RNS Number:3122U
GNI Limited
16 January 2004


                                               Date Of Disclosure: 16/01/04

Fax to 020 7256 9386 (Take Over Panel) and 020 7588 6057 (RNS) FORM 8.1/8.3
Lodge with a RIS or Newstrack and the Takeover Panel. Use separate form for 
each class of securities in which dealings have been made.


DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3 OF THE CITY CODE
ON TAKEOVERS AND MERGERS

Date of dealing                  15/01/04

(1)   Name of Company Dealing in       New Look Group PLC

      Class of securities              ORDINARY SHARES

(2)  (2)   Amount Bought      Amount Sold        Price Per Unit

                               100000               3.2600
            18000                                   3.2778
                               10000                3.2600
                               10000                3.2600
            8,534                                   3.2700
            6,250                                   3.2700
            6,250                                   3.2700
                               5,000                3.2600
            3,966                                   3.2675

(3) Resultant total of the same class owned or controlled and percentage 
    of class      6,658,292       3.32%
          
  (4)   Party making disclosure               GNI LIMITED
  (5)   Name of purchaser/vendor (Note1)      GNI LIMITED
  (6)   Reason for disclosure (Note 2)
       (a)  Associate of    (i) offeror (Note 3) - NO
                            (i) offeree Company - NO

                Specify which category or categories of associate (1-8 overleaf)
                If category (8), explain

       (b)  Rule 8.3 (i.e. disclosure because of ownership or control of 1% or 
            more of the class of relevant securities dealt in) - YES

       Signed, for and on behalf of the party named in (4) above NIGEL AVEY

       Telephone and extension number 020-700-23140

   Note 1. Specify owner, not nominee or vehicle company. If relevant, also 
           identify controller of owner, e.g. where an owner normally acts on 
           instructions of a controller.

   Note 2. Disclosure might be made for more than one reason; if so, state all 
           reasons.

   Note 3. Specify which offeror if there is more than one.

   Note 4. When an arrangement exists with any offeror, with the offeree company
or with an associate of any   offeror or of the   offeree company in relation to
relevant securities, details of such arrangement must be disclosed, as required 
 by Note 6 on   Rule 8.

   Note 5. It may be necessary, particularly when disclosing derivative
transactions, to append a sheet to this   disclosure form so   that all relevant
information can be given.

   Note 6. In the case of an average price bargain, each underlying trade should
be disclosed   For full details of disclosure requirements, see Rule 8 of the
Code. If in doubt, contact the Panel on Takeovers   and Mergers,   Monitoring
Section, Tel. No: 020 7638 0129. E-mail:monitoring@disclosure.org.uk


NOTES REGARDING DISCLOSURE 

GNI Ltd is the beneficial owner of 6,658,292 Ordinary Shares in the above
company which are held  to hedge CFD positions resulting from CFD contracts (see
below) established between GNI and its clients. 

A Contract for Difference or CFD is an agreement between two parties to
exchange, at the close of the contract, the difference between the opening price
and the closing price, multiplied by the number of reference shares specified
within the contract. The 'reference shares' are the underlying shares specified
in the CFD. The economic performance of the CFD is determined by the  
performance of the underlying reference shares. Although CFDs replicate the
price movement of the underlying reference   shares, they convey no right or
requirement to acquire or deliver the physical shares. The contract value of a
CFD is defined as  the number of reference shares specified in the contract,
multiplied by the price of the underlying reference share. If a client of  GNI
takes a long position, the customer will make a profit if the contract value
increases. Conversely, if a customer of GNI   takes a short position, the
customer will benefit if the contract value falls. The CFD contracts detailed
below are open-ended and  without predetermined expiry/close value. 

DEFINITION OF ASSOCIATE 

It is not practicable to define associate in terms which would cover all the
different relationships which may exist in an offer.  The term associate is
intended to cover all persons (whether or not acting in concert) who directly or
indirectly own or deal in the  shares of an offeror or the offeree company in an
offer and who have (in addition to their normal interests as shareholders) an 
interest or potential interest, whether commercial, financial or personal, in
the outcome of the offer. 
 
