RNS Number:5056W
Bridgewell Securities Limited
12 March 2004






                                   FORM 38.5



                        CONNECTED EXEMPT MARKET-MAKERS:

      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS ANDMERGERS



Name of EMM


Bridgewell Securities Limited



Date of disclosure


12 March 2004



Contact name


Neil Kapoor



Telephone number


020 7003 3207



Please see attached disclosure of dealings under Rule 38.5in the securities
of the following companies:



Merant plc



                        CONNECTED EXEMPT MARKET-MAKERS:

      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS







Dealing in                     Merant Plc



Class of security                                             Ordinary 2p shares



Date of disclosure                                           12 March 2004



Date of dealing                12 March 2004



Name of EMM                                        Bridgewell Securities Limited



Name of offeree/offeror with whom connected      Offeree - Merant Plc







Total number of securities purchased                  71,373



Highest price paid*                                          188.5p sterling



Lowest price paid*                                          188p sterling







Total number of securities sold         129,947



Highest price received*                                    190p sterling



Lowest price received*                                    189p sterling









*Currency must be stated


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

EMMSFEFMESLSEID

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