Cancellation of Shares

    RNS Number : 6240F
  Vebnet Holdings PLC
  10 October 2008
   

    10 October 2008

    FOR IMMEDIATE RELEASE

    VEBNET (HOLDINGS) PLC

    Announcement of cancellation of trading on AIM and appointment and resignation of directors

    Vebnet (Holdings) plc ("Vebnet") announces that it has applied to the London Stock Exchange for the cancellation of the trading of
Vebnet shares on the AIM market of the London Stock Exchange following the announcement by Standard Life plc ("Standard Life") on 10 October
2008 that the recommended cash offer for Vebnet by Standard Life has been declared wholly unconditional. It is currently anticipated that
cancellation of trading will take effect on 7.00 a.m. on 10 November 2008.

    It is anticipated that, after the cancellation of trading, Vebnet will be re-registered as a private company under the relevant
provisions of the Companies Act 1985.

    Vebnet shareholders who have not accepted the offer should note that cancellation is likely to reduce significantly the liquidity and
marketability of Vebnet shares not acquired under the offer. Once cancellation has taken effect, Vebnet shareholders will no longer be able
to effect transactions in Vebnet shares on AIM.

    In addition to the announcement of its cancellation of trading on AIM, Vebnet also announces the following changes to its board of
directors: 

    Dr Alasdair Gordon MacKenzie Nairn has resigned from the board of directors with effect from 10 October 2008.

    Mr Montague Ivor Samuels has resigned from the board of directors with effect from 10 October 2008.

    Mr Derek Scott has resigned from the board of directors with effect from 10 October 2008.

    Alexander Maxwell Crombie has been appointed as a director of Vebnet with effect from 10 October 2008.

    In accordance with schedule 2(g) of the AIM Rules, Vebnet provides the following information in respect of the appointment of Alexander
Maxwell Crombie, aged 59, to the board of directors of Vebnet:

    Current directorships:

    The Standard Life Assurance Company 2006
    Standard Life Assurance Company Funding Inc.
    Standard Life Savings Nominees Limited
    Standard Life Employee Services Limited
    Standard Life SSC Limited
    Standard Life Finance Limited
    Standard Life Assurance Limited
    SL (Newco) Limited
    Standard Life plc
    Standard Life Savings Limited
    The Standard Life Assurance Company of Canada
    Standard Life Investments Limited
    Standard Life Trust Company
    Standard Life Investments (Holdings) Limited
    Standard Life Oversea Holdings Limited
    Standard Life (Directors) Limited
    HDFC Standard Life Insurance Company Limited
    Royal Scottish Academy of Music and Drama                    
    Edinburgh World City of Literature Trust

    Previous directorships in the last 5 years:

    120 rue du Faubourg St Honore (Nederland) BV                
    161 Torre Tarragona (Nederland) BV                        
    21 rue da la Ville l'Eveque (Nederland) BV                    
    28 Ribera del Loira (Nederland) BV                        
    34 Avenue Matignon (Nederland) BV                        
    EPGF (Nederland) 2 BV                            
    53 Avenue des Champs Elysees (Nederland) BV                
    55 Castellana (Nederland) BV                            
    583 Gran Via (Nederland) BV                            
    635 Gran Via (Nederland) BV                            
    6 rue du General Foy (Nederland) BV                        
    73 Serrano (Nederland) BV                            
    8 rue Victor Noir (Nederland) BV                        
    Bercy Quai (Nederland) BV                            
    Bercy Yonne (Nederland) BV                            
    Comete Developpement (Nederland) BV                    
    Les Horbouts I (Nederland) BV                            
    Les Horbouts II (Nederland) BV                        
    Lothian Development I (Nederland) BV                        
    Lothian Development II (Nederland) BV                    
    Lothian Development III (Nederland) BV                    
    Lothian Development IV (Nederland) BV                    
    Lothian Development V (Nederland) BV                    
    Paris Montrouge I (Nederland) BV                        
    Paris Montrouge II (Nederland) BV                        
    Paris Montrouge III (Nederland) BV                        
    Paris sud Rousseau (Nederland) BV                        
    Midlothian Development (Nederland) 1 BV                    
    Standard Life Savings Nominees Limited                    
    The Standard Life Assurance Company of Europe (Nederland) BV        
    Standard Life Healthcare Limited                        
    SLCP (General Partner II) Limited                        
    Standard Life Investments (Asia) Limited                    
    Standard Life Investments (Corporate Funds) Limited                
    Standard Life Investments (USA) Limited                    
    Standard Life Investments (Mutual Funds) Limited                
    Standard Life Savings Limited                            
    SLTM Limited                                    
    Standard Life Pension Funds Limited                
    Standard Life Bank Plc                            
    Standard Life Investments Inc                            
    Standard Life Investments (Hong Kong) Limited                
    Standard Life Investments (Private Equity) Limited        
    HDFC Asset Management Company Limited
    Rue de la Faisanderie SARL                            

    Alexander Maxwell Crombie was a director of each of Bercy Yonne (Nederland) B.V., Bercy Quai (Nederland) B.V., Paris Montrouge I
(Nederland) B.V. and Paris Montrouge III (Nederland) B.V. when voluntary liquidation proceedings were commenced on 21 May 2004.

    No other information is required to be disclosed pursuant to Rule 17 and Schedule 2g of the AIM Rules.

    Enquiries:

    Vebnet (Holdings) plc                                                    Tel: [phone]
    Gerry O'Neill
    Stephen Thurlow

    Seymour Pierce (Nominated adviser to Vebnet)           Tel: [phone]
    Jonathan Wright

    Buchanan Communications (PR adviser)

    Jeremy Garcia, James Montgomerie, Carrie Clement           Tel:  [phone]  or  0131 226 6150



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