RNS Number:7110U
Low & Bonar PLC
27 January 2004

                     SCHEDULE 10
 
             NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   NAME OF COMPANY

     LOW & BONAR PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     SCHRODER INVESTMENT MANAGEMENT LIMITED AND 
     SUBSIDIARY AND AFFILIATED COMPANIES

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

     SHAREHOLDER NAMED IN (2) ABOVE

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

      SEE BELOW

5)   Number of shares/amount of stock acquired.

     N/A

6)   Percentage of issued Class

     N/A

7)   Number of shares/amount of stock disposed

     NOT PROVIDED

8)   Percentage of issued Class

     NOT PROVIDED

9)   Class of security

     ORDINARY 50 PENCE SHARES      

10)  Date of transaction

     NOT PROVIDED

11)  Date company informed

      27/1/2004

12)  Total holding following this notification

      23,538,777
               
13)  Total percentage holding of issued class following this notification

      23.663%

14)  Any additional information



15)  Name of contact and telephone number for queries

      AMANDA WHALLEY
      020 7298 6820

16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification ...27 JANUARY 2004.....


Letter to Low & Bonar Plc
Dated 26 January 2004

Dear Sir 

50p ORDINARY SHARES ("SHARES")

We write to advise you that we, Schroder Investment Management Limited, have an
interest in 19,309,817 shares which are held in portfolios managed by us on a
discretionary basis for clients under investment management agreements.

Included in this figure are:-

(i)     11,156,250 shares held in (a) unit trust(s) operated and managed by an 
        affiliated company, Schroder Unit Trusts Limited (SUTL), and registered 
        or to be registered in the name of Chase Nominees Limited,

(ii)    8,153,567 shares neither registered nor to be registered in the name of 
        Schroder Nominees. The registration details are shown on the schedule 
        below.

An affiliated company, Schroder Investment Management North America Inc (SIMNA
Inc), is managing (a) portfolio(s) on a similar basis holding a further
4,228,960 shares. These shares are registered or to be registered in the name of
Chase Nominees Limited.

We believe that we and our affiliated company are therefore interested in an
overall aggregate of 23,538,777 shares, representing some 23.663% of the total
number of shares in issue, namely 99,474,690 shares.

This notification is made to you:-

(a)    in respect of our interest as investment mangers,

(b)    on behalf of SUTL and SIMNA Inc in relation to the interests they are 
       treated as having respectively under the Companies Act 1985 (the Act), 
       and

(c)    on behalf of Schroders plc., our holding company, which is treated as 
       having an interest in all of the above shares under the Act by virtue of 
       its ownership SIMNA Inc, SUTL and ourselves.

We shall be grateful if you will confirm the total number of shares currently
in issue.


                              LOW & BONAR PLC

                            50P ORDINARY SHARES

                                  SCHEDULE
                                   
             REGISTRATION                                      AMOUNT

British Coal Staff Superannuation Scheme (Client) 
Nominees Ltd a/c: P                                           2,816,017
Chase Manhattan Bank                                            517,380
Imperial Pensions Nominees Limited                            1,100,000
Mineworkers Pension Scheme (Client) Nominees Ltd a/c: R       3,000,000
Nutraco Nominees Limited                                        720,170

                                                              8,153,567


Letter from  Duncan Murray
             Regulatory Reporting Assistant


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

END
HOLBIGDBDXDGGSR