ETE Euro.Telecom

RNS Number:8417K
European Telecom PLC
28 September 2001


   
28 September 2001

EUROPEAN TELECOM  plc ("the Company", "ET" or the "Group")

PROPOSED FUNDRAISING, FINALISATION OF AGREEMENT WITH BANKERS, DISPOSAL OF ET 
FRANCE, DISPOSAL OF INTERESTS IN DOMAIN DYNAMICS AND RESULTS FOR THE 12 MONTHS 
ENDED 31 MARCH 2001

European Telecom plc, the supplier of value added fulfilment services for the 
telecoms and converging industries, today announces:

* A proposed underwritten fundraising to raise approximately #2.2 million, net 
of expenses, by way of a Placing and Open Offer of 86,833,333 shares at 3 pence 
per share

* Finalisation of agreement with bankers for the provision of facilities for the
next 12 months

* Disposal of 81 per cent of ET's interest in ET France for FFr12,150,000 
(approximately #1,157,000) and establishment of joint venture in France focusing
on logistics

* Disposal of all the Company's interests in Domain Dynamics for #560,000

* Loss, before tax, for the year ended 31 March 2001 confirmed at #27.3 million

* The Group's borrowings reduced from #25.9 million as at 31 March 2001 to #16.7
million as at 31 August 2001, with a further #3.7 million generated for the 
Group from the disposals and fund raising announced today

* David McKinney appointed Chief Executive Officer

* Full audited accounts will be available today on European Telecom's website at
www.europeantele.com

Warren Hardy, Chairman of ET said:

"The fundraising and disposals bring to a close a very difficult period for ET 
and mean that the Company and its finances are now stabilised.  The business is 
being restructured to be flexible and more robust, and will strengthen in the 
coming year.  We intend to transform the Company into a leaner, fitter and more 
customer focused organisation."

For  further information contact:

European Telecom  plc
Warren Hardy, Chairman
David McKinney, Chief Executive Officer
Tel: 01753 808 013/4

Flagship Consulting
Andy Berry/Ben Steele
Tel: 020 7299 1500

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