RNS Number:0120H
Merrill Lynch International
9 March 2000


                                                           FORM 38.5 (SUMMARY)
                                                

Lodge with Company Announcements Office and the Panel.  Use a separate form   
for each class of securities in which dealings have been made.                
                                


                       CONNECTED EXEMPT MARKET-MAKERS:                        
                        
    DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS      
                                          



Name of EMM               Merrill Lynch International                         
          


Date of disclosure        March 9, 2000                                
  


Contact name              Linda Blatt                                   


Telephone number          0171 772 1040                                  
 


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

Racal Electronics plc

BTP plc

Ocean Group Plc

Exel Plc

                                                 

AMENDMENT                                                 

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous disclosure was incorrect:                  
                              





                                                 
In the case of option business or dealings in derivatives full details should 
be given on a separate sheet so that the nature of the dealings can be fully  
understood.  For options this should include the number of securities under   
option, the exercise period (or in the case of exercise, the exercise date),  
the exercise price and any option money paid or received.  For derivatives    
this should include, at least, the number of reference securities to which    
they relate (when relevant), the maturity date (or if applicable the closing  
out date) and the reference price.                                            
    

For full details of disclosure requirements see Rules 8 and 38 of the Code.   
If in doubt contact the Monitoring Section of the Panel,                      
Tel. No: 0171 638 0129                                                 

                                          
                                                 
                                                 

                                                                     FORM 38.5
                                                


                          CONNECTED EXEMPT MARKET-MAKERS:                     
                           
     DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS     
                                           



Dealing in                      Racal Electronics plc                         
                               (name of company)

Class of security               Ordinary                            

Date of disclosure              9/3/2000                            

Date of dealing                 8/3/2000                            

Name of EMM                     Merrill Lynch International                   
                      

Name of offeree/offeror with whom connected           Racal Electronics plc     
        





Total number of securities purchased                            572,253       
                                   
Highest price paid*                                             #4.20       
                                   
Lowest price paid*                                              #4.19       
                                   
                                   
                                   
                                   
                                   
Total number of securities sold                                 601       
                                   
Highest price received*                                         #4.20       
                                   
Lowest price received*                                          #4.20       

                                                 
                                                 
*Currency must be stated                                                 
                                                 
                                                 

                                                                     FORM 38.5
                                                


                          CONNECTED EXEMPT MARKET-MAKERS:                     
                           
     DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS     
                                           



Dealing in                      BTP plc     (name of company)       

Class of security               Ordinary                     

Date of disclosure              9/3/2000                     

Date of dealing                 8/3/2000                     

Name of EMM                     Merrill Lynch International                   
               

Name of offeree/offeror with whom connected      BTP plc
      





Total number of securities purchased                            1,657       
                                                 
Highest price paid*                                             #5.90         
           
                                                 
Lowest price paid*                                              #5.90         
           
                                                 
                                                 
                                                 
                                                 
                                                 
Total number of securities sold                                 Nil           
         
                                                 
Highest price received*                                         n/a           
         
                                                 
Lowest price received*                                          n/a           
         

                                                 
                                                 
*Currency must be stated                                                 
                                                 


                                                                     FORM 38.5
                                                


                          CONNECTED EXEMPT MARKET-MAKERS:                     
                           
     DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS     
                                           



Dealing in                      Ocean Group Plc                           
                               (name of company)       

Class of security               Ordinary                                   

Date of disclosure              9/3/2000                     

Date of dealing                 8/3/2000                     

Name of EMM                     Merrill Lynch International                   
               

Name of offeree/offeror with whom connected    Ocean Group Plc       





Total number of securities purchased                            Nil       
                                   
Highest price paid*                                             n/a       
                                                 
Lowest price paid*                                              n/a           
         
                                                 
                                                 
                                                 
                                                 
                                                 
Total number of securities sold                                 20,931        
            
                                                 
Highest price received*                                         #12.20        
            
                                                 
Lowest price received*                                          #11.98        
            

                                                 

*Currency must be stated                                                 
                                                 


                                                                     FORM 38.5
                                                


                          CONNECTED EXEMPT MARKET-MAKERS:                     
                           
     DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS     
                                           



Dealing in                      Exel Plc   (name of company)       

Class of security               Ordinary                                   

Date of disclosure              9/3/2000                                   

Date of dealing                 8/3/2000                     

Name of EMM                     Merrill Lynch International                   
               

Name of offeree/offeror with whom connected      Ocean Group Plc       





Total number of securities purchased                            107,127       
                                   
Highest price paid*                                             #3.2525       
                                   
Lowest price paid*                                              #3.20       
                                                 
                                                 
                                                 
                                                 
                                                 
Total number of securities sold                                 84,395        
            
                                                 
Highest price received*                                         #3.27         
           
                                                 
Lowest price received*                                          #3.235        
            

                                                 

*Currency must be stated                                                 
                                                 

END

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