Acquisition

BWD Securities PLC
19 August 2002





                                                                  19 August 2002



                               BWD SECURITIES PLC


                            ACQUISITION OF CONNAUGHT


BWD Securities PLC  ('BWD'), the Investment Management and Administration
Services Group, is pleased to announce that on 16 August 2002, it acquired, via
its subsidiary Northern Registrars Limited ('Northern Registrars'), the entire
issued share capital of Connaught St Michaels Limited, together with the entire
issued share capital of CI Registrars Limited and a 50 per cent interest in
Melton Registrars Limited (together 'Connaught') for a cash consideration of up
to a maximum of £4.4 million.  The consideration comprises £3.5 million for
goodwill plus an amount equal to the net assets of Connaught at completion,
which are expected to be £0.9 million, including net cash of £0.8 million.



Connaught, which is based in Luton, is currently the fifth largest provider of
share registration services to companies in the UK. For the year ended 31 March
2002, Connaught generated profits before tax of £0.5 million on turnover of £1.3
million.



Commenting on the acquisition, Mike Burns, Chief Executive of BWD said:



'We are delighted to announce the acquisition of Connaught. BWD, via Northern
Registrars, is currently the fourth largest provider of share registration
services to companies in the UK. The acquisition of Connaught provides BWD with
a unique opportunity to strengthen its positioning in this market and develop
further its client base from a platform in the southern half of the UK'.





For further information, please contact:




BWD Securities PLC
Jonathan Wragg, Finance Director                     Tel: [phone]


Hudson Sandler
Nick Lyon                                            Tel: [phone]





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