Circ re. AIM Admission

RNS Number:7508I
Medi@Invest PLC
17 March 2003

EMBARGOED FOR 7.00 am 17 March 2003


                MEDI@INVEST PLC ("Medi@Invest" or the "Company")

                         AiM Admission Document posted

          Proposed Acquisition of Universal Consumer Products Limited

                     Proposed Share Capital re-organisation

            Proposed Change of Name to "Universal Direct Group plc"

The Company's Circular dated 17 March 2003, comprising an AiM Admission
Document, has been posted to shareholders in connection with the acquisition of
Universal Consumer Products Limited ("Universal") which constitutes a "Reverse
Take-over" under the AiM Rules. Accordingly, trading has today been restored in
the Company's Ordinary Shares on AiM.

Universal is a privately owned trading company based in Market Drayton,
Shropshire. Its main business is the purchase and resale of branded consumer
electronics goods (typically TVs, DVD players and hi-fi mini systems) and other
selected durable consumer goods at discounted prices which reflect the fact that
they are surplus stocks or customer returns.

The unaudited management accounts of Universal for the 7 months to 30 November
2002 show sales of #4.4 million and profit before tax of #0.7 million. In the
year to 30 April 2002, Universal made sales of #7.3 million and profit before
tax of #0.9 million. The Directors believe that the level of sales and profit
being achieved by Universal provides a sound basis upon which to restore
shareholder value.

Under the terms of the Acquisition Agreement, the Company has agreed to pay an
initial purchase consideration of #2.5 million plus a deferred purchase
consideration for the whole of the issued share capital of Universal to be
satisfied in cash. The initial purchase consideration will be satisfied at
completion of the Acquisition. The deferred purchase consideration payable shall
equal the amount by which the net asset value of Universal at completion exceeds
#1.05 million based on a balance sheet to be prepared as at completion of the
Acquisition. If the net asset value of Universal at completion is less than
#1.05 million, the Vendor is obliged to repay the shortfall to the Company. At
completion of the Acquisition, the share capital of Universal will be
transferred by the Vendor to Universal Direct Group Limited, a wholly owned
subsidiary of the Company, which will, subject to the passing of the
Resolutions, change its name to UDG Limited.

The finance for the Acquisition will be provided from a combination of the
Group's existing cash resources and loans from the Bank of Scotland.



The Circular also contains details of a proposed ordinary share capital
reorganisation. Each ordinary share of 1p will be subdivided into one ordinary
share of 0.1p and one deferred share of 0.9p and then consolidated into one
ordinary share of 10p for every 100 ordinary shares of 0.1p each created by the
sub-division. Existing share certificates will remain valid following the share
re-organisation and no certificates will be issued in respect of the deferred
shares. No application will be made for the deferred shares to be traded on AiM.

The Resolutions necessary for the acquisition and the share capital
reorganisation and the change of name will be proposed at an Extraordinary
General Meeting ("EGM") to be held at the Marriott Regents Park, 128 King
Henry's Road, London, NW3 3ST on 9 April 2003 at 10.00am

In addition, the Company is taking the opportunity to renew its authorities to
issue and allot shares pursuant to sections 80 and 95 of the Companies Act 1985,
as amended.


For further information please contact:

Edward Adams     Medi@invest PLC                                 020 7209 1324

Roland Cornish   Beaumont Cornish Limited (Nominated Adviser)    020 7628 3396

Note: Copies of this announcement and the AiM Admission Document are available
from the offices of Beaumont Cornish Limited, Georgian House, 63 Coleman Street,
London EC2R 5BB from the date of this announcement to a date one month from the
date of Admission to AiM following the EGM.


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