Firm Placing & Placing & Open Offer to Raise £9.8m

The eVestment Company PLC
9 December 1999


                  The eVestment Company Plc
                              
    Firm Placing and Placing and Open Offer to raise £9.8
                        million (net)


*     eVestment  invests in and takes an active  development
  role in young internet and e-commerce related businesses

*     eVestment  is  to raise £9.8 million  through  a  Firm
  Placing  and Placing and Open Offer to provide  funds  for
  further investment

*     eVestment currently has holdings in 10 internet and e-
  commerce related businesses: eBop, The Share.com, Eighteen
  Global,  Infrastructure Defense, Kapok 2050,  Stargig.com,
  Statpro, Easier, Freecom.net and Wave Corporation.  Details
  of these businesses are in the attached release.

  The   total   current  value  of  these   investments   is
  approximately  £2.35 million, on an initial investment  of
  £2.13  million.  A number of further potential investments
  have been identified

*      The  Company's  investment  strategy  is  focused  on
  Internet and e-commerce related businesses

*     To  date  Gameplay.com  and Pure  Entertainment  Games
  (investments  no  longer held), and Freecom.net  and  Wave
  Corporation (investments still held) have floated

*     The  eVestment management team, led by Oliver Vaughan,
  Chairman,  and Christopher Roberts, Chief Executive,  have
  strong investment and management experience.  Oliver Vaughan
  is  a director of a number of companies including Internet
  Technology Group and Redstone Telecom

*    eVestment has recruited a team of managers dedicated to
  Internet investment including Jackie Donnelly

Oliver Vaughan, eVestment Chairman, commented,

'We  now  have  in  place  a number of  strategic  long-term
investors,  who  are  interested in  supporting  early-stage
internet  companies.  This gives us a spread of  substantial
funds with the desire to participate in subsequent rounds of
fund-raising regardless of the vagaries of the  market.   We
have the skills to identify promising internet opportunities
and to support and develop them with major funding.

'We  are  at  the  beginning of an internet  revolution  and
eVestment intends to play an important part in it.'


For further information, please contact:

The eVestment Company Plc                      0171 937 4445
Chris Roberts

Square Mile Communications                     0171 601 1000
Mike Walters or Rachel Gilman



                  The eVestment Company Plc
                              
  Proposed Firm Placing and Placing and Open Offer of up to
         126,000,022 Ordinary Shares at 8p per share


Introduction

The  eVestment  Company Plc ('eVestment' or  'The  Company')
announced  today  that  it  is  proposing  to  raise  up  to
approximately £9.8 million (net of expenses) by means  of  a
Firm Placing of up to 100,000,000 New Ordinary Shares and  a
Placing  and  Open  Offer of up to 26,000,022  New  Ordinary
Shares,  in  each  case  at  8p  per  share  and,  to   seek
Shareholders' approval for the Further Disapplication.

Information on the Company

The  Company was formed in April 1997 with the intention  of
investing  in smaller companies considered by the  Board  to
have:

*      potential   to   generate  significant   growth   and
  profitability in the short and medium term;

*     the  ability  to  become independent public  companies
  suitable for public quotation in the medium term; and

*    management with a good track record.

In  1997  the Company raised £1.98 million (after costs)  at
the  same  time  as  its Ordinary Shares and  Warrants  were
admitted to trading on AIM.

In  June 1999, due to a shortage of investment opportunities
meeting  the  Company's stringent investment  criteria,  the
Board  wrote  to  Shareholders and Warrantholders  proposing
that  the  Company's investment strategy be  refocused  upon
Internet  and  e-commerce related businesses.   It  was  the
Board's  view  that  such businesses  offered  the  greatest
opportunities  for  investment and could  benefit  from  the
anticipated exponential growth in on-line commerce.  It  was
the  Board's intention therefore to identify and  invest  in
such  businesses  at  an  early stage.  Furthermore  it  was
believed  that  the focussing of investment  strategy  would
enable the Board to give more detailed consideration to each
investment opportunity and to build up a level of  expertise
in the chosen sector.  Accordingly the Board also proposed a
change  of  Company name from Grosmont Holdings PLC  to  The
eVestment  Company  Plc,  reflecting  the  new  emphasis  of
investment strategy.

