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Thursday 03 March, 2005

Belegging.Florissant

Offer Update

Beleggingsmaatschappij FlorissantNV
03 March 2005


Not for release, publication or distribution, in whole or in part, in, into or
from the United States, Canada, Australia or Japan or any other jurisdiction
where it would be unlawful to do so.

PRESS ANNOUNCEMENT

FOR IMMEDIATE RELEASE

3 March 2005

RECOMMENDED INCREASED CASH OFFER

by

HAWKPOINT PARTNERS LIMITED

and

ISB CORPORATE FINANCE

on behalf of

BELEGGINGSMAATSCHAPPIJ FLORISSANT N.V.

for

QXL RICARDO PLC


Summary

The Board of Beleggingsmaatschappij Florissant N.V. ('Florissant') and the
Independent Directors of QXL ricardo plc ('QXL') announce that they have reached
agreement on the terms of a recommended increased cash offer (the 'Increased
Cash Offer'), to be made by Hawkpoint and ISB Corporate Finance on behalf of
Florissant, for the entire issued and to be issued ordinary share capital of
QXL.

The Increased Cash Offer will be 1400 pence in cash for each QXL Share, which
values the existing issued ordinary share capital of QXL at approximately
£23.8 million.

The Increased Cash Offer represents a premium of:

-   40 per cent. to the cash element of the revised offer announced by Tiger on
    14 February 2005 (the 'Revised Tiger Offer') (excluding any value
    attributable to the Litigation Entitlement Unit);
-   approximately 327 per cent. to, or a multiple of approximately 4.3 times,
    the Closing Price of 327.5 pence per QXL Share on 11 November 2004, the last
    Business Day prior to QXL's announcement that it had received an approach
    that might or might not lead to an offer for QXL; and
-   approximately 11 per cent. to the Closing Price of 1264 pence per QXL Share
    on 2 March 2005, the last Business Day prior to this announcement.

The Increased Cash Offer is final and will not be increased or amended except
that Florissant reserves the right to increase or otherwise amend the Increased
Cash Offer: (1) in the event of a revised offer from Tiger; (2) in the event of
a competing offer from any other person; or (3) in accordance with any auction
procedure published by the Panel under Rule 32.5 of the City Code.

The Independent Directors, being J M Rose and T P Power, who have been so
advised by Evolution Securities, consider the terms of the Increased Cash Offer
to be fair and reasonable. In providing advice to the Independent Directors,
Evolution Securities has taken into account the Independent Directors'
commercial assessments.

Accordingly, the Independent Directors withdraw their recommendation of the
Revised Tiger Offer and will unanimously recommend all QXL Shareholders to
accept Florissant's Increased Cash Offer.

Commenting on the Increased Cash Offer, Kenn Robson, Chairman of Florissant,
said:

'Florissant is pleased to have obtained a recommendation from the Independent
Directors for what we believe is a very full and fair cash price for each QXL
Share, which provides QXL Shareholders with absolute certainty now.'

Commenting on the Increased Cash Offer, James Rose, the Independent
Non-Executive Deputy Chairman of QXL, said:

'The Independent Directors believe that the Increased Cash Offer provides
Shareholders with immediate and certain value and will unanimously recommend
Shareholders to accept it.'

This summary should be read in conjunction with the full text of the following
announcement relating to the Increased Cash Offer.

Certain terms used in this summary and the following announcement are defined in
Appendix II to the announcement and in Appendix V to the Original Offer
Document.

