5 for 2 Rights Issue at 100p Per Share

Tarpan PLC
3 February 2000

                                  TARPAN PLC
                                       
             5 FOR 2 RIGHTS ISSUE OF UP TO 5,300,000 RIGHTS SHARES
                            AT 100 PENCE PER SHARE

Introduction

The   Company  announces  that  it  intends  to  raise  up  to  £5.3   million
(approximately £5.1 million net of expenses) by way of a Rights Issue of up to
5,300,000 Rights Shares at 100p per share in order to provide the Company with
the  necessary  funds  to make investments primarily in  internet,  media  and
technology related companies.

A  notice  of  an extraordinary general meeting is being sent to  Shareholders
today.

Background to and reasons for the Rights Issue

Since  disposing of its trading assets and property investments in April 1999,
the  Company  has  been  actively  investigating  acquisition  and  investment
opportunities  with a view to enhancing shareholder value.  As a  result,  the
Directors   believe   that  there  are  growing  and   potentially   lucrative
opportunities for the provision of financing primarily for internet, media and
technology related companies which have successfully emerged from the start-up
process  and for which a flotation, sale or other realisation of an investment
can be facilitated by the injection of such financing.  There are currently  a
number of investment opportunities which the Directors are investigating.

The  Directors  intend  to  establish the Company  as  an  investment  company
specialising primarily in intermediate financing with a view to building up  a
portfolio  of investments primarily in internet, media and technology  related
companies.  Opportunities for investment are expected to arise from  a  number
of  sources,  including from the Company's stockbroker, Peel Hunt,  which  has
established  itself in the internet and technology flotation  market.   It  is
intended  that  investments will be realised, in whole  or  in  part,  at  the
appropriate time, which may be at or around the time of flotation or  sale  of
such companies.

In  order  to  give the Company greater flexibility in operating  as  such  an
investment  company,  the  Directors cancelled the listing  of  the  Company's
ordinary shares on the Official List and the existing Ordinary Shares are  now
trading on AIM.

The  purpose of the Rights Issue is to provide the Company with the  necessary
funds  to make investments and to pay the costs associated with research  into
and due diligence (if required) in respect of potential investee companies.

The  Directors intend to invest in a number of companies but do not intend  to
invest in any one company more than 15 per cent. of the Company's gross assets
at the time an investment is made.

Board changes

It  is  proposed that, immediately following the Extraordinary General Meeting
and  subject to the Resolutions being passed, Ben Harrison will join the Board
as  an  executive  director,  assuming responsibility  for  investigating  and
researching potential investments on a full time basis.  In addition, the Hon.
Kim Fraser will become a non-executive director. Richard Blackburn and Michael
Beardmore will resign from the Board.

Details of the Proposed Directors are as follows:

Ben  Harrison,  aged 31, is the former managing director of  public  relations
consultancy  Project X Limited which he founded in 1996. Prior to this  (1992-
1996)   he  was  an  account  executive  with  Laister  Dickson  Limited,   an
entertainment public relations agency.

The  Hon.  Kim Fraser, aged 53, has spent the last 27 years in the  investment
industry,  having begun his career with Jardine Fleming before joining  London
stockbroker  Strauss Turnbull (now Societe Generale) in 1974. He left  Societe
Generale  in 1995 and is now a self-employed consultant, advising and managing
clients'  investment  portfolios.  He is a director of  Edinburgh  World  Wide
Investment Trust plc and sits on the investment committee of the GEMS Oriental
and General Fund.

Change of name

The  Directors believe that it is appropriate for the Company to  have  a  new
name.   Accordingly, it is proposed to change the name of Tarpan  plc  to  I2S
plc.  The issue of new share certificates in respect of the Rights Shares will
reflect the change of name.  Existing share certificates with the current name
will continue to be valid.

Share option scheme and arrangements with Neville Buch

The  Board  believes that it is appropriate to introduce a  new  share  option
scheme  to  incentivise  all the Directors to source and  evaluate  investment
opportunities for the Company.  Neville Buch has agreed that he will refer  to
the  Company any investment opportunities which come to him and which meet the
Company's investment criteria (other than in respect of investments which  are
relevant or complementary to the business of Tarsus Group plc, of which he  is
Chairman).   He  will only take up such opportunities himself if  the  Company
chooses not to make an investment.  Accordingly, the Company proposes to grant
an  option  to  him  over  1.5  million shares.   The  terms,  conditions  and
performance  criteria relating to this option are the same as  those  for  the
other Directors.

