RNS Number:4094N
Cantor Fitzgerald Europe
10 July 2003


FORM 8.1/8.3

Lodge with a RIS or Newstrack and the Takeover Panel. Use separate form for each class of securities in which
dealings have been made.      

Date of disclosure     10/07/03................. 

DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS

 
Date of dealing           09/07/03 
 
Dealing in     Sherwood International Plc................(name of company) 
 
(1)     Class of securities (eg ordinary shares)      ordinary shares..................................... 
 
                                                                                        
(2)     Amount bought    Amount sold    Price per unit  

         75,000                             1.300           
 
In addition, Cantor Fitzgerald Europe (and affiliates) have undertaken certain CFD and Spreadbet transactions (see
below). 
 
(3)     Resultant total of the same class owned or controlled 
        (and percentage of class)     824,500 shares *      (1.78%)
 
 
(4) Party making disclosure      Cantor Fitzgerald Europe...................................  

(5)     EITHER     (a)     Name of purchaser/vendor (Note 1) Cantor Fitzgerald Europe........................ 

            OR     (b)     If dealing for discretionary client(s), name of fund management organisation 

(6)     Reason for disclosure (Note 2) 
     (a)     associate of     (i)     offeror (Note 3)                                NO 
                             (ii)     offeree company                                 NO 
 
     Specify which category or categories of associate (1-8 overleaf)       
 
     If category (8), explain

     (b)     Rule 8.3 (ie disclosure because of ownership or control of 1% or more of 
             the class of relevant securities dealt in)                         YES 
 
Signed, for and on behalf of the party named in (4) above
............................................................. 
 
(Also print name of signatory)     Ross Tanton................... 
 
Telephone and extension number      020 7894 7214.............................. 
______________________________________ 

     *In addition, Cantor Fitzgerald Europe (and affiliates) are party to certain CFDs and Spreadbets ( see below) 
 
Note 1.     Specify owner, not nominee or vehicle company. If relevant, also identify controller of owner, eg where
an owner normally acts on instructions of a controller. 

Note 2.     Disclosure might be made for more than one reason; if so, state all reasons. 

Note 3.     Specify which offeror if there is more than one. 

Note 4.     When an arrangement exists with any offeror, with the offeree company or with an associate of any offeror
or of the offeree company in relation to relevant securities, details of such arrangement must be disclosed, as
required by Note 6 on Rule 8. 

Note 5.     It may be necessary, particularly when disclosing derivative transactions, to append a sheet to this
disclosure form so that all relevant information can be given. .-see attached 

Note 6.     In the case of an average price bargain, each underlying trade should be disclosed. 

For full details of disclosure requirements, see Rule 8 of the Code. If in doubt, contact the Panel on Takeovers and
Mergers, Monitoring Section, Tel. No: 020 7638 0129. E-mail:monitoring@disclosure.org.uk 

Date of Disclosure: July 10, 2003

Form 8 Enclosure

Cantor Fitzgerald Europe is the beneficial owner of 824,500 Sherwood International Plc ordinary shares. 824,000 of
these shares are held to hedge Spreadbet positions between Cantor Index Limited and other clients.

A Spread Bet is a product where the client to whom the product is sold can realise a gain or a loss depending on
whether the price of the underlying security increases above or falls below the reference price. The client's Spread
bet position is described as his "stake". A "stake" is expressed in pounds (sterling) per "point" and a "point" is
the price in pence of the underlying shares. A client with a "stake" of #100 per point will make a gain of #100 for
every penny increase in the underlying shares and he/she has an exposure equivalent to 10,000 shares.

A purchaser of a Spread Bet contract will realise a gain if the price of the underlying security goes up. A seller of
a Spread Bet contract will realise a gain if the price of the underlying security goes down.

There are no written or oral agreements between Cantor Fitzgerald Europe and any clients concerning the control of
voting rights in relation to the underlying shares used to hedge the Spreadbets.

                                                                                                            
            Spread Bets                                                   Date of Disclosure:    10-Jul-03  

            Sherwood International Plc                       Cantor                              Reference  
                                                           Fitzgerald    Stake - # per Point     Price      
            Expiry Date                   Date Executed     Buy/Sell      1 Point = 1 pence      (pence)    

            16-Sep-03                      June 12, 2003      Sell                         250        121.5 
            16-Sep-03                      June 13, 2003      Sell                         125        113.4 
            16-Sep-03                      June 17, 2003      Sell                         100        124.5 
            16-Sep-03                      June 19, 2003      Sell                         250        128.9 
            16-Sep-03                      June 24, 2003      Sell                         500        124.3 
            16-Sep-03                       July 8, 2003      Sell                       2,000        131.2 
            16-Sep-03                       July 9, 2003      Sell                         750        131.5 
            16-Sep-03                      June 19, 2003      Sell                       1,000        128.9 
            16-Sep-03                       July 8, 2003      Sell                       2,000        131.2 
            16-Sep-03                      June 26, 2003      Sell                           5        134.4 
            16-Sep-03                      June 16, 2003      Sell                          10        128.9 
            16-Sep-03                      June 25, 2003      Sell                         125        131.4 
            16-Sep-03                       July 8, 2003      Sell                         350        131.2 
            16-Sep-03                      June 25, 2003      Sell                         125        131.4 
            16-Sep-03                       July 8, 2003      Sell                         650        131.2 

                                                                                         8,240              



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