Enquiries:

Florissant                                                 Tel: 07768 610129
Kenn Robson

Hawkpoint (Financial adviser to Florissant)                Tel: 020 7665 4500
Simon Eccles-Williams
Jonathan Coddington

ISB Corporate Finance (Financial adviser to Florissant)    Tel: 020 7621 3460
Andrew Brindley

Teather & Greenwood (Stockbroker to Florissant)            Tel: 020 7426 9000
Adam Pollock

Smithfield (PR adviser to Florissant)                      Tel: 020 7360 4900
John Antcliffe
Rupert Trefgarne

Evolution Securities (Financial adviser to QXL)            Tel: 020 7071 4300
Tom Price
Henry Turcan

Financial Dynamics (PR adviser to QXL)                     Tel: 020 7831 3113
James Melville-Ross
Juliet Clarke

Hawkpoint, ISB Corporate Finance and Teather & Greenwood, each of which is
authorised and regulated in the United Kingdom by the Financial Services
Authority, are acting exclusively for Florissant and no one else in connection
with the Increased Cash Offer and will not be responsible to anyone other than
Florissant for providing the protections afforded to their customers or for
providing advice in relation to the Increased Cash Offer or in relation to the
contents of this announcement or any transaction or arrangement referred to
herein.

Evolution Securities, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively for QXL and no one else
in connection with the Increased Cash Offer and will not be responsible to
anyone other than QXL for providing the protections afforded to its customers or
for providing advice in relation to the Increased Cash Offer or in relation to
the contents of this announcement or any transaction or arrangement referred to
herein.

This announcement does not constitute an offer to sell or solicitation of an
offer to purchase or subscribe for any securities pursuant to the Increased Cash
Offer or otherwise. The Increased Cash Offer will be made by the Increased Cash
Offer Document and the New Form of Acceptance accompanying the Increased Cash
Offer Document, which will contain the full terms and conditions of the
Increased Cash Offer, including details of how the Increased Cash Offer may be
accepted. The laws of relevant jurisdictions may affect the availability of the
Increased Cash Offer to persons not resident in the United Kingdom. Persons who
are not resident in the United Kingdom, or who are subject to the laws of any
jurisdiction other than the United Kingdom, should inform themselves about, and
observe, any applicable requirements.

The Increased Cash Offer will not be made, directly or indirectly, in or into
the United States or by use of the mails of, or by any means or instrumentality
(including, without limitation, facsimile or other electronic transmission,
telex or telephone) of inter-state or foreign commerce of, or any facility of, a
national, state or other securities exchange of, the United States, nor will it
be made directly or indirectly in or into Canada, Australia or Japan and the
Increased Cash Offer cannot be accepted by any such use, means, instrumentality
or facility or from within the United States, Canada, Australia or Japan or any
other such jurisdiction if to do so would constitute a violation of the relevant
laws of such jurisdiction. Accordingly, copies of this announcement, the
Increased Cash Offer Document and the New Form of Acceptance are not being, will
not be and must not be mailed or otherwise forwarded, distributed or sent in,
into or from the United States, Canada, Australia or Japan or any other such
jurisdiction if to do so would constitute a violation of the relevant laws of
such jurisdiction and persons receiving this announcement, the Increased Cash
Offer Document and New Form of Acceptance (including without limitation
custodians, nominees and trustees) must not mail, forward, distribute or send
them in, into or from the United States, Canada, Australia or Japan or any other
such jurisdiction if to do so would constitute a violation of the relevant laws
of such jurisdiction. Doing so may render invalid any purported acceptance of
the Increased Cash Offer.

Not for release, publication or distribution, in whole or in part, in, into or
from the United States, Canada, Australia or Japan or any other jurisdiction
where it would be unlawful to do so.

PRESS ANNOUNCEMENT

FOR IMMEDIATE RELEASE

3 March 2005

RECOMMENDED INCREASED CASH OFFER

by

HAWKPOINT PARTNERS LIMITED

and

ISB CORPORATE FINANCE

on behalf of

BELEGGINGSMAATSCHAPPIJ FLORISSANT N.V.

for

QXL RICARDO PLC


1. Introduction

On 14 January 2005, the Board of Beleggingsmaatschappij Florissant N.V.
('Florissant') announced a cash offer for the entire issued and to be issued
ordinary share capital of QXL (the 'Original Offer'). Subsequently, on 14
February 2005, the Management Team of QXL and Great Hill increased their earlier
offer, made through Tiger, to 1000 pence in cash plus one Litigation Entitlement
Unit per QXL Share (the 'Revised Tiger Offer').