Without prejudice to the generality of the foregoing, the term associate will 
normally include the following:- 

(1) an offeror's or the offeree company's parent, subsidiaries and fellow
subsidiaries, and their associated companies, and  companies of which such
companies are associated companies (for this purpose ownership or control of 20%
or more of the  equity share capital of a company is regarded as the test of
associated company status); 

(2) banks and financial and other professional advisers (including
stockbrokers)* to an offeror, the offeree company or any  company covered in
(1), including persons controlling#, controlled by or under the same control as
such banks, financial and  other professional advisers; 

(3) the directors (together with their close relatives and related trusts) of
an offeror, the offeree company or any company  covered in (1); 

(4) the pension funds of an offeror, the offeree company or any company covered 
in (1); 

(5) any investment company, unit trust or other person whose investments an 
associate manages on a discretionary basis, in respect of the relevant 
investment accounts; 

(6) a person who owns or controls 5% or more of any class of relevant securities
(as defined in paragraphs (a) to (d) in Note 2  on Rule 8) issued by an offeror
or an offeree company, including a person who as a result of any transaction
owns or controls 5% or more. When two or more persons act pursuant to an
agreement or understanding (formal or informal) to acquire or control  such
securities, they will be deemed to be a single person for the purpose of this
paragraph. Such securities managed on a   discretionary basis by an investment
management group will, unless otherwise agreed by the Panel, also be deemed to
be  those of a single person (see Note 8 on Rule 8); and 

(7) a company having a material trading arrangement with an offeror or the
offeree company.  Paragraphs (1)-(7) are typical cases. Paragraph (8) below is a
category to cover associate status not within (1)-(7). 

(8) Other.

CFDs CLOSED OUT  

                                                                      
  POS.   OPENED       ORIG.       OPEN PRICE      CLOSE     DATE CLOSED 
                      POSITION                     PRICE                  
 

                                                             
          17/10/03    -5000         3.2500        3.2600    15/01/04  
 

                                                              
          10/12/03    -10000        3.1850        3.2600    15/01/04  
 

                                                             
          10/12/03    -5000         3.1850        3.2600   15/01/04  
 

                                                             
          10/12/03    -5000         3.1850        3.2600   15/01/04  
 

                                                               
          13/01/04    -100000       3.1951        3.2600   15/01/04  
 

                                             
CFD OPEN INTEREST  
 

                                                                      
  PRODUCT NAME               EXECUTED   GNI SALE    UNDERLYING NO.       PRICE   
                                                                         (ppu)    
                                                                       
  New Look Group PLC LONG   15/01/04    GNI SALE    25,000    3.2696  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   15/01/04    GNI SALE    18,000    3.2778  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   14/01/04    GNI SALE    25,000    3.2499  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   14/01/04    GNI SALE    5,000    3.2200  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   14/01/04    GNI SALE    25,000    3.2497  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   14/01/04    GNI SALE    25,000    3.2500  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   14/01/04    GNI SALE    50,000    3.2000  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   14/01/04    GNI SALE    50,000    3.2000  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   14/01/04    GNI SALE    50,000    3.2483  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   14/01/04    GNI SALE    50,000    3.2497  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   14/01/04    GNI SALE    50,000    3.2500  
            CFD                                                       
 

                                                                      
    New Look Group PLC     14/01/04    GNI SALE    100,000    3.2490  
         LONG CFD                                                     
 

