Sharepeople Cash Offer

EVC Christows PLC
18 December 2000


EVC Christows Plc announces that the board of Sharepeople Group Plc, in which
EVC has a holding, has today agreed terms of a recommended cash offer for the
whole of the issued and to be issued share capital of Sharepeople by American
Express Global Financial Services Inc. ('American Express'), valuing
Sharepeople at £29.9 million in aggregate, on a fully diluted basis.  The
offer is on the basis of 17.5p per ordinary share, with a loan note
alternative.  An equivalent offer is also being made to holders of A
preference shares and B preference shares.  Irrevocable undertakings to accept
the offer have been received by American Express in respect of 80.45 per cent.
of the issued share capital of Sharepeople.

Sharepeople is a UK based online retail stockbroker, offering integrated
multi-market and multi-currency trading, together with cash management
facilities, news and information and portfolio tools.  Sharepeople commenced
trading in February 2000 and has already achieved strong brand recognition,
and employs 130 people.  As of 30 November 2000 Sharepeople had 18,961 account
holders, 54,454 applicants and 72,206 registered users.  Sharepeople has
recently launched 'Sharepeople Voice Trader' an interactive voice recognition
product, enabling customers to obtain quotes and to trade via the telephone
using natural language commands.  Sharepeople has also entered into a
co-branding agreement with Virgin Direct, enabling Virginmoney customers
access to a selection of Sharepeople products.
                
EVC currently holds 1.7 per cent. of the A preference shares and 7.8 per cent.
of the B preference shares in Sharepeople which it acquired in two stages, in
July 1999 and subsequently between February and May 2000 at an aggregate cost
of £2.9 million.  EVC co-invested in Sharepeople with Goldman Sachs, GE
Equity, AC Ventures and others.

EVC intends to accept the cash offer made for Sharepeople in respect of its
entire holding and will accordingly realise £1.017 million in cash.  As a
consequence EVC will incur a loss on the disposal of the investment of £1.89
million.  This amount was not included in the provision made by EVC at its
half year end to 30 June 2000 of £5.47 million.  The loss on disposal will be
recognised in the year ending 31 December 2000.


Chris Roberts, managing director of private equity for EVC stated:

'Whilst we would obviously have preferred to realise a profit from our holding
in Sharepeople, the board of EVC believes that the Sharepeople story does
demonstrate our ability to back innovative and exciting businesses, as
illustrated by the endorsement Sharepeople has now been given by American
Express.  We believe that the offer price is more a function of the current
market sentiment towards new economy companies than the quality of Sharepeople
as a business.

Today's announcement does again highlight that investing in young companies is
not without risk, as we have continually stressed, and we do continually
review and monitor the overall risk profile and balance of the portfolio.  We
believed we had provided adequately against the portfolio at the interim stage
but recent market turbulence and persistent adverse sentiment towards new
economy companies cannot be ignored.'


-          Ends


For further information:

Chris Roberts, Managing Director, Private Equity, EVC Christows PLC

Tel: [phone]



Duncan Abbot, Chief Executive, EVC Christows PLC

Tel: [phone]



For media information:

Kit Watts, John Levick, Adrian Chitty at VLP on behalf of EVC Christows PLC

Tel: [phone]