Notification of Major interes

For filings with the FSA include the annex

For filings with issuer exclude the annex 

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Merchant Securities PLC

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

Yes 

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached 

No

An event changing the breakdown of voting rights

No

Other (please specify):______________

N/A

3. Full name of person(s) subject to notification obligation:

Gartmore Investment Limited

4. Full name of shareholder(s) (if different from 3):

See attached schedule

5. Date of transaction (and date on which the threshold is crossed or reached if different):

21 July 2008

6. Date on which issuer notified:

24 July 2008

7. Threshold(s) that is/are crossed or reached:

15%

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

Ordinary 3,499,505 3,499,505 7,499,505 7,499,505 15.991%

shares: 

GB00B1FRQG0

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date 

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

7,499,505

15.991%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

Proxy Voting:

10. Name of proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

All shares are held indirectly

All figures are based on the Company's revised issued share capital of 46,897,270 as provided by Exshare

E mail contact [email protected]

14 Contact name:

Alison Averono

15. Contact telephone name:

0207 782 2342