Excel 2003 SP2

The problem relates to a workbook not being able to access data in a linked
workbook that resides in a different sub-directory.

I have five workbooks each created and residing in the same sub-directory.

Workbook 1 is a 'Menu'.
Workbooks 2, 3 & 4 are a 'Form'
Workbook 5 contains 'Data'

When the 'Menu' workbook is opened, a macro automatically opens the password
to open 'Data' workbook with property Visible = False.

Buttons on the 'Menu' open the 'Form' workbooks as Read Only files. The
'Form' workbooks are linked to the 'Data' File.

When the 'Form' is complete it is saved to another sub-directory. The
'Form' is not saved as a read only file. The 'Form' is then closed; then
the 'Menu' closed which automatically shuts down the data file.

Access to the saved 'Form' is independent of the 'Menu'. When the saved
'Form' is opened it does not read the 'Data' file. The formulae in the
cells in the 'Form' workbook are looking for the 'Data' file in the same
sub-directory. Not the sub-directory containing the 'Menu', 'Forms' and
'Data' files.

Normally when an Excel workbook is saved into a different sub-directory to
the linked workbook the link is maintained.

Inspection of the formulae in the 'Form' workbook once saved, but before it
is closed, shows the formulae correctly pointing to the cells in the linked
'Data' file.

Can anyone please explain why and advise a solution to the fact that the
formulae in the 'Form' workbooks are no long looking in the correct
sub-directory.

Many thanks
--
Derek Dowle