Disposal

RNS Number:2551K
World Travel Holdings PLC
23 April 2003

World Travel Holdings plc

Disposal and strategic update


World Travel Holdings plc ("World Travel") announces that on 17 April 2003 it
sold the entire share capital of its Canadian consolidated fares distribution
business, Netfaresonline.com Inc. ("NFO"), to Logiciels OpenFares Inc., a
Canadian software development company, for a cash consideration of CND$450,000
(#196,507). Of this amount, CND$112,500 will be paid to the chairman of NFO, as
previously agreed in exchange for his waiving any salary entitlement, leaving
net proceeds of CND$337,500 (#147,380). This amount has been paid to Culver
Holdings plc ("Culver"), a secured creditor of World Travel, in settlement of
part of World Travel's liabilities to Culver. Culver in turn has acquired debtor
obligations in ITAL Limited, a 45.5 per cent. owned associate of World Travel,
to a value of #126,816 for a cash consideration of 98.5 per cent. of that value.
ITAL Limited is the company through which the World Travel Group's travel
trading is effected and the cash received from Culver will be used to fund its
immediate working capital requirements.

The net liabilities of NFO at 31 December 2002 were CND$377,055 (#164,653) and
the loss before tax for the 12 months ended on that date was CND$66,838
(#29,187).

World Travel's results for the third quarter ended 30 September 2003 noted that
the Group's cash position was tight and this continues to be the case even
allowing for the proceeds of the NFO disposal. World Travel's board is currently
considering options for the Group's future, including changes to the strategic
direction and management of the Group and the possibility of raising further
funding. A further announcement will be made in due course.

The results for the year ended 31 December 2002, which will also be released in
due course, will show that the Group was loss-making in the final quarter and
for the year as a whole.

Note: Currency translation in this announcement - #1:CND$2.29



Contact

John Biles, Chairman          Tel: [phone]

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