Holding(s) in Company

BWD Securities PLC
22 May 2003

Company Announcement



The Company was informed on 20 May 2003 by Schroder Investment Management
Limited that, by virtue of certain discretionary investment management
agreements, it has an interest in 2,348,508 Ordinary 10p shares of the Company,
representing 10.63% of the issued share capital of that class.




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