Cycladic Capital Management Ltd
5 July 2005

                                                                    FORM SAR 3


                        DISCLOSURE OF ACQUISITIONS
     (Rule 3 of The Rules Governing Substantial Acquisitions of Shares)


Name of acquirer                                CYCLADIC CAPITAL MANAGEMENT LTD

Beneficial owner, if different from above       CYCLADIC CATALYST MASTER FUND
                                                & RIT CAPITAL PARTNERS PLC



Names of any other persons acting by agreement 
or understanding (see SAR 5)

Company dealt in                                VOLEX GROUP PLC

Class of voting shares (eg ordinary shares)     ORDINARY SHARES

Date of acquisition                             30TH JUNE 2005



Number of shares acquired                       CYCLADIC 6,485,307
                                                RIT        844,600

Number of rights over shares acquired #

Nature of rights over shares




Total holding of voting shares (and percentage of  CYCLADIC 9,767,407   17.63%
total voting shares in issue)                      RIT      1,497,500    2.70% 

Total holding of rights over shares (and 
percentage of total voting shares in issue)

Combined total holding (and percentage) of        11,264,907   20.34%
voting shares and rights over shares




Date of disclosure                                4TH JULY 2005

Contact name                                      REBECCA HUMBY

Telephone number                                  020 7494 6542


#     See the definition of  "rights over shares" in the Definitions Section 
      of the SARs.

For details of the SARs disclosure requirements, see SARs 3 and 5 and their 
Notes which can be viewed on the Takeover Panel's website at 
www.thetakeoverpanel.org.uk.





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