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Osprey Comms. (OSPY)


Friday 27 July, 2001

Osprey Comms.

Completion of Acqn & Placing

Osprey Communications PLC
27 July 2001

                          OSPREY COMMUNICATIONS PLC



Event marketing company Ten Alps Broadcasting, in which Bob Geldof has a major
stake, announced a series of new opportunities today (July 27) following the
formal shareholder approval of the company's reverse take-over of the
AIM-listed advertising agency, Osprey Communications plc (which is being
renamed Ten Alps Communications plc).

The new opportunities, which cover global events development, TV and radio
production and advertising clients, illustrate the planned future development
of the enlarged business. They include rights to create and own large
fireworks shows and associated corporate entertainment around Formula 1
Powerboat events worldwide and the Indy 300 Grand Prix on the Gold Coast in
Australia. This builds on the model of the FA Cup event in Cardiff in May
2001. Other new event relationships give the opportunity to create large shows
around St Andrew's Day in Glasgow and Edinburgh.

'Now that we have the global opportunity for the branded events, I believe we
have a strong proposition to put to sponsors,' said Bob Geldof KBE, who
becomes a non-executive director of Ten Alps Communications plc on completion
of the takeover.

'Since we announced the Osprey deal three weeks ago we have started to lay the
foundations for our long-term business. We are pleased with the results so
far.' said Geldof's Ten Alps business partner Alex Connock, 36, who becomes
Chief Executive on completion.

EGM Approval

Earlier this morning, an Extraordinary General Meeting of shareholders in
Osprey Communications plc approved the acquisition of Ten Alps Broadcasting
and the corporate events organiser, Instant Party Limited (which trades as Dr
Party) and the raising of £3.45m. (before expenses) by way of a placing by
Canaccord Capital (Europe) Limited to institutional and other investors. The
placing price was 23p per share (after a 1:20 share consolidation) and
completion of both the acquisitions and dealings in the shares of the enlarged
group are expected to formally occur on Monday, July 30, 2001.

'We are delighted that the shareholders have approved the deal as it is a
crucial element in our plans to expand the business.' commented Alex Connock.

Other New Business

Corporate events arm Dr Party has staged events in the past three weeks for
Channel 4 (Ashes Launch and Cross Platform Future), Harvey Nichols, Delta and
Essential and other private clients.

'We are building our event marketing business in each of the niches we operate
in,' said Connock, 'as well as adding production and advertising business.'

Ten Alps has in the past three weeks also won a commission for a new Sky One
TV series and three new commissions from BBC Radio. New advertising business
in the Osprey subsidiaries includes a TV campaign for Kwik-Fit Insurance
Services, work for France-based Maxsey and a London Underground campaign for
German company Bahlsen biscuits.

'We are pleased to see that the two established Osprey regional advertising
agencies are adding international clients,' said Brian Walden, incoming
non-executive Chairman. 'We have equally been focusing on integration of their
marketing skills with the sponsorship and production businesses.'

Requests for Interviews, Biographies and Photographs should be made to:

Sheila Gunn MBE

Brown Lloyd James

Tel:0207 591 9610

e-mail: [email protected]

Notes to editors:

1. Name change: As of Monday 30 July all companies in the group will be called
Ten Alps rather than 10 Alps.

2. 10 Alps Broadcasting Limited was launched in 1999 by Bob Geldof and Alex
Connock following the sale of the Planet 24 group to Carlton Television, of
which Geldof had been a one third owner. The most recent events in which the
company was involved were the fireworks for the AXA-sponsored FA Cup and
Dublin's St Patrick's Day celebrations. The business is also involved in TV
and Radio production.

3. Dr Party (Instant Party Limited) was launched by Danielle Nay and Alex
Connock in January 2000 to cater to the corporate events market. Since then
the company has put on heavily-branded events for City firms such as UBS
Warburg and JP Morgan, as well as media clients such as the BBC.

4. Before and since a £1.1m fundraising exercise in January 2001, Osprey
Communications plc has focused on disposals of any loss-making subsidiaries
and consolidation of its two remaining, profitable advertising agencies. In
January, Osprey said that it was looking at a takeover as one possible route

5. Financial Details of Acquisitions: The initial consideration payable by
Osprey to the shareholders of Ten Alps and Dr Party will be the allotment and
issue, following a proposed 1:20 consolidation of the existing Osprey shares,
of a total of 10,926,349 ordinary shares of 2p each, representing 27.8 per
cent of the enlarged issued share capital on admission. In addition, the
shareholders of Ten Alps are entitled to be issued up to a further 2,428,077
new ordinary shares of 2p each, representing 5.8 per cent of the enlarged
issued share capital as enlarged by that issue, provided certain specified
profit levels of Ten Alps and Dr Party for the year ending March 31, 2002, are


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