RNS Number:9264N
Cantor Fitzgerald Europe
24 July 2003

FORM 8.1/8.3
Lodge with a RIS or Newstrack and the Takeover Panel. Use separate form for
each class of securities in which dealings have been made.      
Date of disclosure     24/07/03........... 
DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) AND 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS

 
Date of dealing     23/07/03.................................. 

Dealing in      London Forfaiting Company Plc................(name of
company) 

(1)     Class of securities (eg ordinary shares)     ordinary
shares..................................... 

                                                                    
  (2)     Amount bought     Amount sold                 Price per unit 
            150,000                                           0.290 
            250,000                                           0.295 
            100,000                                           0.295 
            250,000                                           0.295 
            100,000                                          0.2925 
            200,000                                          0.2925 
            250,000                                          0.2925 
            200,000                                          0.2925 
In addition, Cantor Fitzgerald Europe (and affiliates) have undertaken
certain CFD and Spreadbet transactions(see below).

(3)     Resultant total of the same class owned or controlled 
     (and percentage of class)     1,520,000 shares* ( 1.45%) 

(4) Party making disclosure      Cantor Fitzgerald
Europe................................... 

(5)     EITHER     (a)     Name of purchaser/vendor (Note 1) Cantor
Fitzgerald Europe........................ 
     OR     (b)     If dealing for discretionary client(s), name of fund
management organisation 
     .........................................................................
.................................................. 

(6)     Reason for disclosure (Note 2) 
     (a)     associate of     (i)     offeror (Note
3)                              NO 
               (ii)     offeree company                              NO 

     Specify which category or categories of associate (1-8 overleaf)
.................................................

     If category (8), explain
..............................................................................
................... 
     .........................................................................
.................................................... 

     (b)     Rule 8.3 (ie disclosure because of ownership or control of 1% or
more of the class of relevant securities dealt in)                         YES 

Signed, for and on behalf of the party named in (4) above
............................................................. 

(Also print name of signatory)     Ross Tanton................... 

Telephone and extension number     020 7894 7214.............................. 
______________________________________ 
*In addition, Cantor Fitzgerald Europe(and affiliates) are party to certain
CFDs and Spreadbets (see below) 

Note 1.     Specify owner, not nominee or vehicle company. If relevant, also
identify controller of owner, eg where an owner normally acts on instructions
of a controller. 
Note 2.     Disclosure might be made for more than one reason; if so, state
all reasons. 
Note 3.     Specify which offeror if there is more than one. 
Note 4.     When an arrangement exists with any offeror, with the offeree
company or with an associate of any offeror or of the offeree company in
relation to relevant securities, details of such arrangement must be
disclosed, as required by Note 6 on Rule 8. 
Note 5.     It may be necessary, particularly when disclosing derivative
transactions, to append a sheet to this disclosure form so that all relevant
information can be given. 
Note 6.     In the case of an average price bargain, each underlying trade
should be disclosed. 
For full details of disclosure requirements, see Rule 8 of the Code. If in
doubt, contact the Panel on Takeovers and Mergers, Monitoring Section, Tel.
No: 020 7638 0129. E-mail:monitoring@disclosure.org.uk 
Date of Disclosure: July 24, 2003
Form 8 Enclosure

Cantor Fitzgerald Europe is the beneficial owner of 1,520,000 London
Forfaiting Company PLC ordinary shares. 1,500,000 of these shares are held to
hedge Contract for Differences ("CFD") positions for clients and 20,000 of
these shares are held to hedge Spreadbet positions between Cantor Index
Limited and other clients.

A Long CFD is a product where the client to whom the product is sold is
taking a long economic interest in the underlying share price such that the
client can realise a gain if the price of the underlying securities rises
above the reference price.

A Spread Bet is a product where the client to whom the product is sold can
realise a gain or a loss depending on whether the price of the underlying
security increases above or falls below the reference price. The client's
Spread bet position is described as his "stake". A "stake" is expressed in
pounds (sterling) per "point" and a "point" is the price in pence of the
underlying shares. A client with a "stake" of #100 per point will make a gain
of #100 for every penny increase in the underlying shares and he/she has an
exposure equivalent to 10,000 shares.

A purchaser of a Spread Bet or a CFD contract will realise a gain if the
price of the underlying security goes up. A seller of a Spread Bet or a CFD
contract will realise a gain if the price of the underlying security goes
down.

There are no written or oral agreements between Cantor Fitzgerald Europe and
any clients concerning the control of voting rights in relation to the
underlying shares used to hedge the CFDs and Spreadbets.

The CFD contracts are open-ended and there is no rollover into new contracts

                                                                              
  Contracts for                                           Date of   24-Jul-03 
  Differences                                       Disclosure:               
  London                                 Cantor                     Reference 
  Forfaiting                                                                  
  Company Plc                                                                 
                                     Fitzgerald        Underlying      Price  
                                                         Number               
  Product Name                Date     Buy/Sell       Of Shares       (pence) 
                         Executed                                             
  London                  July 23,         Sell       1,500,000        29.325 
  Forfaiting                 2003                                             
  Company Plc,                                                                
  Long CFD                                                                    
                                                      1,500,000 

              
  Spread Bets                            Cantor                     Reference 
  London                             Fitzgerald     Stake - # per      Price  
  Forfaiting                                              Point               
  Company Plc                                                                 
  Expiry Date                 Date     Buy/Sell       1 Point = 1     (pence) 
                         Executed                         pence               
  16-Sep-03          July 7, 2003          Sell              200         27.3 



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

END

DCCEAAXLADFDEFE