Following Tiger's announcement of the Revised Tiger Offer, the Board of
Florissant decided, after very careful consideration, to approach the
Independent Directors of QXL with a proposal for an increased offer of 1400
pence in cash per QXL Share. Having carefully considered the terms of the higher
offer, the Independent Directors have formed the opinion that accepting the
Increased Cash Offer is in the best interests of QXL Shareholders as a whole,
and therefore withdraw their recommendation of the Revised Tiger Offer and will
unanimously recommend all Shareholders to accept Florissant's Increased Cash
Offer.

2. The Increased Cash Offer

On behalf of Florissant, Hawkpoint and ISB Corporate Finance will offer to
acquire, on the terms and subject to the conditions set out in the Increased
Cash Offer Document (which will, save as set out in that document, incorporate
the terms and conditions contained in the Original Offer Document) and the New
Form of Acceptance, the entire issued and to be issued ordinary share capital of
QXL.

The Increased Cash Offer, which will remain open for acceptance until 1.00 p.m.
on 21 March 2005, will be made on the following basis:

for each QXL Share 1400 pence in cash

The Increased Cash Offer values the existing issued ordinary share capital of
QXL at approximately £23.8 million and represents a premium of:

-   40 per cent. to the cash element of the Revised Tiger Offer (excluding any
    value attributable to the Litigation Entitlement Unit);
-   approximately 327 per cent. to, or a multiple of approximately 4.3 times,
    the Closing Price of 327.5 pence per QXL Share on 11 November 2004, the last
    Business Day prior to QXL's announcement that it had received an approach
    that might or might not lead to an offer for QXL; and
-   approximately 11 per cent. to the Closing Price of 1264 pence per QXL Share
    on 2 March 2005, the last Business Day prior to this announcement.

The Increased Cash Offer is final and will not be increased or amended except
that Florissant reserves the right to increase or otherwise amend the Increased
Cash Offer: (1) in the event of a revised offer from Tiger; (2) in the event of
a competing offer from any other person; or (3) in accordance with any auction
procedure published by the Panel under Rule 32.5 of the City Code.

3. Recommendation

The Independent Directors, who have been so advised by Evolution Securities,
have formed the opinion that accepting the Increased Cash Offer is in the best
interests of QXL Shareholders as a whole and therefore withdraw their
recommendation of the Revised Tiger Offer and will unanimously recommend all
Shareholders to accept the Increased Cash Offer.

In view of the involvement of J B Bulkeley, M X Zaleski and R S Dighero in the
competing offer from Tiger, they have taken no part in the consideration of the
Increased Cash Offer and the decision to recommend the Increased Cash Offer.

4. Background to the recommendation by the Independent Directors of the
Increased Cash Offer

On 12 November 2004, the Independent Directors announced that they were in
discussions that could lead to an offer being made for the Company. Since that
time, certain developments have taken place, including the following:

