Ingenta Gains AIM Listing via Reverse Acquisition

Delyn Group PLC
27 April 2000



            Delyn Group plc ('Delyn' or the 'Company')
                                 
   ingenta obtains AIM listing through £145m reverse acquisition
                        of Delyn Group plc
                                 
   Proposed acquisition of ingenta limited and related placing,
          board changes and change of name to ingenta plc

ingenta, one of the UK's top 20 web services and a world leader in
creating  on-line knowledge communities, announced today  that  it
would  be reversing into the AIM listed Delyn Group plc.   ingenta
provides  users  with  a  unique  aggregation  of  articles   from
professional,  technical  and  research  journals  not  searchable
through  normal  web  search engines.  Its  business  to  business
('B2B') services aimed at the global community of information  and
research  professionals also extend to creating vertical knowledge
communities  for  specialist sectors such as  animal  science  and
human nutrition.

The proposed £118m reverse acquisition of ingenta limited will  be
largely  funded  by  the  issue of new shares  to  the  owners  of
ingenta.  The  proposals also include a placing  of  New  Ordinary
Shares  at  280p per share to raise £3m and a change  of  name  to
ingenta plc.  The main highlights of today's announcement  are  as
follows:

* Delyn will issue up to 42m New Ordinary Shares to the Vendors of
 ingenta  who  will  then own approximately 80  per  cent  of  the
 enlarged entity.

*  At  the  placing  price of Delyn shares of  280p,  this  values
 ingenta at £118m and the combined entity at £145m.

*  ingenta's  existing cash resources of £5m will be augmented  by
 Delyn's  cash  balances and the proceeds of the proposed  placing
 to provide over £12m of net cash to fund further growth.

*  Martyn  Rose, Chairman and Mark Rowse, Chief Executive together
 with  other existing Directors of ingenta will form the Board  of
 Delyn which will be renamed ingenta plc.

Commenting  on  the  changes announced today,  Mark  Rowse,  Chief
Executive  designate of ingenta plc, said:  'ingenta is already  a
significant  business in both its UK and US markets.  We  generate
strong revenues, have over £5m in cash and are uniquely positioned
to  lead  the  development of online communities for  the  world's
knowledge   workers.   Through  becoming  a  public  company   and
increasing our cash resources to over £12m, ingenta will be primed
to  take advantage of the rapidly growing demand for its services,
particularly in the US'.



For further information please contact:

ingenta ltd                                       www.ingenta.com
Martyn Rose, Chairman                               0207 408 0792
Mark Rowse, Chief Executive                          01225 826267

Delyn Group plc                                     020 7834 8060
Guy Naggar, Chairman                                 0498 755 444

Albert E Sharp Securities                           0207 489 4608
Guy Peters

Ludgate Communications                              0207 253 2252
Edward Macquisten


Proposed acquisition of ingenta, placing, board changes and change
of name to ingenta plc


Introduction

Set  out  below are details of the proposed acquisition of ingenta
Ltd ('the Acquisition'), Board changes and the related Placing and
change  of name of the company. Application has been made for  the
new  Delyn shares to be issued as a result of the Acquisition  and
the  Placing  ('New Ordinary Shares') to be admitted and  for  the
existing  Ordinary  Shares to be re-admitted to  trading  on  AIM.
Trading  in  the  existing Ordinary Shares on AIM is  expected  to
recommence tomorrow.

The  Board announced today that the Company has made an  offer  to
acquire  the  whole  of  the  issued  share  capital  of  ingenta.
Irrevocable  undertakings to accept the Offer have  been  received
from  certain  ingenta shareholders in respect of an aggregate  of
1,227,254 ingenta Shares representing 90.5 per cent of the  issued
share  capital  of  ingenta.  Completion  of  the  Acquisition  is
expected to take place on or around 26 May 2000.

ingenta is a developer of online knowledge communities in the  B2B
and  professional information sectors.  It is one of the UK's  top
20 Web services in terms of unique visits per month and, through a
recent  acquisition, now also has a substantial user base  in  the
US.

The  consideration for the Acquisition is to be satisfied  by  the
issue  of  New Ordinary Shares to the Vendors with a partial  cash
alternative.  Up  to  41,996,072 New  Ordinary  Shares  are  being
offered for the existing share capital of ingenta and the issue of
New  Ordinary  Shares  will  be  reduced  to  the  extent  ingenta
Shareholders elect for the partial cash alternative.  Based on the
placing price of 280p, the existing Ordinary Shares are valued  at
approximately £24.5 million and the fully diluted share capital of
ingenta is valued at approximately £118 million.

Following the Acquisition, the Company will pursue the development
of  ingenta's  business.  Accordingly, the existing  directors  of
ingenta, being Martyn Rose, Mark Rowse, David Callcott, Ward  Shaw
and  David  Embleton will join the board of Delyn  at  completion.
Each  of  the  existing Directors of Delyn is to resign  from  the
Board at Completion.

