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Asite PLC (ASE)

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Tuesday 21 December, 2004

Asite PLC

Issue of Equity

Asite PLC
21 December 2004

21 December 2004

                      ASITE PLC ('ASITE' OR THE 'COMPANY')

                                DEBT CONVERSION

Asite announces that on 20 December 2004 it allotted 84,585,014 B ordinary
shares to the Rotch Companies (being the Rotch Property Company Limited and R20
Limited, companies ultimately owned and controlled through the Tchenguiz Family
Trust, hereinafter referred to collectively as the 'Rotch Companies'), the
consideration for which is the elimination of £8,458,501.40 of debt from the
Rotch Companies to Asite.  This allotment has occurred pursuant to the
Extraordinary General Meeting held on 21 July 2004 where shareholder consent was
sought and obtained, inter alia, to convert loans made by the Rotch Companies to
equity.  Consent was also sought and obtained to increase the authorised share
capital of the company and to create up to 85,000,000 B ordinary shares.

Following the conversion of the loans made by the Rotch Companies there are now
102,910,633 ordinary shares and 84,585,014 B ordinary shares in issue.  The
Rotch Companies now hold 26,607,062 ordinary shares (25.85 per cent. of the
issued ordinary shares) and 84,585,014 B ordinary shares (100 per cent. of the
issued B ordinary shares).

The B ordinary shares participate in the profits and assets of the Company pari
passu with the ordinary shares but are non-voting and confer no right to receive
notice of or attend general meetings of the Company. They shall not be admitted
to trading on AIM.  The rights attached to the B ordinary shares were set out in
greater detail in the circular sent to shareholders of Asite on 25 June 2004.


For further information, please contact:

Asite plc

Tom Dengenis                                        020 7647 5151
Gordon Ashworth

Deloitte & Touche LLP

Robin Binks                                         020 7936 3000
Richard Collins

The directors of Asite plc accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of the directors
of Asite (who have taken all reasonable care to ensure that such is the case)
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.

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