PNX Phoenix It

RNS Number:0263U
Altium Cap Ltd
29 March 2007


                                   FORM 38.5


                 DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS

             (Rule 38.5 of the City Code on Takeovers and Mergers)



1. KEY INFORMATION

Name of exempt principal trader             ALTIUM CAPITAL LIMITED

Company dealt in                            PHOENIX IT GROUP PLC
                                                            
Class of relevant security to which the     ORDINARY SHARES OF 10P
dealings being disclosed relate (Note 1)                                     

Date of dealing                             29 MARCH 2007

2. DEALINGS (Note 2)

(a) Purchases and sales

Total number of securities      Highest price paid      Lowest price paid
purchased                       (Note 3)                (Note 3)
nil                              -                       -


Total number of           Highest price received    Lowest price paid received
securities sold           (Note 3)                  (Note 3)
149                        #3.48                     #3.48


(b) Derivatives transactions (other than options)

Product      Long/short    Number of securities  Price per unit 
name,        (Note 4)      (Note 5)               (Note 3)
e.g. CFD

(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    price    American,    date    money paid/
e.g.    purchasing,  which the option            European           received
call    varying etc. relates (Note 5)            etc.               per unit 
option                                                              (Note 3)

(ii) Exercising

Product name, e.g. call       Number of           Exercise price per unit 
option                        securities          (Note 3)


3. 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.

Date of disclosure                                       29 MARCH 2007

Contact name                                             STEVE DAVEY

Telephone number                                         020 7484 4046

Name of offeree/offeror with which connected             FAWKES LIMITED

Nature of connection (Note 6)                            CONNECTED ADVISER




Notes


The Notes on Form 38.5 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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