COMPLETION OF MERGER

25 June 2002

Following the passing of the resolutions, at the Company's Extraordinary General Meeting yesterday, the Company has completed its capital reorganisation and merger with Virtue Broadcasting Limited, as set out in the circular to shareholders and press release dated 28 May 2002.

The Admission of 45,918,489 Consideration Shares and 200,000 shares as part satisfaction of fees payable in connection with the transaction has been effected today. In addition the Company's name has been changed to Virtue Broadcasting plc. The Company's issued ordinary share capital now comprises 102,568,971 ordinary shares of 5p each.