RNS Number:6211N
Cantor Fitzgerald Europe
16 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     16/07/03................. 

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

 
Date of dealing           15/07/03 
 
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  

                            687,500        1.3775          
 
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)     77,000 shares *      (0.17%)
 
 
(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 16, 2003

Form 8 Enclosure

Cantor Fitzgerald Europe is the beneficial owner of 77,000 Sherwood International PLC ordinary shares. 75,000 of
these shares are held to hedge Contract for Differences ("CFD") positions for clients and 2,000 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:    16-Jul-03                  
  Sherwood International Plc                           Cantor                              Reference                  
                                                     Fitzgerald     Underlying Number      Price                      

  Product Name                      Date Executed     Buy/Sell          Of Shares          (pence)                    

  Sherwood International Plc,        July 11, 2003      Sell                      75,000        139.75                
  Long CFD                                                                                                            

  Spread Bets                                          Cantor                              Reference                  

  Sherwood International Plc                         Fitzgerald    Stake - # per Point     Price                      

  Expiry Date                       Date Executed     Buy/Sell      1 Point = 1 pence      (pence)                    

  16-Sep-03                          July 15, 2003      Sell                           5         141.5                
  16-Sep-03                          June 26, 2003      Sell                           5         134.4                
  16-Sep-03                          June 16, 2003      Sell                          10         128.9                
                                                                                      20                              
  Spread Bets Closed out                                                                                              

  15-Jul-03                         Open Date                                              Open Price    Close Price  
  16-Sep-03                          July 10, 2003      Sell                        3975           139            138 
  16-Sep-03                          July 10, 2003      Sell                        3000           139            138 


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