Results of EGM

Asfare Group plc
29 March 2007


For Immediate Release                                              29 March 2007


                  ASFARE GROUP PLC ('ASFARE' OR THE 'COMPANY')

                    Results of Extraordinary General Meeting

                     Completion of Acquisition and Placing

                            Admission of new shares

                         Change of name to AssetCo plc


On 6 March 2007 Asfare announced that it had agreed to acquire the entire issued
share capital of AssetCo Group Limited (the 'Acquisition') and to raise
approximately £20 million by way of a placing of new Asfare shares (the
'Placing'). The Acquisition and Placing were subject, inter alia, to Shareholder
approval.


The Board of Asfare is pleased to announce that at today's Extraordinary General
Meeting all resolutions put to Shareholders were duly approved. Accordingly, the
Acquisition and Placing are expected to be completed on Friday 30 March 2007 and
it is expected that the change of name to AssetCo plc will take effect prior to
the close of business today.


Pursuant to the AIM Rules for Companies, trading in Asfare's 4,971,112 Existing
Ordinary Shares will be cancelled at 8.00am on Friday 30 March 2007. It is
expected that re-admission to trading of the Existing Ordinary Shares and
admission to trading of the Company's 62,227,587 New Ordinary Shares will become
effective and dealings, for normal settlement, will commence at 8.00am on Friday
30 March 2007.


Following completion of the Acquisition and the Placing, the Company's issued
share capital will comprise 67,198,699 ordinary shares of 25 pence each. The
Concert Party's interest in shares carrying voting rights in the Company will
represent 42,427,589 ordinary shares of 25 pence each, representing, in
aggregate, 63.2 per cent. of the voting rights attaching to the Enlarged Share
Capital.


With effect from Admission:


   • Tony O'Neill and Tim O'Connor will stand down from the board, following
     their management of the Company through a period of organic and acquisitive
     growth

   • John Shannon and Frank Flynn will, respectively, be appointed as Chief
     Executive Officer and Chief Financial Officer of the Company


Tim Wightman, Chairman of Asfare, said:

'We are delighted to complete this important transaction and look forward to the
development of the Company under the new management team of John Shannon and
Frank Flynn. I would also like to thank Tony O'Neill and Tim O'Connor for their
contribution to the development of the Company. We look forward to building upon
the enlarged group's relationships in the total managed services market.'


Definitions used in the Company's admission document dated 6 March 2007 apply in
this announcement unless the context otherwise requires.



For more information please contact:

Asfare Group plc
Tim Wightman                                      Tel: [phone]
                                                                    

AssetCo Group Limited                              Tel: [phone]
                                                                  
John Shannon
Frank Flynn

Hoare Govett Limited                               Tel: [phone]
                                                                   
John MacGowan
Sean Wegerhoff
Bertie Whitehead

Buchanan Communications                            Tel: [phone]                     
Isabel Podda

Simon Potter


High resolution images are available for the media to view and download free of
charge from www.vismedia.co.uk.


Hoare Govett, which is regulated by the FSA, is acting as nominated adviser,
financial adviser and corporate broker exclusively for Asfare and no-one else in
connection with the matters set out in this announcement, the Admission Document
or any other document published in connection with the matters set out herein.
Its responsibilities as Asfare's nominated adviser under the AIM Rules for
Nominated Advisers will be owed solely to London Stock Exchange plc and are not
and will not be owed to Asfare or to any director or proposed director of Asfare
or to any other person. No representation or warranty, express or implied, is
made by Hoare Govett as to any of the contents of this announcement. Hoare
Govett is and will be acting for Asfare and no one else and will not be
responsible to anyone other than Asfare for providing advice in relation to the
Acquisition, the Placing or Admission or otherwise. Hoare Govett will not be
offering advice and will not be responsible for providing the protections
afforded to customers of Hoare Govett in relation to the matters described in
this announcement or in respect of the Acquisition, the Placing or any
acquisition of shares or securities in Asfare or otherwise.



                      This information is provided by RNS
            The company news service from the London Stock Exchange