DIXONS SAYS SEC MOVING ON CYCLOPS &lt;CYL> TENDER

  &lt;Dixons Group PLC> said the 
  Securities and Exchange Commission has authorized, but not
  commenced, the filing of an action against it concerning its
  waiver of a condition in its tender offer for Cyclops Corp.
      Dixons has offered to buy about 80 pct of Cyclops shares.
  The SEC action deals with a waiver by Dixons of a condition in
  the tender offer which was made without an appropriate
  extension of the offer, Dixons said.
      Dixons also said it is currently discussing the matter with
  the SEC. The SEC has a standing policy of never confirming
  or denying investigations or upcoming legal action.
  

