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Osprey Comms. (OSPY)


Tuesday 09 January, 2001

Osprey Comms.

Result of Equity Issue

Osprey Communications PLC
9 January 2001

                          Osprey Communications plc

                             Result of Open Offer

On 1 December 2000, the Board of Osprey announced the terms of an Open Offer
of 135,292,041 New Ordinary Shares at 1p per share fully underwritten by
Seymour Pierce Ellis.

The Board of Osprey is pleased to announce that by 3.00pm on 8 January 2001,
being the latest time and date for receipt of Application Forms and payment in
full under the Open Offer, 52,367,900 New Ordinary Shares representing 38.71%
of the total number of New Ordinary Shares offered via the Open Offer, had
been applied for by Qualifying Shareholders. The remaining 82,924,141 New
Ordinary Shares have been placed by Seymour Pierce Ellis pursuant to the
Underwriting Agreement to institutional and other investors.

The New Ordinary Shares will rank pari passu with the existing ordinary shares
of the Company (following the capital reorganisation to be approved at the
EGM). Application has been made for the whole of the issued ordinary shares
and the new ordinary shares to be admitted to trading on AIM and dealings are
expected to commence on Thursday 11 January 2001.

The Open Offer is conditional on the passing of the relevant resolution at the
Extraordinary General Meeting of Osprey to be held at 10.10 a.m. on Wednesday
10 January 2001 at the offices of Bright Grahame Murray, 124-130 Seymour
Place, London W1H 6AA.

For further information please contact:

Osprey Communications plc       020 8795 4559

Jack Rubins/Munir Samji

Seymour Pierce                   020 7648 8700

Sarah Wharry


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