Directors' Dealings

MERCHANTS TRUST PLC
19 October 1999

Schedule 11 - Notification of interests of Directors and Connected Persons

1   Name of company:
THE MERCHANTS TRUST PLC

2   Name of director:

Mr Hugh Stevenson

3   Please state whether notification indicates that it is in respect of     
holding of the director named in 2 above or holding of that person's spouse or
children under the age of 18 or in respect of a non- beneficial interest:

Director's beneficial interest

4   Name of registered holder(s) and, if more than one holder, the number of 
shares held by each of them (if notified):
Director's own name - 400 shares
Nutraco Nominees Limited - 24,600 shares

5   Please state whether notification relates to a person(s) connected with  
the director named in 2 above and identify the connected person(s):

N/A

6   Please state the nature of the transaction. For PEP transactions please  
indicate whether general/single co PEP and if discretionary/non discretionary:

Purchase of shares including share qualification

7   Number of shares/amount of stock acquired:
25,000

8   Percentage of issued class:
0.02

9   Number of shares/amount of stock disposed:
-

10  Percentage of issued class:
-

11  Class of security:

Ordinary 25p

12  Price per share:
£3.87

13  Date of transaction:
19.10.99

14  Date company informed:
19.10.99

15  Total holding following this notification:
25,000

16  Total percentage holding of issued class following this notification:
0.02

If a director has been granted options by the company, please complete the
following fields:

17  Date of grant:
-

18  Period during which or date on which exercisable:
-

19  Total amount paid (if any) for grant of the option:
-

20  Description of shares or debentures involved: class, number:
-

21  Exercise price (if fixed at time of grant) or indication that price is to
be fixed at time of exercise:
-

22  Total number of shares or debentures over which options held following
this notification:
-

23  Contact name for queries:

P L Longcroft

24  Contact telephone number:
0171 475 5617

25  Name of company official responsible for making notification:

Company Secretary





Additional Information:

Announcement as at 19th October 1999.