Holding(s) in Company

RNS Number : 2987Y

Spirent Communications PLC

01 September 2009

TR-1: notification of major interests in shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:	Spirent Communications plc
2. Reason for the notification (yes/no)
An acquisition or disposal of voting rights		Yes
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation:	(i) Sherborne Investors LP; (ii) Sherborne Investors GP, LLC; (iii) Craig McKibben; (iv) Gerard Eastman; and (v) Edward Bramson.

4. Full name of shareholder(s) (if different from 3.):	Noted below.
Person named in 3. above Shareholder No. of shares (i) - (iv) Hanover Nominees Limited 52,722,725 ordinary shares (aggregate) (v) (a) Hanover Nominees Limited 52,722,725 ordinary shares (aggregate) (b) Merrill Lynch, Pierce, Fenner 20,000 ordinary shares & Smith, Inc.
5. Date of the transaction (and date on which the threshold is crossed or reached if different):	August 27, 2009
6. Date on which issuer notified:	August 28, 2009

7. Threshold(s) that is/are crossed or reached:

(i) Sherborne Investors LP - 8% (aggregate);

(ii) Sherborne Investors GP, LLC - 8% (aggregate);

(iii) Craig McKibben - 8% (aggregate);

(iv) Gerard Eastman - 8% (aggregate); and

(v) Edward Bramson - 8% (aggregate).

Please note, for the purposes of this TR-1 notification, the only entities which have triggered a new notification obligation under the Disclosure and Transparency Rules are those entities noted in 3. above.

None of Hayden Investors Partners, LLC; Sherborne Strategic Fund A, LLC or Sherborne Strategic Fund B, LLC has reached, exceeded or fallen below a relevant threshold.

8. Notified details:

A: Voting rights attached to shares
Class/type of shares If possible use ISIN CODE	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of shares	Number of voting rights	Number of shares	Number of voting rights		Percentage of voting rights
	Number of shares	Number of voting rights		Direct	Indirect	Direct	Indirect
Ordinary shares ISIN: GB0004726096	59,688,900	59,688,900	52,613,013	N/A	52,613,013	N/A	7.81%
Ordinary shares ISIN: GB0004726096	553,825	553,825	129,712	129,712	N/A	0.02%	N/A

B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument	Expiration date	Exercise/ conversion period/ date	Number of voting rights that may be acquired (if the instrument is exercised/ converted)	Percentage of voting rights
N/A	N/A	N/A	N/A	N/A

Total (A+B)
Number of voting rights	Percentage of voting rights
52,742,725	7.83%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Edward Bramson is the managing member and Craig McKibben and Gerard Eastman are members of Sherborne Investors GP, LLC. Sherborne Investors GP, LLC is the general partner of Sherborne Investors LP, which is the managing member of each of the following funds (all of which hold ordinary shares in the issuer through Hanover Nominees Limited):

Hayden Investors Partners, LLC (22,969,013 ordinary shares - approximately 3.41% - no new individual notification required, see response to 7. above);
Sherborne Strategic Fund A, LLC (29,644,000 ordinary shares - approximately 4.40% - no new individual notification required, see response to 7. above); and
Sherborne Strategic Fund B, LLC (0 ordinary shares - 0.00% - no individual notification obligation required, see response to 7. above).

Sherborne Investors LP holds 109,712 further shares through Hanover Nominees Limited over which it has direct ownership. Edward Bramson holds 20,000 further shares through Merrill Lynch, Pierce, Fenner & Smith, Inc.

Proxy Voting:
10. Name of the proxy holder:		N/A
11. Number of voting rights proxy holder will cease to hold:		N/A
12. Date on which proxy holder will cease to hold voting rights:		N/A
13. Additional information:	N/A
14. Contact name:	Craig McKibben
15. Contact telephone number:	+1 (212) 735-1000