AGM Statement

RNS Number:8682P
World Travel Holdings PLC
17 September 2003


                           World Travel Holdings plc
                       Outcome of Annual General Meeting


Chairman's update


At today's AGM, John Biles, Chairman, made the following statement:


"As shareholders will be aware, the Company has now withdrawn completely from
the travel industry and is now a shell. We are also left with liabilities from
the past which we have agreed to settle for approximately #550,000 if that
settlement can be made by 31 October 2003.


As I said in my statement accompanying the annual accounts, agreement has been
reached with Culver for the acquisition of Wanbase. Unfortunately it has not
been possible to finalise the documentation for this transaction prior to
today's meeting.


We have also been examining a number of other acquisition opportunities but I am
disappointed that negotiations have not yet reached any agreement.


We have a very tight deadline of 31 October to meet to get the funding necessary
to enable us to continue. All I can do is to assure shareholders that my
colleagues and I will do our best to find a suitable solution."


Outcome of meeting


All the resolutions put to the meeting were duly passed. The meeting was then
adjourned to 16 October 2003 when resolutions 3, 7, 8 and 9 set out in the
notice of the annual general meeting will be considered. These resolutions
relate to the adoption of a new employee share option scheme, a change of the
Company's name, an elimination of the amount standing to the credit of the share
premium account and the acquisition of Wanbase respectively.


At the Extraordinary General Meeting which followed the AGM shareholders
resolved pursuant to the provisions of S142(1) of the Companies Act 1985 to take
no further steps to deal with the Company's financial situation.


Consolidation of ordinary shares


Further to resolutions 4 and 5 duly passed at the AGM, the Company's issued
ordinary shares are to be consolidated on the basis of 1 New Ordinary Share in
World Travel for every 20 existing ordinary shares held. Dealings in the New
Ordinary Shares are expected to commence on 18 September 2003. New share
certificates are expected to be dispatched to holders of shares in certificated
form on or about 24 September 2003.


Conversion of Loan Stock


As highlighted in the Company's announcement of its preliminary results for the
year ended 31 December 2002, the holders of the outstanding loan stock in the
Company have agreed to accept New Ordinary Shares in World Travel at an
aggregate value of #787,378 (equal to the nominal value outstanding) in return
for the redemption of their loan stock. Based upon the current market
capitalisation of the Company of #1.0 million, these New Ordinary Shares will be
issued at a price of 1.2p per New Ordinary Share. This reflects the secured
creditor status attaching to the loan stock.


The conversion of the loan stock into World Travel ordinary shares will,
accordingly, mean that the former Loan Stock Holders will hold approximately 80
per cent of the issued share capital of the Company.


It is expected that the new ordinary shares to be issued to the Company's loan
stock holders as a result of the proposed conversion will be admitted to trading
on AIM on Thursday, 25 September 2003.


Contact

John Biles, Chairman   020 7456 1351


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

END
AGMUBROROORKAAR