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Osprey Comms. (OSPY)

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Wednesday 04 October, 2000

Osprey Comms.

Further re Disposal

Osprey Communications PLC
4 October 2000


  OSPREY COMMUNICATIONS PLC ('Osprey' or the 'Company')
                            
   Further re Disposal of Osprey Future Image Limited
('Future Image') and Osprey Advertising Scotland Limited
                   ('Osprey Scotland')

Further to the announcement made on 6 September 2000, the
Company announces that it has terminated the negotiations
for  the  sale of Osprey Advertising Scotland Limited,  a
subsidiary  engaged in the provision of  advertising  and
marketing  services.    Following negotiations  with  the
management of Future Image, comprising the two  executive
directors Sally Gardiner and Rosemary Hamilton, the terms
of  the  sale  of Future Image have been revised.   As  a
result  the  Company competed the sale of  the  business,
assets  and liabilities of Future Image (excluding  debts
owing  to  the  auditors,  Deloitte  &  Touche,  National
Westminster Bank plc, VAT and other group companies) on 2
October  2000.  The total cash consideration  payable  is
£80,000 and will be settled as follows:

          2 October 2000           £1
          27 December 2000         £30,000
          27 March 2001            £16,000
          27 June 2001             £16,000
          27 September 2001        £17,999

On  25 September 2000, Cargil Management Services Limited
resigned as Group Company Secretary.  The Company  is  in
the  process  of  seeking a replacement  and  intends  to
appoint a Group Company Secretary shortly.

Following  the sale of the business and assets of  Osprey
London Limited ('Osprey London') on 6 September 2000, the
Company  is  proposing a creditors voluntary  arrangement
and  in  this  way,  the Company believes  that  all  the
creditors  of  Osprey London will get paid  in  full.   A
letter  to  this effect was sent to all the creditors  of
Osprey London on 25 September 2000.

The Directors expect to release the financial results for
the 18 months ended 31 March 2000 on 17 October 2000.



                                                                                
                                                                                
                                                                               

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