RNS Number:2487O
AWG PLC
04 August 2003


4 August 2003


                               AWG Plc ("AWG")

                Issue of Redeemable Shares and Redemption Offer


Pursuant to the announcement of the proposed issue and redemption of redeemable
shares made on 4 June 2003, AWG has today made a bonus issue of 57,494,043,000
redeemable shares of 0.1 penny each ("Redeemable Shares") and announces its
offer to redeem all of its issued Redeemable Shares.


The Redeemable Shares have been issued to the holders of AWG ordinary shares on
the register at close of business on 13 June 2003 (the "Record Time") on the
following basis:


   for every one AWG ordinary share             324 Redeemable Shares


Each Redeemable Share has a nominal value of 0.1 penny.  Accordingly, for every
one AWG ordinary share held on the Record Date, AWG ordinary shareholders have
been issued Redeemable Shares with a total redemption value of 32.4 pence.  The
Redeemable Shares have been issued carrying the rights and subject to the
restrictions set out in the Articles of Association of AWG.


Offer for redemption

AWG hereby offers to redeem at par (subject to rounding) all of the Redeemable
Shares in issue at 5.00 p.m. today.  The redemption offer ("Redemption Offer")
applies to both the Redeemable Shares issued today and to any Redeemable Shares
previously issued but not yet redeemed.

The Redemption Offer will last for a redemption period of 29 days which will
commence at 9.00 a.m. on 8 August 2003 and close at 5.00 p.m. on 5 September
2003 (the "Redemption Period").  The redemption will take place on 9 September
2003.  Holders of Redeemable Shares may elect to have all or part of their
holding of Redeemable Shares redeemed.  An explanatory letter containing further
details of the issue and Redemption Offer will be sent to shareholders on 6
August 2003.

Certificates for the Redeemable Shares issued today (bearing a form of
redemption on the reverse) will be despatched on 6 August, together with the
explanatory letter, to shareholders who hold their AWG ordinary shares in
certificated form and who have not joined the Company's mandate scheme in
relation to redeemable shares.  Those shareholders who wish to redeem their
Redeemable Shares should complete and return the form of redemption so as to be
received by AWG's registrars, Lloyds TSB Registrars, at The Causeway, Worthing,
West Sussex BN99 6DA by no later than 5.00 p.m. on 5 September 2003.

Details of the Redeemable Share Mandate Scheme, whereby shareholders can make a
revocable instruction to the Company to treat them as having accepted redemption
offers made by the Company, were circulated with the Annual Report and Accounts
and AGM Notice. Shareholders who have returned a standing instruction form will
be treated as having accepted the Redemption Offer, will not be sent a share
certificate and their shares will be redeemed in accordance with that
instruction unless revoked by 5 September 2003.

Shareholders who hold their AWG ordinary shares in uncertificated form will have
their CREST accounts credited with their Redeemable Shares today and an election
to redeem may be made through the CREST system during the Redemption Period but
ending at 3.00 p.m. on 5 September 2003.

AWG will on 9 September 2003 redeem Redeemable Shares in respect of which an
election to redeem is made during the Redemption Period.  Cheques for the
proceeds of redemption will be despatched to accepting shareholders and CREST
accounts will be credited no later than 12 September 2003.

All Redeemable Shares once redeemed will be cancelled and will not be reissued.

Redeemable shareholders who do not wish to redeem their Redeemable Shares need
take no action.  Such shareholders should note that it is expected there will
not be a further opportunity to redeem Redeemable Shares during 2003.

The dividend in respect of Redeemable Shares issued today will not begin to
accrue until 29 September 2003 and therefore will only accrue in respect of
Redeemable Shares that are not redeemed under this Redemption Offer.


Contact:   David Turner       Deputy Company Secretary 01480 323580


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