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Completion of Firm Placing and Placing and Open Offer

00:00:00 - 21 April 2004

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April 21 - 2004 - Following shareholder approval at the Extraordinary General Meeting held on 19 April 2004, TeleCity plc is pleased to announce that the Firm Placing and Placing and Open Offer of up to 69,230,769 new ordinary shares at 13p per share has been completed, raising approximately £8m net of expenses for the Company.

The Open Offer to qualifying shareholders closed at 3.00 p.m. on 19 April 2004. Applications were received in respect of 34,086,689 new ordinary shares and amounted to 57.568 per cent. of the shares available under the Open Offer. The balance of the Open Offer has been taken up by new institutional investors, together with 10,036,000 new ordinary shares under the Firm Placing.

Once the shares under the Firm Placing and Placing and Open Offer have been issued, the Company’s total issued share capital will be 272,093,908 ordinary shares of 0.1p.

Ricky Hudson, TeleCity Chief Executive said, "We are delighted that shareholders overwhelmingly approved the Company’s fundraising at the Extraordinary General Meeting held on 19 April 2004. The funds will allow TeleCity to continue the transformation and development of the business through to positive cash generation, which is projected to occur by the fourth quarter of 2004.

The new investors include some of London's premier financial institutions and investment funds. The calibre of this new investment reinforces the Board’s confidence in TeleCity’s future.”

Dealings in the new ordinary shares are expected to commence at 8.00am on 26 April 2004 and CREST stock accounts are expected to be credited on the same day. Certificates for new ordinary shares are due to be dispatched by 30 April 2004.

Click here to download the full announcement which includes extended details of investors interests in the ordinary share capital of the Company