-   on 26 November 2004, the Independent Directors announced that they had
    agreed the terms of a recommended cash offer for the Company from Tiger at a
    value of 700 pence per QXL Share;
-   on 9 December 2004, Kenn Robson and Andrin Bachmann announced that they were
    evaluating the possibility of making a cash offer for the Company to compete
    with the Original Tiger Offer;
-   on 22 December 2004, the Independent Directors announced that they had
    received a number of proposals from parties interested in acquiring parts or
    all of the business of QXL and, whilst they continued to recommend the
    Original Tiger Offer, Shareholders were advised to take no further action if
    they had not already accepted the Original Tiger Offer;
-   on 13 January 2005, the Independent Directors announced that the Original
    Tiger Offer had proved to be a catalyst for interest from several parties
    for parts or all of QXL. In addition, it was announced that QXL was
    continuing to make progress in respect of the recovery of QXL Poland and
    that taking these two factors together, having sought advice from Evolution
    Securities, the Independent Directors had decided to withdraw their
    recommendation of the Original Tiger Offer;
-   on 14 January 2005, the Board of Florissant announced a cash offer for QXL
    of 800 pence per QXL Share. The Independent Directors did not recommend this
    Original Offer as they believed it undervalued QXL;
-   on 14 February 2005, Tiger announced an increased recommended offer of 1000
    pence in cash per QXL Share, together with one Litigation Entitlement Unit
    per QXL Share; and
-   today, the Independent Directors and the Board of Florissant announce the
    recommended Increased Cash Offer of 1400 pence per QXL Share, which
    represents a premium of approximately 327 per cent. to the Closing Price of
    327.5 pence per QXL Share on 11 November 2004 and a premium of 40 per cent.
    to the 1000 pence cash offer price (without attributing any value to the
    Litigation Entitlement Unit) per QXL Share offered by Tiger on 14 February
    2005.

In deciding to recommend the Increased Cash Offer, the Independent Directors
have given particular consideration to:

-   the certainty of the Increased Cash Offer of 1400 pence per QXL Share. In
    particular, the Independent Directors consider that the certainty of the
    1400 pence per QXL Share being offered now under the Increased Cash Offer is
    more valuable to Shareholders than the value of the Revised Tiger Offer,
    which comprises an immediate cash element of 1000 pence and one Litigation
    Entitlement Unit, given the uncertainty as to the value, timing and security
    of the Litigation Entitlement Unit;
-   the immediate and certain opportunity that the Increased Cash Offer gives
    Shareholders to realise their investment for cash at a significant premium
    to the highest price at which a QXL Share has traded during the Offer Period
    to date and a premium of approximately 327 per cent. to, or a multiple of
    4.3 times, the Closing Price of 327.5 pence immediately prior to the start
    of the Offer Period;
-   the value of the Increased Cash Offer, taking into account the current
    trading of QXL, the value of its existing assets and the potential value of
    regaining control of the business in Poland in light of the timeframe of and
    risks attributable to the Polish litigation; and
-   the cash position of the Company. The QXL Group's net cash balance at 31
    December 2004 was £1.01 million. However, exceptional costs of £455,000 had
    been incurred or provided for in connection with the various offers, and
    remained outstanding, as at 31 December 2004. Furthermore, significant
    additional costs relating to the various offers have been incurred since
    that date.

The Independent Directors have consistently advised Shareholders that they
believe that the business of QXL has long term potential. This remains their
view, but in light of the level of the Increased Cash Offer and the fact that it
is a cash offer, they now firmly believe that the benefit to Shareholders of the
Increased Cash Offer outweighs the potential future returns from remaining a QXL
Shareholder, given the risks and uncertainties of the stand-alone business and
its cash requirements, that have been highlighted to Shareholders previously and
which remain valid.

Accordingly, the Independent Directors, who have been so advised by Evolution
Securities, have concluded that the Increased Cash Offer is in the best
interests of QXL Shareholders as a whole. In providing advice to the Independent
Directors, Evolution Securities has taken into account the Independent
Directors' commercial assessments.

Accordingly, the Independent Directors withdraw their recommendation of the
Revised Tiger Offer and will unanimously recommend all Shareholders to accept
the Increased Cash Offer from Florissant.

5. Current trading and prospects

The QXL Group's results for the quarter ended 31 December 2004 were announced on
3 February 2005 and were included in the circular posted to QXL Shareholders on
the same day. As announced at that time, the directors of QXL remain pleased
with the QXL Group's performance in the last quarter as it has continued to show
good growth in its core markets. Current quarter trading has also started
strongly, in line with QXL's expectations.

Shareholders' attention is drawn to the Company's cash position. The QXL Group's
net cash balance at 31 December 2004 was £1.01 million. However, exceptional
costs of £455,000 had been incurred or provided for in connection with the
various offers, and remained outstanding, as at 31 December 2004. Furthermore,
significant additional costs relating to the various offers have been incurred
since that date.