It  is proposed that the Company's name will be changed to ingenta
plc.

In  addition, Delyn proposes to raise approximately £3 million  by
way  of  a  Placing of the New Ordinary Shares at 280p per  share.
The  Placing  has  been  fully  underwritten  by  Albert  E  Sharp
Securities.

As  a  result  of the Acquisition and conditional upon Completion,
the  Board  has decided to change the financial year  end  of  the
Company  from 31 March to 30 September.  An Extraordinary  General
Meeting  of  the  Company is being convened at which  Shareholders
will be asked to consider and pass resolutions to approve, amongst
other  things,  the Directors' authority to allot shares  and  the
disapplication of pre-emption rights, the Acquisition, to  approve
a  waiver  by  the  Takeover Panel of the  obligation  that  would
otherwise have arisen under the City Code in relation to a  deemed
Concert  Party acquiring up to 33.2 per cent of the share  capital
of the enlarged group, the Placing and the change to the Company's
name.   Irrevocable  undertakings  to  vote  in  favour  of  these
resolutions  have  been  received in respect  of  ordinary  shares
representing 52 per cent of the existing issued share  capital  of
Delyn.


Information on ingenta Ltd

*ingenta  (www.ingenta.com and associated websites) addresses  the
 needs  of  academics,  commercial  researchers,  scientists,  and
 other   professional   and  technical  user  groups   ('knowledge
 workers')  world-wide.   ingenta  is  an  aggregator  and  online
 search  engine providing authoritative information from scholarly
 professional and technical publications. ingenta's material  ('e-
 journals')   is  not  available  in  a  freely  searchable   form
 elsewhere  on  the  Web and is therefore not  picked  up  through
 usual Web search engines, giving ingenta a unique user offering.

*It  is  one  of the UK's top 20 web services in terms  of  unique
 visits  per  month with over 759,000 visits in  March  2000,  and
 through  a  recent  acquisition now also has a  substantial  user
 base  in  the US.  ingenta has achieved this position by offering
 publishers  of  journals  and  other subscription  periodicals  a
 technical and content distribution service which allows  them  to
 provide  free  online  access  to  material  for  their  existing
 subscribers  to  a publication, but charge non-subscribers  on  a
 'pay per view' basis.

*In  addition  to aggregating content across a number  of  subject
 areas,  ingenta  is developing subject-focused  e-communities  in
 collaboration   with   learned   and   professional    societies,
 publishers and other industry bodies.  Building around  the  core
 content  value of e-journals, these co-branded destination  sites
 incorporate  additional  relevant  content  and  information  and
 offer  value-added services such as job markets,  e-commerce  and
 industry   news,  plus  community  services  such  as  chat   and
 discussion  groups.  Nine such sites were  contracted  as  at  31
 March  2000 and agreements have been reached for a further  seven
 since that date.

*As  at  31  March  2000,  ingenta provided  this  online  journal
 publishing service to 31 publishers (including Elsevier  Science,
 Academic Press, John Wiley and Blackwell Science), whose  content
 created  a  database comprising over 600,000 articles  from  more
 than 2,400 academic and professional journals.

History

*ingenta  was  established  by Mark  Rowse  in  May  1998  and  in
 September  1998  acquired  Bath  Information  and  Data  Services
 ('BIDS')  a  leading online bibliographic research  resource  for
 the  UK Higher Education Community, from the University of  Bath,
 which still retains an 18.4 per cent shareholding in ingenta.

*Following  the acquisition, staff numbers have grown from  27  on
 21st  September  1998 to 71 at 31st March 2000  and  new  offices
 have been established in Oxford, UK and Boston, USA, in order  to
 strengthen  the  company's  presence  in  the  world  centres  of
 academic excellence.

*On  1  March  2000 ingenta completed the acquisition  of  UnCover
 Inc.,  a  major  US-based  provider of  online  research  article
 location  and  e-commerce facilities.  This acquisition  will  be
 integrated with ingenta's technical infrastructure over the  rest
 of  2000  and  is expected to result in a majority  of  ingenta's
 user base being from the US.


