Proposed Sale

BWD Securities PLC
04 February 2003

                                                                 4 February 2003


                           BWD Securities PLC ('BWD')
                  Publication of the circular relating to the
             Proposed Sale of the Administration Services Division


BWD announces that the circular relating to the proposed sale of the
Administration Services Division has been posted to BWD's shareholders. An
Extraordinary General Meeting to approve the proposed sale has been convened for
21 February 2003.


Two copies of the above document have been submitted to the UK Listing Authority
and will shortly be available for inspection at the UK Listing Authority's
Document Viewing Facility which is situated at:


Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS.




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