Details of the Rights Issue

The  Directors  propose that Qualifying Shareholders should be offered  Rights
Shares on the basis of:

                  5 Rights Shares for every 2 Ordinary Shares

held  on  the  Record Date and so, in proportion, for any  greater  number  of
Ordinary Shares then held.

The  Rights  Shares will be issued free of all liens, charges and encumbrances
and  will, when issued and fully paid rank pari passu in all respects with the
existing  Ordinary  Shares including the right to receive  all  dividends  and
other distributions hereafter declared, made or paid on the Ordinary Shares.

It  is  expected that Provisional Allotment Letters in respect of  the  Rights
Shares  will be despatched on 28 February 2000 by first class post  and  that,
subject  to Admission, dealings in the Rights Shares (nil paid) will  commence
on 29 February 2000.

Peel Hunt has agreed, subject to the terms and conditions for the Rights Issue
Agreement,  to  use its reasonable endeavours to place any Rights  Shares  not
taken  up pursuant to the Rights Issue with institutional and other investors.
However,  since  the Rights Issue is not underwritten, there is  no  guarantee
that  the  Company will issue all of the Rights Shares and receive the  Rights
Issue proceeds in full.

The Rights Issue is conditional, inter alia, on the passing of the Resolutions
at  the forthcoming Extraordinary General Meeting and on the Admission of  the
Rights  Shares (nil paid) becoming effective by 8.30 a.m. on 29 February  2000
or such later time and/or dates as the Company and Peel Hunt may agree.

Directors' intentions

Irrevocable  undertakings have been received from all  of  the  Directors  and
Proposed Directors who are Shareholders to take up or procure the take  up  of
certain of their entitlements under the Rights Issue representing in aggregate
1,877,025  Rights Shares, equivalent to approximately 35.4 per  cent.  of  the
Rights Shares.

The  Directors and Proposed Directors (other than the Retiring Directors) have
each  undertaken not to dispose of any of their shareholdings in  the  Company
for  one  year following Admission without the prior written consent  of  Peel
Hunt (such consent not to be unreasonably withheld or delayed).

In addition, the Retiring Directors have each undertaken not to dispose of any
of  their shareholdings in the Company for six months following Admission  nor
to dispose of more than 50 per cent. of their shareholdings in the Company for
a  further  six months, without the prior written consent of Peel  Hunt  (such
consent not to be unreasonably withheld or delayed).

Extraordinary General Meeting

An  Extraordinary General Meeting of the Company is proposed to be held on  28
February 2000 at which resolutions will be proposed for the following:

-    to increase the authorised share capital of the Company, to authorise the
     Directors  to  allot the Rights Shares and to disapply statutory  pre-     
   emption  rights in order to give effect to the Rights Issue;

-    to change the name of the Company to I2S plc;

-    to amend the Memorandum of Association of the Company in order to permit
     the Company to carry on the business of investing primarily in internet,
     media  and technology related companies;

-    to adopt new Articles of Association; and

-  to adopt a new share option scheme.


                    EXPECTED TIMETABLE OF PRINCIPAL EVENTS
                                       
                                                          2000
Record Date for the Rights Issue            Close of business,
                                                   18 February
Latest time and date for receipt of             10.00 a.m., 26
Forms of Proxy                                        February

Extraordinary General Meeting                   10.00 a.m., 28
                                                      February
Provisional Allotment Letters posted               28 February
                                                              
Dealings in Rights Shares commence, nil            29 February
paid                                                          
Latest time and date for splitting         3.00 p.m., 20 March

Latest time and date for acceptance and    3.00 p.m., 22 March
payment in full and for registration of
renunciation

Definitive share certificates in                      29 March
respect of Rights Shares despatched by

Enquiries:

Ben Harrison, Tarpan plc, 0802 430926

Gillian Pattison, Media Relations, 0181 315 4800