Issue of Equity

Interregnum PLC
17 February 2004

17 February 2004

                                INTERREGNUM PLC

                   Issue of Equity and Convertible Loan Note

Interregnum plc ('Interregnum' or 'the Company') is pleased to announce that it
has placed 21,849,290 new ordinary shares of 5p each at 7p per share raising
funds of £1,529,450 before expenses, conditional on, inter alia, shareholders of
the Company passing the required resolutions at the Extraordinary General
Meeting to be held on 8 March 2004 ('EGM'). The funds raised will be used to
develop the Company's existing investments and to fund future acquisitions.

In addition, the Company has also proposes to issue £1,200,000 of Convertible
Stock, subject to the passing of the appropriate resolutions at the EGM.

The Convertible Stock will carry interest at the rate of 2 per cent above
Barclays Bank plc's base rate from time to time. The Convertible Stock will be
redeemable by the Company at any time within two years of its issue and is
required to be redeemed at par together with outstanding interest by the Company
on its maturity date being the second anniversary of the date of its issue. On
redemption, the Company will be required to issue warrants ('Warrants') over
ordinary shares in respect of each £1 of Convertible Stock redeemed. The
Warrants will be exercisable within 3 years from their issue at 15 pence per
ordinary share.

The Convertible Stock will be convertible by the holder at any time prior to the
maturity date (unless previously redeemed by the Company) at a rate of 6.6667
new ordinary shares for each £1 of Convertible Stock.

In the event that the Company has not redeemed all of the unconverted
Convertible Stock by or on the maturity date the holder of the Convertible Stock
will have the right to convert all of the outstanding Convertible Stock at a
rate of 20 ordinary shares for each £1 of Convertible Stock outstanding.

Application has been made for the admission of 21,849,290 new ordinary shares to
trading on the AIM market.

The new ordinary shares will rank pari passu with the existing ordinary shares
of the Company and dealings in the new ordinary shares are expected to commence
on 9 March 2004.

                                    - Ends -

Interregnum                                            020 7494 3080
Ken Olisa, Chairman & CEO
Martin Cooper, Finance Director

Merlin Financial                                       020 7653 6620
Vanessa Maydon
Charlie Jack




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