PNX Phoenix It

RNS Number:5450R
Bluecrest Capital Management Ltd
20 February 2007


                                                                       FORM 8.3

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
                        (Rule 8.3 of the Takeover Code)

1. KEY INFORMATION

Name of person dealing (Note 1)            Bluecrest Capital Management LP (as
                                           Investment Manager) and affiliates

Company dealt in                           Phoenix IT Group plc (PXN LN)

Class of relevant security to which the    Ord.
dealings being disclosed relate (Note 2)

Date of dealing                            19 February 2007


2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)

                                                      Long            Short
                                                  Number   (%)       Number  (%)
(1) Relevant securities                        1,602,880  (2.66%)
(2) Derivatives (other than options)           2,271,220  (3.77%)
(3) Options and agreements to purchase/sell
Total                                          3,8744,100 (6.43%)

(b) Interests and short positions in relevant securities of the company, other
than the class dealt in (Note 3)

          Class of relevant security:                 Long          Short
                                                  Number (%)     Number (%)
(1) Relevant securities
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
Total

(c) Rights to subscribe (Note 3)

Class of relevant security:                                  Details



3. DEALINGS (Note 4)

(a) Purchases and sales

Purchase/sale     Number of securities          Price per unit (Note 5)


(b) Derivatives transactions (other than options)

Product      Long/short (Note   Number of securities (Note Price per unit (Note
name,        6)                 7)                         5)
e.g. CFD
CFD          Short                                19,220                3.5176


(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying

Product  Writing,     Number of         Exercise   Type, e.g. Expiry   Option
name,    selling,     securities to                American,           money
         purchasing,  which the option             European
         varying      relates (Note 7)             etc.
         etc.
e.g.                                    price                 date     paid/
call                                                                   received
option                                                                 per unit
                                                                       (Note 5)



(ii) Exercising

Product name, e.g. call      Number of            Exercise price per unit (Note
option                       securities           5)

(d) Other dealings (including new securities) (Note 4)

Nature of transaction (Note 8) Details   Price per unit (if applicable) (Note 5)



4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person
disclosing and any other person relating to the voting rights of any relevant
securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any
derivative referred to on this form is referenced. If none, this should be
stated.


Is a Supplemental Form 8 attached? (Note 9) YES/NO

Date of disclosure                                             20 February 2007

Contact name                                                   Diccon Utley

Telephone number                                               020 7201 5835

If a connected EFM, name of offeree/offeror with which
connected

If a connected EFM, state nature of connection (Note 10)


Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk






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

END
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