RNS Number:9656N
Active Value S.A.
25 July 2003

                                                        FORM SAR 3


                                       Date of disclosure.25 JULY 2003

                 DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
                   SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

                 
Date of acquisition...24 JULY 2003

Acquisition in....MWB GROUP PLC .........(name of company)


(1) Class of voting shares    Number of shares/rights   If rights over shares
    (eg ordinary shares)      over shares acquired      acquired, as opposed
                                                        to the shares
                                                        themselves, specify
                                                        nature of rights

    ORDINARY SHARES OF       ..1,000,000  ...shares    .....................
    50P EACH                 ...N/A..........rights


(2) Resultant total holding   Resultant total holding   Total percentage
    of voting shares (and %   of rights over shares
    of total voting shares    (and % of total voting
    in issue)                 shares in issue)

    26,000,000     (23.68%)   ...............(    %)    .............(23.68%)


(3) Party making disclosure...ACTIVE VALUE S.A.ON BEHALF OF THE FUNDS
                              LISTED BELOW   

(4)  (a)  Name of person acquiring shares or rights over shares SEE BELOW
          and, if different, beneficial owner............................... 

     (b)  Names of any other persons acting by
          agreement or understanding (see SAR 5).SEE BELOW


Signed, for and on behalf of the party named in (3) above...................

(Also print name of signatory)..BRIAN PADGETT.....

Telephone and extension number..0041 22 908 1190

Note. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person.  Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, 
Monitoring Section, Tel. No: 020 7638 0129.


Attachment to SAR disclosure dated 25 July 2003 relating to MWB Group plc 
(the "company")

1.  On 24 July 2003 Active Value Capital, L.P. acquired 650,200 ordinary
    shares of 50p each ("Ordinary Shares") in the capital of the Company, taking
    its total holding to 16,905,200.

2.  On 24 July 2003 AVC CIP, L.P. ("CIP") acquired 210,900 Ordinary Shares, 
    taking its total holding to 5,483,400.

3.  On 24 July 2003 Active Value Capital, Inc. ("Inc") acquired 102,900 
    Ordinary Shares taking its total holding to 2,675,400.

4.  On 24 July 2003 Active Value Euro Partners, Inc. ("Euro Partners") 
    acquired 36,000 Ordinary Shares taking its total holding to 936,000.

Active Value Fund Managers Limited is the general partner of Capital and CIP and
is the manager of Inc and Euro Partners and, accordingly, pursuant to Note 2 of
Rule 5 of the SARS, Capital, CIP, Inc and Euro Partners are deemed to be one
person for the purposes of the SARs.

WHILST EVERY EFFORT HAS BEEN MADE TO ENSURE THAT THE FOREGOING INFORMATION IS
ACCURATE ACTIVE VALUE S.A. AND CAN NOT ACCEPT ANY LIABILITY FOR LOSSES OR
DAMAGES SUFFERED BY ANY PERSON IN CONSEQUENCE OF SUCH INFORMATION BEING
INACCURATE OR INCOMPLETE





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

END

SADUVURROVRBUAR