Sale

BWD Securities PLC
21 February 2003


                                                                21 February 2003


                           BWD Securities PLC ('BWD')

           Resolution approved at Extraordinary General Meeting and
         Completion of the Sale of the Administration Services Division


BWD announces that the resolution to approve the proposed sale of the
Administration Services Division was duly passed at the Extraordinary General
Meeting of BWD held earlier today, and the sale to Capita PLC has now been duly
completed.


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