RNS Number:2102T
AWG PLC
15 December 2003



15 December 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 December 2003, AWG has today made an issue of 19,986,771,980
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 12 December 2003 (the "Record Time") on the
following basis:

       for every one AWG ordinary share          140 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 14.0 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 42 days which will
commence at 9.00 a.m. on 23 December 2003 and close at 5.00 p.m. on 2 February
2004 (the "Redemption Period").  The redemption will take place on 9 February
2004.  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 17
December 2003.

Certificates for the Redeemable Shares issued today (bearing a form of
redemption on the reverse) will be despatched on 17 December, 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 2 February 2004.

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 and with the Ordinary Return of Redeemable Shares in August. If
you have returned your standing instruction form you will not have been sent a
share certificate and your shares will be redeemed in accordance with that
instruction unless revoked by 2 February 2004. You do not need to do anything
further as AWG will treat you as having accepted the Redemption Offer.

If you have not yet completed a standing instruction form, one will be
dispatched on 17 December for your consideration. This scheme is designed to
simplify the redemption process for shareholders and to reduce costs. This
instruction will then be valid for any future redemption offers made by the
Company.

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 2 February 2004.

AWG will on 9 February 2004 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 13 February 2004.

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 be
a further opportunity to redeem Redeemable Shares during 2004.

The dividend in respect of Redeemable Shares issued today will not begin to
accrue until 29 March 2004 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


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