                                                                      
  New Look Group PLC LONG   14/01/04    GNI SALE    50,000    3.2395  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   14/01/04    GNI SALE    9,500    3.2400  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   13/01/04    GNI SALE    2,200    3.2200  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    15,000    3.2000  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    11,363    3.2300  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    10,000    3.2000  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   13/01/04    GNI SALE    7,300    3.2000  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   13/01/04    GNI SALE    5,000    3.2200  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   13/01/04    GNI SALE    5,000    3.2100  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   13/01/04    GNI SALE    2,700    3.2000  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    20,000    3.2349  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   13/01/04    GNI SALE    7,400    3.2270  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   13/01/04    GNI SALE    5,000    3.2000  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    50,000    3.2400  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   13/01/04    GNI SALE    5,000    3.2300  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    25,000    3.1800  
            CFD                                                       
 

                                                                      
    New Look Group PLC     13/01/04    GNI SALE    100,000    3.1951  
         LONG CFD                                                     
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    50,000    3.2300  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    50,000    3.1950  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    50,000    3.1946  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    45,000    3.2112  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    34,850    3.2277  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    26,000    3.2299  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   13/01/04    GNI SALE    25,000    3.2000  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   12/01/04    GNI SALE    25,000    3.1300  
            CFD                                                       
 

                                                                      
    New Look Group PLC     12/01/04    GNI SALE    100,000    3.1333  
         LONG CFD                                                     
 

                                                                      
  New Look Group PLC LONG   19/12/03    GNI SALE    15,000    3.0500  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   15/12/03    GNI SALE    10,000    3.1350  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   15/12/03    GNI SALE    15,000    3.1325  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   10/12/03    GNI SALE    5,000    3.1765  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   10/12/03    GNI SALE    5,000    3.1300  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   10/12/03    GNI SALE    10,000    3.1765  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   10/12/03    GNI SALE    5,000    3.1850  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   10/12/03    GNI SALE    10,000    3.1600  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   10/12/03    GNI SALE    10,000    3.1765  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   10/12/03    GNI SALE    17,500    3.1600  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   10/12/03    GNI SALE    25,000    3.1500  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   10/12/03    GNI SALE    25,000    3.1600  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   10/12/03    GNI SALE    50,000    3.1799  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   10/12/03    GNI SALE    50,000    3.1725  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   25/11/03    GNI SALE    5,000    3.1200  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   24/11/03    GNI SALE    10,000    3.1000  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   24/11/03    GNI SALE    2,000    3.0325  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    25,000    3.1350  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    15,000    3.1450  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    10,000    3.1450  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    20,000    3.1375  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    20,000    3.1400  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    45,000    3.1400  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    49,234    3.1400  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    10,000    3.1400  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    90,000    3.1364  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   21/11/03    GNI SALE    25,000    3.1400  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   20/11/03    GNI SALE    20,000    3.1600  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   20/11/03    GNI SALE    5,000    3.1925  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   20/11/03    GNI SALE    10,000    3.1625  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   20/11/03    GNI SALE    10,000    3.1800  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   20/11/03    GNI SALE    10,000    3.1950  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   20/11/03    GNI SALE    20,000    3.1475  
            CFD                                                       
 

                                                                      
    New Look Group PLC     20/11/03    GNI SALE    514,300    3.1685  
         LONG CFD                                                     
 

                                                                      
  New Look Group PLC LONG   20/11/03    GNI SALE    10,000    3.2000  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   19/11/03    GNI SALE    10,000    3.1700  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   19/11/03    GNI SALE    10,000    3.1650  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   18/11/03    GNI SALE    10,000    3.2200  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   18/11/03    GNI SALE    10,000    3.2400  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   17/11/03    GNI SALE    50,000    3.2900  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   17/11/03    GNI SALE    50,000    3.2799  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   17/11/03    GNI SALE    25,000    3.2500  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   17/11/03    GNI SALE    10,000    3.2950  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   17/11/03    GNI SALE    10,000    3.2800  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   14/11/03    GNI SALE    3,500    3.2625  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   14/11/03    GNI SALE    10,000    3.2725  
            CFD                                                       
 

                                                                      
    New Look Group PLC     13/11/03    GNI SALE    102,400    3.3002  
         LONG CFD                                                     
 

