Significant Shareholdings

Athelney Trust PLC
15 October 2004


                       ATHELNEY TRUST PLC ('THE COMPANY')

               SIGNIFICANT SHAREHOLDINGS AND CLOSE COMPANY STATUS

The Company was notified on 14 October 2004 that the following shareholders had
reduced their holdings in the Company and no longer have an interest in the
issued ordinary share capital of the Company:


Shareholder's Name    Number of     Date of        Price at which the Date          Percentage
                      Ordinary      Notification   transaction was    transacted    holding prior to
                      Shares sold                  conducted                        transactions

Mr HSK Peppiatt             144,300 14/10/04              85p         12/10/04      8.00 per cent

Mrs JE Peppiatt              57,700 14/10/04              85p         12/10/04      3.20 per cent

As a result of these disposals, the Company was notified on 14 October 2004
pursuant to section 198 of the Companies Act 1985, that Neville Merriam
Investment Management Limited, part of the Principal Group, no longer has an
interest in the issued ordinary share capital of the Company.

On 14 October 2004 the Company was notified that the following persons had
acquired an interest in the issued ordinary share capital of the Company as
follows:-

Mr James Sutton acquired 60,000 ordinary shares in the Company on 12 October
2004 at a price of 85 pence per share. This represents 3.33 per cent of the
Company's issued ordinary share capital and is Mr Sutton's entire holding in the
Company.

Mr David Christopher Mattey and his wife, Barbara Irene Mattey, each acquired
30,000 ordinary shares in the Company on 12 October 2004 at a price of 85 pence
per share. Their combined holding totals 60,000 ordinary shares and represents
3.33 per cent of the Company's issued ordinary share capital.


Following these and other recent share transactions, the Directors of Athelney
Trust PLC now believe that the Company is no longer a close company for tax
purposes.

The ordinary shares referred to in this announcement are the issued ordinary
shares of 25 pence each in the Company.



For further information please contact:

Robin Boyle, Athelney Trust PLC                       Tel: [phone]

Paul Quade,  CityRoad Communications                  Tel: [phone]

                                     -ends-


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