Director Shareholding

BWD Securities PLC
23 April 2004



BWD SECURITIES PLC

Company Announcement


On 22 April 2004, M H Burns, a director of the Company, exercised options under
the Company's Employee Share Ownership Plan over 15,000 ordinary 10 pence shares
of the Company.  The total consideration payable upon exercise was £1.
Following this exercise, the total beneficial holding of M H Burns increased to
138,000 ordinary 10 pence shares of the Company.


On 22 April 2004, J P Wragg, a director of the Company, exercised options under
the Company's Employee Share Ownership Plan over 3,000 ordinary 10 pence shares
of the Company.  The total consideration payable upon exercise was £1.
Following this exercise, the total beneficial holding of J P Wragg increased to
7,975 ordinary 10 pence shares of the Company.



END





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