                                                                      
  New Look Group PLC LONG   12/11/03    GNI SALE    15,000    3.3250  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   12/11/03    GNI SALE    50,000    3.3175  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   11/11/03    GNI SALE    5,000    3.3125  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   11/11/03    GNI SALE    5,000    3.3050  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   10/11/03    GNI SALE    65,000    3.3250  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   07/11/03    GNI SALE    20,000    3.3400  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   07/11/03    GNI SALE    10,000    3.3350  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   06/11/03    GNI SALE    50,000    3.3220  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   05/11/03    GNI SALE    35,500    3.3285  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   31/10/03    GNI SALE    20,000    3.3200  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   30/10/03    GNI SALE    10,000    3.3200  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   30/10/03    GNI SALE    2,500    3.3500  
            CFD                                                       
 

                                                                      
    New Look Group PLC     29/10/03    GNI SALE    908,163    3.3100  
         LONG CFD                                                     
 

                                                                      
  New Look Group PLC LONG   29/10/03    GNI SALE    10,000    3.3200  
            CFD                                                       
 

                                                                      
    New Look Group PLC     28/10/03    GNI SALE    245,000    3.2984  
         LONG CFD                                                     
 

                                                                      
  New Look Group PLC LONG   24/10/03    GNI SALE    25,000    3.2800  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   23/10/03    GNI SALE    65,000    3.2438  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   20/10/03    GNI SALE    5,000    3.2500  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   17/10/03    GNI SALE    60,000    3.2700  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   16/10/03    GNI SALE    75,000    3.2683  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   16/10/03    GNI SALE    50,000    3.2700  
            CFD                                                       
 

                                                                      
    New Look Group PLC     15/10/03    GNI SALE    200,000    3.2500  
         LONG CFD                                                     
 

                                                                      
   New Look Group PLC LONG   14/10/03    GNI SALE    5,000    3.2700  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   13/10/03    GNI SALE    5,000    3.3033  
            CFD                                                       
 

                                                                      
    New Look Group PLC     10/10/03    GNI SALE    375,000    3.1393  
         LONG CFD                                                     
 

                                                                      
  New Look Group PLC LONG   06/10/03    GNI SALE    30,000    3.1550  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   01/10/03    GNI SALE    28,000    3.1200  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   19/09/03    GNI SALE    25,000    3.2600  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   18/09/03    GNI SALE    75,000    3.2367  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   15/09/03    GNI SALE    5,000    3.2800  
            CFD                                                       
 

                                                                      
   New Look Group PLC LONG   10/09/03    GNI SALE    5,000    3.1700  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   09/09/03    GNI SALE    50,000    3.1600  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   05/09/03    GNI SALE    25,000    3.1600  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   02/09/03    GNI SALE    55,000    3.2000  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   01/09/03    GNI SALE    20,000    3.2650  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   29/08/03    GNI SALE    25,000    3.1000  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   26/08/03    GNI SALE    10,000    3.0050  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   22/08/03    GNI SALE    30,000    3.0200  
            CFD                                                       
 

                                                                      
  New Look Group PLC LONG   19/08/03    GNI SALE    50,000    3.0500  
            CFD                                                       
 

                                                                      
    New Look Group PLC     11/08/03    GNI SALE    500,000    3.1600  
         LONG CFD                                                     
 

                                                                      
  New Look Group PLC LONG   08/08/03    GNI SALE    70,882    3.1200  
            CFD                                                       
 

                                                                   
  New Look Group PLC LONG CFD           GNI SALE    250,000    3.1000  
 

                                             
 CFD OPEN INTEREST  
 

                                                                      
  PRODUCT NAME   EXECUTED    GNI SALE    UNDERLYING NO.       PRICE   
                                                             (ppu)    
 
   New Look Group PLC        13/01/04    GNI SALE    15,000    3.2100  
      SHORT CFD                                                    
 
  

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