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PlusNet & BT Get Closer

Posted: 14th Dec, 2004 By: MarkJ
Plusnet has entered into a 'memorandum of understanding' with BT and outlined their strategic relationship and commitment to develop Broadband solutions and customer offerings together:

BT Retail and PlusNet have agreed to work together and share technical knowledge on the development and marketing of each other's proposed new Broadband products and services including fixed access, wireless access, mobile services and Voice over IP.

The memorandum acknowledges that by working with BT Retail on proposed new Broadband products and services, PlusNet is well positioned to become the preferred partner for test marketing and the preferred reseller for early launch of relevant new products and services.

PlusNet will also work with BT Retail on strategic Broadband infrastructure issues, including co-operation on future Broadband network designs.

In addition, the memorandum acknowledges that PlusNet is BT Retail's preferred outsource partner for projects demanding automated customer relationship management, which is fundamental to a number of products including Teleworker. Teleworker is a Broadband access solution for organisations to enable their employees to work remotely and allow the organisation to maintain the management of their employees' internet connection. BT intends to accelerate growth in the number of Teleworker end-users in 2005 as a result of a number of new sales and marketing initiatives.


PlusNet is pleased to announce the successful placing of 12,638,889 existing ordinary shares ("Placing Shares") which have been sold by Insight Direct (GB) Limited ("Insight"), representing 45.0% per cent. of the Company's issued share capital. The Placing Shares have been placed by Robert W. Baird Limited, the Company's nominated adviser and stockbroker, at a price of £1.25 per Placing Share, representing a total value of approximately £15.8 million. The placing has been fully underwritten by Robert W. Baird Limited.

In order to effect the placing of these shares Insight was released from the lock-in undertaking agreed at the time of the Company's admission to AiM in July 2004 in respect of the Placing Shares.

Under the terms of a management incentive scheme entered into at the time of the Company's admission to AIM between Insight and the Company's executive directors and certain senior managers (the "Managers"), a cash payment will be made by Insight to the Managers. The Managers have agreed that this payment, net of tax, will be used by the Managers to subscribe for 486,651 ordinary shares under the placing at the placing price.

Following the placing, Insight will no longer hold shares in the Company.

Current trading

Since the Company's Q3 results were announced on 21 October 2004, PlusNet's Broadband customer numbers have increased to 86,658 at 30 November 2004, an increase of 9,001 from 77,657 at 30 September 2004.

As a consequence of accelerated customer acquisition and the continued strength of gross margins from PlusNet's Broadband products, the Board is pleased to report that trading is expected to be ahead of market expectations for the Company's fourth quarter to 31 December 2004.
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