This is my first board effort - have followed this stock for some time. First FWY deal back around 1997 was to buy a decent German tech business (CL)for 3M which subsequently listed and now has market cap around Euro80M. CL is profitable and cash rich/generative, recently agreed dividend which will be worth about 1M to FWY in 2004. FWY now own 51% of CL, so about 30M value against current group market cap 51M. Interims in 2003 were good and they raised 1.6M of new funds at 69p of which dirs found about 25%. Rest of the group consists of computer distribution businesses in Spain (very good) France (OK) and UK (historic lossmaking).These should contribute at least 5M pretax in 2004 on a rising trend after bullish trading update recently. High volume,low margin businesses such as computer boxshifting have been a graveyard for many in last few years, so those left seem to be benefitting. Small increase in margin has big effect on bottom line. Await 2003 finals with interest. Even after recent rise,rating still looks modest.Icing on the cake would be disposal of CL, which they have been trying to engineer for some time to release value for FWY shareholders.

Any offer would have to be at least 150p to have a chance of success but, as the announcement says, it is at a very early stage.

K******

Unusual trades today - large sells on no movement in price, then several tick ups on regular small buys. Bought back in at 81p some time ago and for the first time since feeling really comfortable with it! Always DYOR.