TO SELLOUT or not to sellout or better still SWAP

RNS Number:8784G
Simon Cawkwell
29 December 2004


Date of Disclosure 29 DECEMBER 2004

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

Date of dealing 23RD DECEMBER 2004

Dealing in BALTIMORE TECHNOLOGIES PLC (name of company)

1) Class of securities (eg ordinary shares) ORDINARY SHARES

2) Amount bought Amount sold Price per unit

4,600 1160P

3) Resultant total of the same class owned or controlled
(and percentage of class) 4600 (1.06%)


4) Party making disclosure SIMON CAWKWELL


5) EITHER (a) Name of purchaser/vendor (Note 1) SIMON CAWKWELL
OR (b) if dealing for discretionary client(s), name of fund
management organisation

6) Reason for disclosure (Note 2)
(a) associate of (i) offeror (Note 3) YES/NO
(ii) offeree company YES/NO

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

If category (8), explain

(b) Rule 8.3 (ie 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 N/A

(Also print name of signatory) SIMON CAWKWELL

Telephone and extension number 020 7835 0868


Note 1. Specify owner, not nominee or vehicle company. If relevant, also
identify controller of owner, eg 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 which 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
relevant information can be given.

Note 6. In the case of an average price bargain, each underlying trade
should be disclosed.

Note 7. The resultant total percentage holding of the class of relevant
security is to be calculated by reference to the percentage held and
in issue outside treasury.

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. Email: monitoring@disclosure.org.uk

This information is provided by RNS
The company news service from the London Stock Exchange

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