6. Management and employees

The Board of Florissant confirms that, following the Increased Cash Offer
becoming or being declared unconditional in all respects, the existing
employment rights, including pension rights, of all employees of QXL will be
fully safeguarded.

7. Disclosure of interests in QXL Shares

As at 3.00 p.m. (London time) on 2 March 2005, valid acceptances of the Original
Offer had been received in respect of 92,605 QXL Shares. This represents
approximately 5.44 per cent. of the existing issued ordinary share capital of
QXL.

Neither Florissant nor any person acting, or deemed to be acting, in concert
with Florissant held any QXL Shares (or rights over QXL Shares) immediately
prior to the Offer Period and neither Florissant nor any person acting, or
deemed to be acting, in concert with Florissant has acquired or agreed to
acquire any QXL Shares (or rights over QXL Shares) since the commencement of the
Offer Period.

8. General

The formal Increased Cash Offer will be made on the terms and subject to the
conditions set out in the Increased Cash Offer Document (which will, save as set
out in that document, incorporate the terms and conditions contained in the
Original Offer Document) and in the New Form of Acceptance.

QXL Shareholders who have accepted either the Original Tiger Offer or the
Revised Tiger Offer are entitled to withdraw such acceptances. QXL Shareholders
may do so by giving written notice to Capita Registrars, Corporate Actions, P.O.
Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TH to enable
themselves to accept the Increased Cash Offer, provided that at that time the
Revised Tiger Offer has not been declared unconditional as to acceptances. A New
Form of Withdrawal will also accompany the Increased Cash Offer Document when it
is despatched to QXL Shareholders.

The Increased Cash Offer Document, together with the New Form of Acceptance and
the New Form of Withdrawal, will be despatched to QXL Shareholders shortly.

Certain terms used in this announcement are defined in Appendix II to this
announcement and in Appendix V to the Original Offer Document.

Enquiries:

Florissant                                                 Tel: 07768 610129
Kenn Robson

Hawkpoint (Financial adviser to Florissant)                Tel: 020 7665 4500
Simon Eccles-Williams
Jonathan Coddington

ISB Corporate Finance (Financial adviser to Florissant)    Tel: 020 7621 3460
Andrew Brindley

Teather & Greenwood (Stockbroker to Florissant)            Tel: 020 7426 9000
Adam Pollock

Smithfield (PR adviser to Florissant)                      Tel: 020 7360 4900
John Antcliffe
Rupert Trefgarne

Evolution Securities (Financial adviser to QXL)            Tel: 020 7071 4300
Tom Price
Henry Turcan

Financial Dynamics (PR adviser to QXL)                     Tel: 020 7831 3113
James Melville-Ross
Juliet Clarke

Hawkpoint, ISB Corporate Finance and Teather & Greenwood, each of which is
authorised and regulated in the United Kingdom by the Financial Services
Authority, are acting exclusively for Florissant and no one else in connection
with the Increased Cash Offer and will not be responsible to anyone other than
Florissant for providing the protections afforded to their customers or for
providing advice in relation to the Increased Cash Offer or in relation to the
contents of this announcement or any transaction or arrangement referred to
herein.

Evolution Securities, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively for QXL and no one else
in connection with the Increased Cash Offer and will not be responsible to
anyone other than QXL for providing the protections afforded to its customers or
for providing advice in relation to the Increased Cash Offer or in relation to
the contents of this announcement or any transaction or arrangement referred to
herein.

This announcement does not constitute an offer to sell or solicitation of an
offer to purchase or subscribe for any securities pursuant to the Increased Cash
Offer or otherwise. The Increased Cash Offer will be made by the Increased Cash
Offer Document and the New Form of Acceptance accompanying the Increased Cash
Offer Document, which will contain the full terms and conditions of the
Increased Cash Offer, including details of how the Increased Cash Offer may be
accepted. The laws of relevant jurisdictions may affect the availability of the
Increased Cash Offer to persons not resident in the United Kingdom. Persons who
are not resident in the United Kingdom, or who are subject to the laws of any
jurisdiction other than the United Kingdom, should inform themselves about, and
observe, any applicable requirements.

