Acquisition

BWD Securities PLC
23 July 2001



FOR IMMEDIATE RELEASE     23rd July, 2001




                          BWD SECURITIES PLC ('BWD')

                    Acquisition of Dennis Murphy Campbell



Further to its announcement of 22nd June 2001 concerning the conditional
acquisition of Dennis Murphy Campbell, BWD is delighted to announce that all
conditions have now been met and that completion took place on July 20th 2001.



For further information please contact:



BWD Securities PLC

Michael Burns, Chief Executive                         tel: [phone]



ING Barings Limited

Ben Money-Coutts, Director                              tel: [phone]