RNS Number:2787U
Lazard & Co., Ltd
15 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., LIMTED (PANMURE GORDON)



Date of disclosure


15th Jan 2003



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:


TRC.L



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 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



Class of security


ORD SHARES



Date of disclosure


January 15, 2004



Date of dealing


January 14, 2004



Name of EMM


LAZARD & CO., LIMITED (PANMURE GORDON)



Name of offeree/offeror with whom connected


Transcomm Ord



Total number of securities purchased






Highest price paid*






Lowest price paid*






Total number of securities sold


200000



Highest price received*


11.5p



Lowest price received*


11.5p



*Currency must be stated


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