RNS Number:3625W
Bear Stearns Intl. Trading Ltd
10 March 2004

                                  Date of Disclosure   10TH MARCH 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  9 MARCH 2004

Dealing in   MERANT PLC                (name of company)

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

2)  Amount bought      Amount sold      Price per unit
      88,288USD 3.5137
      24,404                             USD 3.5321
                       1,000,000         GBP 192

IN ADDITION, BEAR STEARNS INTERNATIONAL TRADING LIMITED HAVE UNDERTAKEN
CERTAIN CFD AND SWAP TRANSACTIONS (SEE BELOW)


3)  Resultant total of the same class owned or controlled 
    (and percentage of class) 1,231,962                     (1.10%)


4) Party making disclosure    BEAR STEARNS INTERNATIONAL TRADING LIMITED


5)  EITHER (a) Name of purchaser/vendor (Note 1)
                              BEAR STEARNS INTERNATIONAL TRADING 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)  JAMES STEP

Telephone and extension number  020 7516 5310


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

Bear Stearns International Trading Limited is the beneficial owner of
1,231,962 Merant Plc ordinary shares. 1,231,962 of these shares are held to
hedge Contract for Differences ("CFD") or Equity Swap positions for clients. 

A long CFD is a product where the client to whom the product is sold is
taking a long economic interest in the underlying share price such that the
client can realize a gain if the price of the underlying securities rises
above the reference price. 

An Equity Swap is a product where an agreement between two counterparties
sees one party receive the return on an asset from the other party and makes
a payment to the other party based on a fixed or floating rate of interest.
The return can be either the price return or the total return (I.E, Including
dividends). 

The control of voting rights in relation to the underlying shares used to
hedge the stock are wholly owned by Bear Stearns International Trading
Limited. 

The CFD contracts are open-ended and there is no rollover into new contracts.

 
Contracts for Difference/Equity Swaps 
    Merant plc                                 Date of Disclosure 10 March 2004 
 
                                  Date         Maturity    BSIT     Underlying   Reference   CCY   
Product name   Type               Executed     Date        Buy/Sell  number of    Price       
                                                                      shares
Merant plc     Long Equity Swap   04-MAR-04    01-MAR-05   BUY       1,610,700    3.4548     USD 
Merant plc     Long Equity Swap   04-MAR-04    01-MAR-05   BUY          23,420    3.4009     USD  
Merant plc     Long Equity Swap   04-MAR-04    01-MAR-05   BUY         196,000    3.4618     USD  
Merant plc     Long Equity Swap   05-MAR-04    01-MAR-05   BUY         245,000    3.5127     USD  
Merant plc     Long Equity Swap   08-MAR-04    01-MAR-05   BUY          44,150    3.5523     USD
Merant plc     Short Equity Swap  09-MAR-04    01-MAR-05   SELL     -1,000,000      1.92     GBP
Merant plc     Long Equity Swap   09-MAR-04    01-MAR-05   BUY  24,404    3.5321     USD
Merant plc     Long Equity Swap   09-MAR-04    01-MAR-05   BUY          88,288    3.5137     USD    
                    
                                                         Total       1,231,962                 
            
                                                       Shs Out     105,121,000                                          
          
                                                        % owned       1.17%   
         
                                              Disclosure needed?      YES                                               
             
 




                      This information is providedby RNS
            The company news service from the London Stock Exchange
END
DCCGUUQGWUPCGPU
Morson (LSE:MRN)
Historical Stock Chart
From Aug 2024 to Sep 2024 Click Here for more Morson Charts.
Morson (LSE:MRN)
Historical Stock Chart
From Sep 2023 to Sep 2024 Click Here for more Morson Charts.