StartIT.com PLC - Re Share Placing

RNS Number:5937B
StartIT.com PLC
29 November 1999


Placing at 14.5p to raise #870,000

Introduction
The Company has been approached by an institution which has expressed its
willingness to subscribe for 6,000,000 new ordinary share of 1p each ("the
Placing Shares") at 14.5p per share. The Placing will raise approximately
#828,250 (net of expenses) for the Company.
The directors believe that advantage should be taken of this opportunity to
raise additional working capital to accelerate their strategy of investing in
start-up and early stage internet related IT companies.
To give effect to this proposal, the directors require the authority of the
shareholders to allot the Pacing Shares and to be empowered to allot the
Placing Shares for cash otherwise than pro rata to existing shareholders.
Accordingly the Company has given notice of an extraordinary general meeting
to be held on 22nd December 1999 at which the resolutions necessary to approve
and implement the Placing will be proposed.

The Placing
The Company has agreed to issue 6,000,000 Placing Shares at 14.5p per share
conditional upon the passing of the necessary resolutions at the extraordinary
general meeting of the Company and admission of the Placing Shares to trading
on AIM becoming effective by not later than 8.30 a.m. on 23 December 1999.
Completion of the Placing is expected to take place immediately following the
extraordinary general meeting of the Company.

Application will be made for the Placing Shares to be admitted to trading on
AIM and dealings are expected to commence on 23rd December 1999.

Market Dealings
The following table shows the middle market quotations for the ordinary shares
of the Company derived from the AIM section of the Daily official List on the
first dealing day in each week commencing the week beginning 25 October 1999
and on 25 November 1999 the latest practicable date prior to the issue of the
placing letter:

                                  Price
25 November 1999                  14p
22 November 1999                  14.25p
15 November 1999                  15p
8 November 1999                   13.75p
1 November 1999                   6.5p
25 October 1999                   6.5p

Current Trading
At the time of admission to the Alternative Investment market in August 1999,
the directors anticipated that the Company would make its first investment in
October this year. On 22 October 1999, the Company invested #100,000 in GLS
Software Limited, a company specialising in booking and invoicing systems. The
Company has also made a conditional funding offer on a second potential
investment (web based) and a third potential investment (software based) seems
close to completion. The Company is receiving funding proposals at a rate of
more than one a day, a number of which are very interesting and are being
evaluated by the Company for investment. Shareholders will be kept informed of
further developments.


Enquiries:

Phillip Brown              StartIT.com                         01274 623 478
John Simpson               English Trust Company Limited       0171 608 0888
Richard Armstrong          Fiske & Co Limited                  0171 448 4700


END

MSCAKVRKKVKAUAA