PNS Panther Securities Plc

    FORM SAR 3

Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.

A copy must also be sent to the company the shares of which are acquired.

Date of disclosure

22 June, 2004                                                                  

DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING

SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

Date of acquisition

21 June, 2004                                                                  

Acquisition in (name of company)

Hawtin plc                                                                     

1. Class of voting shares (eg ordinary shares)

Ordinary Shares                                                                

Number of shares/rights over shares acquired

11,270,912                    Shares                                   Rights  

If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights



2. Resultant total holding of voting shares (and % of total voting shares in
issue)

21,301,312                              29.73%                                 

Resultant total holding of rights over shares (and % of total voting shares in
issue)

                                        %                                      

Total percentage

29.73%                                                                         

3. Party making disclosure

Panther Securities P.L.C.                                                      

4. (a) Name of person acquiring shares or rights over shares

Panther Securities P.L.C.                                                      

and, if different, beneficial owner



(b) Names of any other persons acting by agreement or understanding (see SAR 5)

Portnard Limited                                                               

Signed, for and on behalf of the party named in (3) above



(Also print name of signatory)

Andrew Perloff                                                                 

Telephone and extension number

020 7278 8011                                                                  

Note. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section. Tel. No: 020 7638 0129.

Email:monitoring@disclosure.org.uk



END

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