RNS Number:5181N
Cantor Fitzgerald Europe
14 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     14/07/03................. 

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

 
Date of dealing           11/07/03 

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  
                8,800                                              1.3975          
               36,000                                              1.3975          
               30,200                                              1.3975   

       
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)     764,500 shares *     (1.65%)

(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 14, 2003
Form 8 Enclosure

Cantor Fitzgerald Europe is the beneficial owner of 764,500 Sherwood International Plc ordinary shares. 75,000 of
these shares are held to hedge Contract for Differences ("CFD") positions for clients and 699,000 of these shares are
held to hedge Spreadbet positions between Cantor Index Limited and other clients.

A Long CFD is a product where the client to whom the product is sold is taking a long economic interest in the
underlying share price such that the client can realise a gain if the price of the underlying securities rises above
the reference price.

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 or a CFD contract will realise a gain if the price of the underlying security goes up. A
seller of a Spread Bet or a CFD 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 CFDs and Spreadbets.

The CFD contracts are open-ended and there is no rollover into new contracts

                                                                                                                      
  Contracts for Differences                                             Date of Disclosure: July 14, 2003             
  Sherwood International Plc                                                                                          
                                                              Cantor                                        Reference 
                                                          Fitzgerald                   Underlying Number        Price 
  ProductName                             DateExecuted      Buy/Sell                           Of Shares      (pence) 
  Sherwood International Plc, Long       July 11, 2003          Sell                              75,000       139.75 
  CFD                                                                                                                 


  Spread Bets                                                                                                         
  Sherwood International Plc                                                                                          
                                                              Cantor                                        Reference 
                                                          Fitzgerald                 Stake - # per Point        Price 
  Expiry Date                             DateExecuted      Buy/Sell                   1 Point = 1 pence      (pence) 
  16-Sep-03                              July 10, 2003          Sell                               3,975          139 
  16-Sep-03                              July 10, 2003          Sell                               3,000          139 
  16-Sep-03                              June 26, 2003          Sell                                   5        134.4 
  16-Sep-03                              June 16, 2003          Sell                                  10        128.9 
                                                                                                   6,990              



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

DCCBDGDRSSBGGXS