Internet Technology - Re Red Wave Share Value

RNS Number:1851D
Internet Technology Group PLC
30 December 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 59p per 
Red Wave Share had Red Wave Shares been in issue on 29th December 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 US$1.6184:GBP1, the rate prevailing at the close 
of business on 29th December 1999, the last practicable date prior to 
this announcement being made;

ii) A value of US$11 3/4 per Wave Share, the closing market price as 
derived from the Nasdaq National Market on 29th December 1999, the 
last practicable date prior to this announcement being made;

iii) A value of GBP4.885 per Redstone Share, the closing market price as 
derived from the Daily Official List of the London Stock Exchange on 
29th December 1999, the last practicable date prior to this 
announcement being made (See note below);

iv) An amount of GBP3,738,125 in respect of the amount outstanding owed 
to ITG by Global Wave, as advised by the Finance Director of ITG; 
and

v) No provision for potential tax on the unrealised gain of the short 
term investments, Redstone Shares and Wave Shares.

Note:

The value of GBP4.885 per Redstone Share is based on a nominal value 
per Redstone Share of 5p. The value of GBP1.50 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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