Since  June 1999 the Company has invested a total  of  £2.48
million  in  twelve  Internet and/or e-commerce  businesses.
The  Company  is  currently holding ten investments  with  a
current valuation of £2.13 million, and expects very shortly
to make two further investments.

The  Company  values  its  investments  at  cost  (less  any
applicable provisions for a permanent diminution in  value).
Based  upon  current  market values, where  applicable,  for
quoted  investments, the ten investments currently held  are
valued at £2.35 million.

Reasons for the Fund-raising

As described above, since June 1999 the Company has invested
£2.48   million   in   twelve  Internet  and/or   e-commerce
businesses, is currently holding ten investments and shortly
expects  to  make  two  further investments.   In  addition,
eVestment is currently involved in detailed due diligence on
a number of potential investments, and is receiving a number
of approaches each week from potentially suitable businesses
seeking  investment capital.  However, once the Company  has
completed the imminent investments, referred to above, there
will   be   no   further  funds  available  for  investment.
Accordingly, it is now proposed that the Company  raises  up
to  £10.1 million (£9.8 million net of expenses) to  provide
the  funds necessary to make further investments in Internet
and e-commerce related businesses.

It  is  also intended that the broadening of the Shareholder
base  which  will result from the Fund-raising will  provide
the   Company   with  a  resource  of  potential   strategic
investment  partners who will be offered the opportunity  to
co-invest  with the Company in its chosen investee companies
in  the  future,  and  who  may also  provide  a  source  of
referrals.

Details of the Fund-raising

The Directors intend to raise a total of up to £10.1 million
before  expenses (£9.8 million after expenses) by  means  of
the  Firm Placing of up to 100,000,000 New Ordinary  Shares,
raising  up to £8 million (before expenses), and the Placing
and Open Offer of 26,00,022 New Ordinary Shares, raising  up
to  approximately  £2.1 million (before expenses),  in  each
case  at a price of 8p per share.  The issue of New Ordinary
Shares  under the Fund-raising is conditional on  the  gross
proceeds of the Fund-raising being at least £250,000.

The  Firm Placing Shares have been conditionally placed with
institutional  and other investors procured by  the  Company
and  by  Peel  Hunt,  and  are not subject  to  clawback  to
Qualifying  Holders.  8,125,000 of the Firm Placing  Shares,
representing  3.49  per cent. of the Enlarged  Issued  Share
Capital, have been conditionally placed by the Company  with
certain of the New Directors.

Qualifying Holders, including, in accordance with the  terms
of  their  respective warrant instruments, holders  of  both
Warrants  and  New Warrants as if they had  exercised  their
Warrants or New Warrants on the day prior to the Record Date
are, however, being given the opportunity to participate  in
the  Fund-raising.   Under  the  terms  of  the  Open  Offer
Qualifying   Holders  will  be  given  the  opportunity   to
subscribe  for  the Open Offer Shares at the Placing  Price,
free  of  expenses,  pro rata to their  existing  qualifying
holdings, on the basis of:

        1 New Ordinary Share for every 9 Ordinary Shares
        1 New Ordinary Share for every 9 Warrants
        1 New Ordinary Share for every 9 New Warrants

and  so  in  proportion  for any other  number  of  Ordinary
Shares,  Warrants or New Warrants held at the  Record  Date.
Entitlements  to Open Offer Shares will be rounded  down  to
the nearest whole number.  The fractional entitlements which
would  otherwise  have  arisen  will  not  be  allotted   to
Qualifying Holders but will be aggregated and made available
for subscription under the Placing.

Peel  Hunt  has  agreed  that it  will  use  its  reasonable
endeavours  to  procure placees for the Open  Offer  Shares,
subject to the rights of Qualifying Holders to acquire  such
shares under the Open Offer.

The  Fund-raising is not underwritten though is conditional,
inter alia, on the passing of Resolutions 1, 2 and 3 at  the
EGM.

The  New  Ordinary Shares will be allotted and  credited  as
fully paid and will rank pari passu in all respects with the
existing Ordinary Shares, including the right to receive all
dividends and other distributions thereafter declared,  made
or paid.

Application forms in relation to the Open Offer are personal
and  may  not  be  transferred except to satisfy  bona  fide
market claims.

