OND Overnet Data

    RNS Number:1823Z
OverNet Data PLC
26 July 2002


Date:                            26 July 2002

On behalf of:                    OverNet Data plc ("OverNet Data")

                                 For immediate release


TRADING UPDATE AT ANNUAL GENERAL MEETING

Professor Henry Beker, Chairman of OverNet Data PLC, made the following
trading
update at the Company's Annual General Meeting held today:

"On 12 July 2002, the Company announced that negotiations with a third party
regarding the acquisition of a subsidiary, which would have potentially
included
them providing both equity and working capital finance, had been terminated.
It
was also announced that the Company would need to seek alternative sources of
working capital finance within a very short timeframe to enable it to meet its
ongoing commercial and financial obligations.

"The Company has taken action to reduce its operating costs and its actual and
contingent liabilities to a minimum whilst maintaining its existing
operations.
The Company has received an indication of interest from a third party to
explore
the possibility of a reverse takeover transaction. The Company continues to
review this and all of its other options, which include a sale of the Company,
in order to ensure creditors are paid and to maximise any potential
shareholder
value.

These decisions are being taken against a background of uncertain stock market
conditions and the Company's belief that there is currently limited investor
appetite for loss-making technology companies.

"A further announcement will be made in due course."


                                     -ends-


For further information please contact:

Scott Convoy                         Tel:       020 7955 1410
Redleaf Communications               Mob:       07876 338 339




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

END
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