMENT LIMITED 
 
The boards of Liberty and MWB Group Holdings plc, together with their respective 
financial advisers, Cavendish Corporate Finance LLP, Global Leisure Partners LLP 
and Panmure Gordon & Co, note the announcement released earlier today by Pyrrho 
Investment Limited ("Pyrrho"), but wish to make it clear that they do not agree 
with the various assertions made by Pyrrho in that announcement all of which 
have been dealt with by the previous announcements released by Liberty. 
 
For further information, please contact: 
 
Liberty plc 
Richard Balfour-Lynn, Chairman                                               +44 
(0) 20 7706 2121 
 
Baron Phillips Associates (Financial PR Adviser) 
Baron Phillips 
        +44 (0) 20 7920 3161 
 
Seymour Pierce Limited 
Nicola Marrin 
       +44 (0) 207 107 8000 
Jonathan Wright 
 
 
Copies of this announcement are available on Liberty's website, 
http://www.liberty.co.uk/fcp/content/InvestorInformation/content and MWB's 
website, http://www.mwb.co.uk/mwb/regulatorynews.jsp 
 
Disclosure requirements of the Takeover Code (the "Code") 
 
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any 
class of relevant securities of an offeree company or of any paper offeror 
(being any offeror other than an offeror in respect of which it has been 
announced that its offer is, or is likely to be, solely in cash) must make an 
Opening Position Disclosure following the commencement of the offer period and, 
if later, following the announcement in which any paper offeror is first 
identified. An Opening Position Disclosure must contain details of the person's 
interests and short positions in, and rights to subscribe for, any relevant 
securities of each of (i) the offeree company and (ii) any paper offeror(s). An 
Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made 
by no later than 3.30 pm (London time) on the 10th business day following the 
commencement of the offer period and, if appropriate, by no later than 3.30 pm 
(London time) on the 10th business day following the announcement in which any 
paper offeror is first identified. Relevant persons who deal in the relevant 
securities of the offeree company or of a paper offeror prior to the deadline 
for making an Opening Position Disclosure must instead make a Dealing 
Disclosure. 
 
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% 
or more of any class of relevant securities of the offeree company or of any 
paper offeror, must make a Dealing Disclosure if the person deals in any 
relevant securities of the offeree company or of any paper offeror. A Dealing 
Disclosure must contain details of the dealing concerned and of the person's 
interests and short positions in, and rights to subscribe for, any relevant 
securities of each of (i) the offeree company and (ii) any paper offeror, save 
to the extent that these details have previously been disclosed under Rule 8. A 
Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no 
later than 3.30 pm (London time) on the business day following the date of the 
relevant dealing. 
 
If two or more persons act together pursuant to an agreement or understanding, 
whether formal or informal, to acquire or control an interest in relevant 
securities of an offeree company or a paper offeror, they will be deemed to be a 
single person for the purpose of Rule 8.3. 
 
Opening Position Disclosures must also be made by the offeree company and by any 
offeror and Dealing Disclosures must also be made by the offeree company, by any 
offeror and by any persons acting in concert with any of them (see Rules 8.1, 
8.2 and 8.4). Details of the offeree and offeror companies in respect of whose 
relevant securities Opening Position Disclosures and Dealing Disclosures must be 
made can be found in the Disclosure Table on the Takeover Panel's website at 
www.thetakeoverpanel.org.uk, including details of the number of relevant 
securities in issue, when the offer period commenced and when any offeror was 
first identified. If you are in any doubt as to whether you are required to make 
an Opening Position Disclosure or a Dealing Disclosure, you should contact the 
Panel's Market Surveillance Unit on +44 (0)20 7638 0129. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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