RNS Number:7062I
OverNet Data PLC
13 March 2003


13 March 2003


OverNet Data PLC ("OverNet Data" or the "Company")


The Company announced on 23 December 2002 that the Board had discussed with a
number of parties the possibility of OverNet Data entering into a Reverse
Takeover Transaction. Whilst preliminary discussions took place with a number of
parties both prior to and since that time, no proposals have been forthcoming
and the Company is no longer in discussions with any third party.

Due to the Company's limited cash resources, OverNet Data announces that it has
issued 5.2 million new ordinary shares of 0.5 pence each ("New Shares") at 1
pence per share to raise #52,000. The New Shares, which are being issued
pursuant to the authority granted at the Extraordinary General Meeting of the
Company held on 16 January 2003, will rank pari passu in all respect with the
existing shares in issue. The funds will be used to provide working capital for
the Company.

Application has been made for the new shares to be admitted to trading on the
Alternative Investment Market of the London Stock Exchange and dealings are
expected to commence on 19 March 2003.

The Board will continue to keep shareholders informed on progress.



Enquiries:

OverNet Data PLC

Leo Knifton                          07769 906 906

Nigel Weller


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