Cable and Wireless plc ("Cable & Wireless") has today announced details of the proposed demerger of its Worldwide business and an offering of convertible bonds to raise £230 million.  The convertible bonds are a component of the financing package being put in place for the Worldwide business for the demerger.  Gleacher Shacklock is acting as joint financial adviser to Cable & Wireless on the demerger and the convertible bond offering.

Additional information is available at www.cw.com. Any further information will be published by Cable & Wireless and not by Gleacher Shacklock LLP which takes no responsibility for the content of external internet sites and should be assumed to have taken no part in the assembly or population thereof unless specifically stated otherwise."