Form 8 (OPD) - Arsenal Holdings Plc

Arsenal Holdings Plc

                                                                   FORM 8 (OPD)

           PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER           

              Rules 8.1 and 8.2 of the Takeover Code (the "Code")              

1. KEY INFORMATION

(a) Identity of the party to the offer making  Arsenal Holdings PLC          
the disclosure:                                                              
                                                                             
(b) Owner or controller of interests and short N/A                           
positions disclosed, if different from 1(a):                                 
                                                                             
The naming of nominee or vehicle companies is                                
insufficient                                                                 
                                                                             
(c) Name of offeror/offeree in relation to     Arsenal Holdings PLC          
whose relevant securities this form relates:                                 
                                                                             
Use a separate form for each party to the                                    
offer                                                                        
                                                                             
(d) Is the party to the offer making the       OFFEREE                       
disclosure the offeror or the offeree?                                       
                                                                             
(e) Date position held:                        19 April 2011                 
                                                                             
(f) Has the party previously disclosed, or is  NO                            
it today disclosing, under the Code in respect                               
of any other party to this offer?                                            

2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE

(a) Interests and short positions in the relevant securities of the offeror or
offeree to which the disclosure relates

Class of relevant security:            Ordinary shares of £1.00 each        
                                                                            
                                     Interests           Short positions    
                                                                            

      Number             %        Number         %         
                                                           
(1) Relevant            N/A         N/A         N/A     N/A
securities owned                                           
and/or controlled:                                         
                                                           
(2) Derivatives         N/A         N/A         N/A     N/A
(other than                                                
options):                                                  
                                                           
(3) Options and         N/A         N/A         N/A     N/A
agreements to                                              
purchase/sell:                                             
                                                           
TOTAL:                  N/A         N/A         N/A     N/A

All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase
or sell relevant securities, should be given on a Supplemental Form 8 (Open
Positions).

Details of any securities borrowing and lending positions or financial
collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).

(b) Rights to subscribe for new securities

Class of relevant security in         None                                   
relation to which subscription right                                         
exists:                                                                      
                                                                             
Details, including nature of the      None                                   
rights concerned and relevant                                                
percentages:                                                                 

If there are positions or rights to subscribe to disclose in more than one
class of relevant securities of the offeror or offeree named in 1(c), copy
table 2(a) or (b) (as appropriate) for each additional class of relevant
security.

(c) Irrevocable commitments and letters of intent

Details of any irrevocable commitments or letters of intent procured by the  
party to the offer making the disclosure or any person acting in concert with
it (see Note 3 on Rule 2.11 of the Code):                                    
                                                                             
N/A                                                                          

3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING
THE DISCLOSURE

Details of any interests, short positions and rights to subscribe of any person
acting in concert with the party to the offer making the disclosure:           
                                                                               
Ordinary shares of £1.00 each                                                  
                                                                               
Name                                                                           
                                                                               
Total number of                                                                
Arsenal Shares                                                                 
                                                                               
Percentage of issued share capital                                             
                                                                               
Lord Philip Charles Harris (held by Pershing Nominees Limited KSCLT Acct)      
                                                                               
53                                                                             
                                                                               
0.09%                                                                          
                                                                               
Sir John Chippendale Lindley Keswick (held by Giltspur Nominees Limited Buns   
Acct)                                                                          
                                                                               
40                                                                             
                                                                               
0.06%                                                                          
                                                                               
Sir John Chippendale Lindley Keswick                                           
                                                                               
15                                                                             
                                                                               
0.02%                                                                          
                                                                               
Peter Denis Hill-Wood                                                          
                                                                               
400                                                                            
                                                                               
0.64%                                                                          
                                                                               
Kenneth John Friar                                                             
                                                                               
47                                                                             
                                                                               
0.08%                                                                          
                                                                               
Charles Denis Hill-Wood                                                        
                                                                               
40                                                                             
                                                                               
0.06%                                                                          
                                                                               
Sarah Frances Dana                                                             
                                                                               
50                                                                             
                                                                               
0.08%                                                                          
                                                                               
Martin James Harris (held by Pershing Nominees Limited KSCLT Acct)             
                                                                               
1                                                                              
                                                                               
0.00%                                                                          
                                                                               
Peter Alexander Harris (held by Pershing Nominees Limited KSCLT Acct)          
                                                                               
1                                                                              
                                                                               
0.00%                                                                          

If there are positions or rights to subscribe to disclose in more than one
class of relevant securities of the offeror or offeree named in 1(c), copy
table 3 for each additional class of relevant security.

Details of any open derivative or option positions, or agreements to purchase
or sell relevant securities, should be given on a Supplemental Form 8 (Open
Positions).

Details of any securities borrowing and lending positions or financial
collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or          
understanding, formal or informal, relating to relevant securities which may 
be an inducement to deal or refrain from dealing entered into by the party to
the offer making the disclosure or any person acting in concert with it:     
                                                                             
If there are no such agreements, arrangements or understandings, state "none"
                                                                             
None                                                                         

(b) Agreements, arrangements or understandings relating to options or
derivatives

Details of any agreement, arrangement or understanding, formal or informal,  
between the party to the offer making the disclosure, or any person acting in
concert with it, and any other person relating to:                           
                                                                             
(i) the voting rights of any relevant securities under any option; or        
                                                                             
(ii) the voting rights or future acquisition or disposal of any relevant     
securities to which any derivative is referenced:                            
                                                                             
If there are no such agreements, arrangements or understandings, state "none"
                                                                             
None                                                                         

(c) Attachments

Are any Supplemental Forms attached?

Supplemental Form 8 (Open Positions)                                NO       
                                                                             
Supplemental Form 8 (SBL)                                           NO       

Date of disclosure:                    20 April 2011                         
                                                                             
Contact name:                          David Miles (company secretary)       
                                                                             
Telephone number:                      [phone]                   

Public disclosures under Rule 8 of the Code must be made to a Regulatory
Information Service and must also be emailed to the Takeover Panel at
[e-mail]. The Panel's Market Surveillance Unit is available
for consultation in relation to the Code's dealing disclosure requirements on
[phone].

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

20th April 2011

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