Reasons for the Further Disapplication

In  order to give the Company the flexibility in the  future
to  raise further funds quickly and at minimal cost,  it  is
also  now proposed that the Directors be authorised to issue
additional  Ordinary Shares for cash other than  on  a  pre-
emptive  basis  to  Shareholders and Warrantholders  in  the
future.   This  proposed authority will give the  Board  the
ability to issue up to 200,000,000 Ordinary Shares, over and
above the New Ordinary Shares, equal to 187 per cent. of the
Company's current issued share capital and 85.8 per cent. of
the  Enlarged  Issued  Share Capital.   This  authority,  if
granted,  will expire at the earlier of 15 months  from  the
date  of  the  passing of the relevant  resolution  and  the
conclusion  of  the  next  annual  general  meeting  of  the
Company.

Current trading and prospects

The  Company  is  currently holding ten investments  with  a
current  valuation, as described above,  of  £2.13  million.
Details on the investee companies are as follows:


Name           Website         Description
               address
eBop  Holdings eBop.co.uk      Provides   a  community   web
PLC                            site  targeted at the  UK  16
                               to  24  age  group, including
                               information  on music,  games
                               and      other     e-commerce
                               initiatives
The  Share.com TheShare.com    Provides  an  on  line,  real
PLC                            time   retail  share  dealing
                               system,   initially  launched
                               in    the   UK,   with    the
                               intention  of  expanding   to
                               become   the  premier  retail
                               broker service in Europe
Eighteen       EighteenGlobal  Internet  community  creating
Global Inc.    .com            a   business-to-business  and
                               business-to-consumer
                               environment  within  a   golf
                               lifestyle internet site
Infrastructure iDefense.com    Provides  details   on,   and
Defense Inc.                   advice   on  how  to  protect
                               against,    cyber     attack,
                               offering    business     risk
                               assessment,  consulting   and
                               management services
Kapok     2050 Kapok.com       Provides   turnkey  solutions
Limited                        for   businesses  seeking   a
                               trading   presence   on   the
                               internet
Stargig.com    Stargig.com     Community  web site  targeted
PLC                            at   musicians,  seeking   to
                               benefit      from      recent
                               developments  in distributing
                               music via the web site
Statpro PLC    Statpro.co.uk   Software   development    and
                               marketing  business targeting
                               asset management companies
Easier! Plc    -               Intends  to launch a new  on-
                               line   residential   property
                               portal
Freecom.net    freecom.net     A   specialist  provider   of
plc                            hosted  e-commerce  solutions
                               for  small  and medium  sized
                               businesses
Wave Systems   Wave.com        Provides      a     microchip
Corporation Inc.               technology  enabling   secure
                               transaction  processing   and
                               secure    communication    of
                               digital  content  in  the  e-
                               commerce environment


The Directors believe that the above portfolio represents  a
well  balanced  spread  of internet and  e-commerce  related
businesses,  providing a suitable platform  from  which  the
company's portfolio of interests can be grown.

Two  of  the  above  companies are quoted.  Freecom.net  plc
commenced  trading  on  AIM on 1  December,  1999  and  Wave
Corporation Inc. was admitted to NASDAQ on 27 May, 1999.

In  addition to the above holdings, since 30 June 1999,  the
Company  has  realised its investments in Gameplay.com,  and
Pure Entertainment Games PLC, which were admitted to AIM  in
August 1999 and October 1999 respectively.

Expected Timetable of Principal Events

Record Date for the Open Offer              1 December, 1999

Despatch of Application Forms               9 December, 1999

Latest time for splitting 
  application forms                         3.00 p.m., 4 January, 2000
(to satisfy bona fide market claims only)

Latest time for receipt of completed 
Application Forms and payment in full       3.00 p.m., 6 January,2000


Latest time for receipt of forms of proxy   11.00 a.m., 9 January, 2000

Extraordinary General Meeting               11.00 a.m., 11 January, 2000

Admission effective and dealings to 
commence in the New Ordinary Shares         12 January, 2000


Crediting of CREST accounts in respect of   12 January, 2000
New Ordinary Shares

Share certificates in respect of New Ordinary Shares 14 January, 2000
despatched by



For further information, please contact:

The eVestment Company Plc                      0171 937 4445
Chris Roberts

Square Mile Communications                     0171 601 1000
Mike Walters or Rachel Gilman