Holding(s) in Company

BWD Securities PLC
26 February 2004

BWD SECURITIES PLC



Company Announcement



The Company announced on 9 June 2003 that it had been informed by HSBC Asset
Management (Europe) Limited that, by virtue of certain discretionary managed
portfolio arrangements, its interest in the ordinary 10p shares of the Company
represented 9.89% of the Company's issued share capital.  Therefore, since 9
June 2003, HSBC Asset Management (Europe) Limited has no longer held a
notifiable interest in the shares of the Company.



END






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