The Increased Cash Offer will not be made, directly or indirectly, in or into
the United States or by use of the mails of, or by any means or instrumentality
(including, without limitation, facsimile or other electronic transmission,
telex or telephone) of inter-state or foreign commerce of, or any facility of, a
national, state or other securities exchange of, the United States, nor will it
be made directly or indirectly in or into Canada, Australia or Japan and the
Increased Cash Offer cannot be accepted by any such use, means, instrumentality
or facility or from within the United States, Canada, Australia or Japan or any
other such jurisdiction if to do so would constitute a violation of the relevant
laws of such jurisdiction. Accordingly, copies of this announcement, the
Increased Cash Offer Document and the New Form of Acceptance are not being, will
not be and must not be mailed or otherwise forwarded, distributed or sent in,
into or from the United States, Canada, Australia or Japan or any other such
jurisdiction if to do so would constitute a violation of the relevant laws of
such jurisdiction and persons receiving this announcement, the Increased Cash
Offer Document and New Form of Acceptance (including without limitation
custodians, nominees and trustees) must not mail, forward, distribute or send
them in, into or from the United States, Canada, Australia or Japan or any other
such jurisdiction if to do so would constitute a violation of the relevant laws
of such jurisdiction. Doing so may render invalid any purported acceptance of
the Increased Cash Offer.

APPENDIX I

BASES AND SOURCES


Unless otherwise stated, in this announcement:

i) References to the value of the Increased Cash Offer for the entire issued
ordinary share capital of QXL are based on there being 1,700,055 QXL Shares
currently in issue.

ii) All prices quoted for QXL Shares are closing middle-market prices derived
from the Daily Official List.

APPENDIX II

DEFINITIONS

The definitions set out in the Original Offer Document, together with those set
out below, shall apply to this announcement:

'Evolution    Evolution Securities Limited, having its registered office at 9th
Securities'   Floor, 100 Wood Street, London EC2V 7AN

'Great        Great Hill Partners GP II, LLC
Hill'

'Increased    the increased cash offer to be made by Hawkpoint and ISB Corporate
Cash Offer'   Finance on behalf of Florissant on the terms and subject to the
              conditions set out in the Increased Cash Offer Document and the
              New Form of Acceptance, including, where the context requires, any
              subsequent revision, variation, extension or renewal of such
              offer

'Increased    the formal offer document to be sent to QXL Shareholders (and for
Cash Offer    information only, to holders of options under the QXL Share Option
Document'     Schemes) in respect of the Increased Cash Offer

'Litigation   a unit of contingent entitlement as defined in the Revised Tiger
Entitlement   Offer Document
Unit'

'New Form of  the revised form of acceptance and authority relating to the
Acceptance'   Increased Cash Offer which will accompany the Increased Cash Offer
              Document

'New Form of  the revised form of withdrawal and authority relating to the
Withdrawal'   Revised Tiger Offer which will accompany the Increased Cash Offer
              Document

'Original     the cash offer of 800 pence per QXL Share made by Hawkpoint and
Offer'        ISB Corporate Finance on behalf of Florissant by means of the
              Original Offer Document

'Original     the offer document dated 20 January 2005 issued by Hawkpoint and
Offer         ISB Corporate Finance on behalf of Florissant in respect of the
Document'     Original Offer

'Original     the original offer announced by Tiger on 26 November 2004
Tiger
Offer'

'Revised      the revised offer announced by Tiger on 14 February 2005
Tiger
Offer'

'Revised      the offer document dated 14 February 2005 issued by Deloitte
Tiger Offer   Corporate Finance on behalf of Tiger in respect of the Revised
Document'     Tiger Offer




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