RNS Number:5612U
Lazard & Co., Ltd (Panmure Gordon)
23 January 2004


                                 EMM DISCLOSURE
                                                             FORM 38.5 (SUMMARY)

Lodge with a RIS and the Takeover 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

...Lazard & Co., Limited (Panmure Gordon)

Date of disclosure

...23 January 2004...............

Contact name

...Tom Forcier...........................

Telephone number

...020 7187 2252.....................

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

...Transcomm 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 the disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Panel on Takeovers and Mergers Monitoring Section of the
Panel, Tel. No: 020 7638 0129. Email: monitoring@disclosure.org.uk

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

Dealing in (name of company)

...Transcomm plc...............

Class of security

...Ordinary Shares...............

Date of disclosure

...23 January 2004...............

Date of dealing

...22 January 2004...............

Name of EMM

...Lazard & Co., Limited (Panmure Gordon)

Name of offeree/offeror with whom connected

...Transcomm plc.....................

Total number of securities purchased

............................................................

Highest price paid*

............................................................

Lowest price paid*

............................................................

Total number of securities sold

...300000..........................................

Highest price received*

...12.75p..........................................

Lowest price received*

...12p..........................................

*Currency must be stated




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