Financial Information on ingenta

The  following  table extracted from a report  covering  ingenta's
financial    performance    and    net    assets    prepared    by
PriceWaterhouseCoopers summarises the audited trading  results  of
ingenta since incorporation on 21st September 1998:-

                                       Period from 21   5 months
                                       September 1998   ended 29
                                       to 30 September  February
                                       1999             2000
                                       (audited)        (audited)
                                       £'000             £'000

Turnover                                1,499              659
Expenses and overheads                 (2,314)          (1,781)
                                       -------          -------
Loss before depreciation,
amortisation, interest and tax           (815)          (1,122)
Depreciation and amortisation            (552)            (260)
Interest                                   19               (1)
                                       -------          -------
Loss for the period                    (1,348)          (1,383)
                                       =======          =======


On  1  March 2000 ingenta completed the acquisition of all of  the
issued  share capital of UnCover Inc. The terms of the acquisition
of  UnCover  provide  for its activities to be  outsourced  for  a
period  of  up to 12 months from completion.  During this  period,
ingenta   will  re-engineer  its  own  services  to  provide   the
functionality   previously  offered  by   UnCover.    A   proforma
restatement  of the historic results of UnCover for  the  3  years
ended 31 December 1999 prepared for illustration purposes only and
adjusted  to  reflect  this outsourcing contract,  indicates  that
UnCover  would have delivered profit before interest  and  tax  of
US$488,000  for  the year ended 31 December 1999  on  turnover  of
US$6,012,000.

Current Trading of ingenta

Trading  levels  in  the  period  since  29  February  have   been
encouraging, with a further 4 publishers entering into Letters  of
Intent  with ingenta and agreements being reached for the creation
of  a further 7 e-communities during March.  Combined revenues  of
ingenta and UnCover in the month of March 2000 were, on the  basis
of  unaudited management accounts, over £500,000, with over 40 per
cent  represented by e-commerce in the form of online  orders  for
documents.

The Offer

The Offer is being made by Albert E Sharp Securities on behalf  of
Delyn on the following basis:

    For each ingenta Share           28.62 New Ordinary Shares

ingenta  Shareholders can instead elect to receive a partial  cash
alternative  of 801 pence cash per ingenta Share plus  25.758  New
Ordinary  Shares (rounded down to the nearest New Ordinary  Share)
in respect of their shareholding.

The  New  Ordinary Shares will rank pari passu with  the  existing
Ordinary Shares.

The   Board  of  ingenta  and  certain  other  shareholders   have
irrevocably  undertaken to accept the Offer in  respect  of  their
aggregate  shareholdings of 1,227,254 ingenta Shares, representing
approximately 90.5 per cent. of ingenta's existing share capital.

Financial Effects of the Acquisition and Placing

Following  the Acquisition and the Placing the enlarged entity  is
expected  to  have  pro  forma net cash  balances  of  some  £12.5
million.

The  directors  expect to utilise these cash  balances  to  invest
further  in  technology development and marketing to  continue  to
stimulate   the  company's  growth  and  to  take   advantage   of
acquisition opportunities as they arise.

Details of the Placing

The  Company proposes to raise approximately £3 million by way  of
an issue of 1.07m New Ordinary Shares at 280p per share.

The  Placing is conditional, inter alia, on (i) the passing of the
resolutions  set out in the notice of EGM, (ii) the completion  of
the  acquisition  of ingenta (iii) the Placing Agreement  becoming
unconditional  in  all respects and (iv) the New  Ordinary  Shares
being   admitted  to  trading  on  AIM.   The  Placing  is   fully
underwritten by Albert E Sharp Securities.

The  New  Ordinary Shares will rank pari passu with  the  existing
Ordinary  Shares save that the New Ordinary Shares will  not  rank
for  the proposed Delyn second interim dividend payable in respect
of the financial year ended 31 March 2000.  The Placing Shares and
the Consideration Shares are expected to be admitted to trading on
AIM on 26 May 2000.

Suspension of Dealings and Re-admission

Following the Company's announcement on 10 March 2000 that it  was
in  negotiations  for  a  significant  acquisition,  the  existing
Ordinary Shares were suspended from trading on AIM. Following  the
publication of this document, it is expected that trading  of  the
existing  Ordinary  Shares  on AIM will  recommence  tomorrow.   A
further  suspension of trading of the existing Ordinary Shares  on
AIM  may be sought on 22 May 2000, the date of the EGM,  pending
approval   of   the  Acquisition  at  the  EGM  and  Re-admission.
Application will be made by the Company for the existing  Ordinary
Shares to be re-admitted to AIM and for the New Ordinary Shares to
be admitted to AIM. Trading in the New Ordinary Shares is expected
to commence on 26 May 2000. If the Acquisition and the Placing are
not  completed,  only the existing Ordinary  Shares  will  be  re-
admitted  to AIM, in accordance with the AIM Rules, following  the
EGM.

For further information please contact:

ingenta Ltd                                       www.ingenta.com
Martyn Rose, Chairman                               0207 408 0792
Mark Rowse, Chief Executive                          01225 826273

Delyn Group plc                                     020 7834 8060
Guy Naggar, Chairman                                 0498 755 444

Albert E Sharp Securities                           0207 489 4608
Guy Peters

Ludgate Communications                              0207 253 2252
Edward Macquisten