Griffin Speculators Investment Club
Cable and Wireless (CW.)       www.cwplc.com


Provision of telecommunications services including telephone, internet, cable television, multimedia and data transmission; Provision and management of communication facilities and services

Why we bought the share

From Richard :

I believe we should consider Cable and Wireless.

C&W has been extremely successful in avoiding the steep share
prices increase in the Telecoms Sector until the end of 1999 when
American investors bought into the internet-based global business
strategy developed by the (comparatively) new chief executive and
his team.

British fund managers are now adding to their holdings as further
restructuring appears to be on the cards, including the demerger
or disposal of it`s 54% stake in Hong Kong Telecom. This move is
anticipated in the first half of this year making the company
more manageable and also more attractive and accessible to a
potential bidder (Deutsche Telekom & Bell Atlantic have been
mooted as possible bidders).

The company is now being more tightly managed and moving towards
being a more pure data and internet protocol service player and
will provide more growth opportunities.

Since the start of the year the share has been tipped in the
Sunday Telegraph, Sunday Times, Sunday Business and the Observer
and was also tipped in yesterday`s Shares magazine. They can`t
all be wrong - can they?

The recent stock market adjustment has resulted in the share
price falling by around £1.00 to £9.50ish which makes it look
even more attractive a proposition.


And since ...

Up 50 odd pence within hours of the buy. For once we timed it right!

Rumours of an announcement the following day sent the share price up. The following day the announcement of the purchase of a number of European internet service providers was made and the share price increased by over 100p.

STANDING DATA

**************************************************************
COMPANY NAME.......Cable and Wireless PLC
**************************************************************
ACTIVITIES.........Provision of telecommunications services
including telephone, internet, cable television,
multimedia and data transmission; Provision and
management of communication facilities and
services

HEAD & REGISTERED
OFFICE.............124 Theobalds Road, London, WC1X 8RX, Tel: (0171)
315 4000, Tlx: 920000, Fax: (0171) 315 5000

DOMICILE...........UK

AIC SECTOR.........

AIC SUB SECTOR.....
INDEX..............FTSE 100 .

REGISTRARS.........Lloyds TSB Registrars, Worthing
BANKS..............Royal Bank of Scotland
AUDITORS...........KPMG Audit Plc
STOCKBROKERS.......Hoare Govett
Cazenove
FIN ADVISERS.......Goldman Sachs
Greenhill & Co
FINANCIAL PR.......Brunswick


DATES/EVENT LATEST EXPECTED
INTERIM ANN 11/11/98 11/11/99
YEAR END 31/03/99 31/03/00
PRELIM ANN 12/05/99 12/05/00
ANNUAL REPORT 11/05/99 11/05/00
AGM 02/07/99 02/07/00