Director Shareholding

IBNet PLC
30 September 2002


IBNet plc

Changes to interests in IBNet plc shares

IBNet plc ('IBNet' or 'the Company')

On the admission of New Opportunities Investment Trust PLC ('NOIT') to the
Official List and to trading on the London Stock Exchange's market for listed
securities ('Admission') pursuant to a placing undertaken by NOIT ('Placing') on
25 September, NOIT has acquired 10.5 million shares in IBNet from major
shareholders, including certain IBNet directors in exchange for shares in NOIT.

NOIT is a investment trust which has raised a minimum of £11,100,000 by the 
exchange of qualifying securities in return for shares and warrants of NOIT 
pursuant to the Placing.

Michael Bull and Richard Saul have each exchanged one million shares in IBNet,
for 43,000 shares and 8,600 warrants of NOIT. Speyside Holdings Limited and Deep
Water Holdings, companies associated with the family trusts of David Heynes and
David Lees respectively, have also each exchanged one million shares in IBNet,
for 43,000 shares and 8,600 warrants of NOIT. Each of these parties has agreed
not to dispose of any part of its holdings of NOIT shares and warrants for a
period of three months from Admission. These directors chose to participate in
order to help satisfy the NOIT request for a substantial number shares. After
the transaction, each of the directors retains a holding in the Company in
excess of 7% of the total share capital.

As a consequence, the Company has been notified of the following changes in the 
beneficial shareholdings of IBNet directors and other substantial shareholders:

Director                   Resultant Shareholding ('000)   % issued IBNet shares 
Richard Saul                                     8,000                   10.67 
Michael Bull                                     5,511                    7.35 
David Lees                                       5,511                    7.35 
David Heynes                                     5,511                    7.35

Major Shareholder         Resultant Shareholding ('000)    % Issued IBNet shares 
Paul Mewett                                      3,059                    4.08 
Robert Naylor                                    5,947                    7.93 
David Lawrence                                   3,122                    4.17 
Michael Patton                                   1,637                    2.18

IBNet is also in discussions with NOIT about the possibility of participating in
a future placing by NOIT, which is expected to occur shortly. Under the terms of 
the Placing, IBNet would subscribe for redeemable ordinary shares in NOIT 
('NOIT Shares') at a price of 100p per share, which is to be settled by the 
issue to NOIT of new ordinary shares of IBNet. IBNet would also receive as part 
of the Placing, in respect of every five NOIT Shares it acquires, one warrant 
which confers the right to subscribe in cash for one new NOIT Share at any time 
up to and including five years from Admission at a price of 100p per share
('Warrants'). The Warrants would also be admitted to the Official List of the 
United Kingdom Listing Authority and to trading on the London Stock Exchange's 
market for listed securities.

IBNet will agree not to dispose of any part of its holding of NOIT Shares and
Warrants for a period of three months from admission. After expiry of this
period. It is IBNet's intention to dispose of NOIT Shares at appropriate times
according to the Company's ongoing working capital requirements.

A further announcement would be made by IBNet following agreement on the actual 
number of NOIT Shares and IBNet shares to be issued.


For further Information, please contact:

IBNet plc
David Heynes, Chairman, Tel: [phone]
Toby Smallpeice, Chief Executive, Tel: [phone]

                      This information is provided by RNS
            The company news service from the London Stock Exchange