Internet Technology - Re Red Wave Shares

RNS No 5081f
INTERNET TECHNOLOGY GROUP PLC
22 October 1999


                  Internet Technology Group plc ("ITG")

In paragraph 6 (entitled "The Red Wave Offer") of the explanatory statement 
from ING Barings in the circular sent to ITG Shareholders and 
Warrantholders dated 13th October 1999 ("Scheme Document"), ING Barings set 
out its estimate of the value of a Red Wave Share, had Red Wave Shares been 
in issue on 12th October 1999. The following is an updated estimate of the 
value of a Red Wave Share provided pursuant to the requirements of the 
Panel. Words and expressions which are defined in the Scheme Document shall 
have the same meaning in this announcement.

ING Barings, in its capacity as advisor to ITG and based on the assumptions 
set out below, has estimated a value of not less than 22p per Red Wave 
Share had Red Wave Shares been in issue on 21st October 1999.

In providing this estimate of value, ING Barings:

(a)   has taken into account information provided by and the commercial 
      assessment of the Independent Directors of ITG in determining a 
      valuation for Global Wave;

(b)   is acting solely for ITG to fulfil its obligation under the City 
      Code; and

(c)   expresses no opinion on the Red Wave Shares as consideration under 
      the Scheme nor makes any recommendation as to whether ITG 
      Shareholders or Warrantholders should elect to invest their 
      Additional Cash Payment in Red Wave Shares.

The Red Wave Offer is being made solely by Red Wave and not by ITG or 
Concentric. ITG Shareholders and Warrantholders are advised to seek their 
own personal financial advice in relation to the Red Wave Offer from their 
stockbroker, bank manager, solicitor, accountant or other independent 
financial adviser duly authorised under the Financial Services Act 1986.


Assumptions:

The value of the Red Wave Shares is based upon the pro forma net asset 
value of Red Wave and a share capital of Red Wave of 57,630,470 ordinary 
shares of 1p each. In determining the pro forma net asset value of Red Wave 
the following assumptions inter alia have been made:

(i)   An exchange rate of $1.6785: #1, the rate prevailing at the 
      close of business on 21st October 1999, the last practicable 
      date prior to this announcement being made;

(ii)  A value of $9.00 per Wave Share, the closing market price as 
      derived from the Nasdaq National Market on 21st October 1999, 
      the last practicable date prior to this announcement being 
      made;

(iii) A value of #1.20 per Redstone Share, the launch price of the 
      Redstone Shares set on 21st October 1999, for a listing on 25th 
      October 1999 (See note below); and

(iv)  An amount of #3,615,675 in respect of the amount outstanding 
      owed to ITG by Global Wave, as advised by the Finance Director 
      of ITG.

Note:

The value of #1.20 per Redstone Share is based on a nominal value per 
Redstone Share of 5p and therefore assumes that the share split referred
to in the definition of Redstone Shares in the Scheme Document will
occur on admission to listing on the London Stock Exchange. The value
of #1.50 per Redstone Share referred to in the Scheme Document is
based on a nominal value of 10p per Redstone Share.



Contact:

Graham Edgerton               ING Barings                 0171 767 1000
Dominic Wallis


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