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Webb Capital Plc (WCAP)

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Friday 01 April, 2011

Webb Capital Plc

Outcome of the General Meeting of BWA Group plc


1 April 2011

                               Webb Capital plc                                

                       (`the Company' or `Webb Capital')                       

                Outcome of the General Meeting of BWA Group plc                

               requisitioned by Webb Capital plc and Peter Webb                

On 23 February 2010 Webb Capital plc, the PLUS Markets quoted financial
services group announced that it had written to the Directors of PLUS quoted
BWA Group plc (`BWA') to request that the Directors of BWA convene a General
Meeting at which Resolutions can be proposed to remove Mr Richard Battersby and
Mr James Butterfield as Directors and to appoint Mr Peter Webb and Mr Dwight
Mighty to serve in their place.

The letter was sent on behalf of the Company, which holds a 9.9 per cent
shareholding in BWA and Mr Peter Webb, the Chief Executive of Webb Capital, and
his family who hold a 14.9 per cent shareholding.

At the General Meeting of BWA held today the Resolutions proposed were defeated
by a small margin despite the directors attempts to pre-empt the meeting by
obtaining irrevocable undertakings to vote against the Resolutions based upon
exaggerated claims of the costs associated with calling the meeting.

As a matter of record, Peter Webb and the Company contributed 50 per cent to
the costs of posting the circular to shareholders.

With 47.8 per cent of the votes cast supporting the Resolutions proposed by the
Company and Peter Webb, it is clear that it is not only Peter Webb and the
Company who are disappointed with the performance of the Board of BWA and see
the need for change.

Commenting on the outcome of the meeting Peter Webb said:

"We are grateful to shareholders who supported us in seeking to instigate
change at BWA. Considering that the over 90 per cent of shareholders who
supported the Board of BWA had signed irrevocable undertakings before the
Notice of Meeting had been posted and therefore did not have the benefit of
reading my letter explaining the need for change, I believe that this justifies
our decision to call the meeting. 

It is our intention to seek a meeting with the Board of BWA at the earliest
opportunity to seek an outcome in the interest of all shareholders."

The Directors accept responsibility for this announcement.

ENDS

A copy of this announcement is available on www.webbcapital.com

For further information

Webb Capital plc

Peter Webb - Chief Executive Tel: 020 7634 9510

Daniel Stewart & Co plc

Paul Shackleton Tel: 020 7776 6550


                                                                                                                                                                                                                                                 

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