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Universal Salvage (UVS)

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Monday 08 January, 2001

Universal Salvage

Holding in Company

Universal Salvage PLC
8 January 2001



LETTER TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANIES ACT 1985
DISCLOSURE OF INTERESTS IN SHARES

Universal Salvage plc (the 'Company') received a notification under the
Companies Act 1985 (the 'Act') from M&G Investment Management Limited in respect
of the beneficial holding of Prudential plc and others in 816,000 Ordinary 10
pence share in the Company representing 3.01% of the issued share capital of the
Company.

Please see below the schedule and letter from M&G Investment Management Ltd.

LETTER FROM: UNIVERSAL SALVAGE PLC



LETTER TO: UNIVERSAL SALVAGE PLC
Dated 4 January 2001

Companies Act 1985 (as amended) (the 'Act')
Disclosure of Interests in Shares

For the purpose of this and future notifications pursuant to Part VI of the Act,
we write to inform you that with effect from close of business on 31 December
2000, the regulated business of M&G Investment Management Limited ('MAGIM') was
transferred to Prudential Portfolio Managers Limited 'PPM').  The latter has
today been renamed as M&G Investment Management Limited.  Consequently, you will
observe in the current notification (and in all future notifications henceforth)
that the PPM name has in all instances been replaced by that of M&G.

We also write to inform you that with effect from 28 December 2000, the life and
pensions business of M&G Life Assurance Company Limited and M&G Pensions and
Annuity Company Limited respectively was transferred to Scottish Amicable Life
plc. From the date hereof, all notifications will therefore identify Scottish
Amicable Life plc as the operator of all former M&G life and pensions funds.

In view of the above, we attach a schedule detailing those interests currently
held by Prudential plc and certain of its subsidiary companies, which reflects
the recent change to the investment management business of M&G.  You should be
aware that all notifications will now be made by M&G Investment Management
Limited on behalf of all companies within the Prudential plc group of companies.

For the purpose of S210 of the Act, the address for those companies identified
in the schedule below is Laurence Pountney Hill, London ECR4 0HH.

In order to assist us to comply with our notification obligations under the
Banking Act, Insurance Companies Act and Investment Services Regulations, we
would appreciate it if you would notify us of any future changes within your
group structure relating to the formation, acquisition or disposal of any of the
following: (i) a bank, (ii) an insurance company and/or (ii) an authorised
investment firm.

LETTER FROM: M&G INVESTMENT MANAGEMENT LIMITED

 
         Notifiable Position Report for UNIVERSAL SALVAGE ORD GBP0.10
                          as at 29 December 2000

Percentage holdings are calculated using an issued share capital of 27,017,952
ORD GBP0.10 shares




Prudential plc                                816,000   3.01%   Total Notifiable
                                                                Interest

               PRUCLT HSBC GIS NOM(UK)PAC AC  816,000


Scottish Amicable Life plc                    816,000   3.01%  

               PRUCLT HSBC GIS NOM(UK)PAC AC  816,000


The Prudential Assurance Company Limited      816,000   3.01%   

               PRUCLT HSBC GIS NOM(UK)PAC AC  816,000