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Ninth Floor (The) (FAR)

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Wednesday 13 February, 2002

Ninth Floor (The)

Trading Stmt, Placing and AGM

Ninth Floor (The) PLC
13 February 2002

              THE NINTH FLOOR PLC ('Ninth Floor' or 'the Company')

               Trading Statement, Placing and Rescheduling of AGM

The interim results of Ninth Floor, the AIM listed technology solutions company,
are due to be issued shortly. The business has been affected adversely by
difficult trading conditions, exacerbated by the events of September 11th. As a
result, market expectations for sales and profit in the current year are
unlikely to be met, and a material loss for the year is now anticipated.

As a result of these difficult trading conditions, together with the legacy of
the costs associated with the recent disposal of Swansea City, Ninth Floor has a
pressing need for an injection of cash to meet its short term working capital
requirements and to support the continued development of its IT and security
businesses, Applied Infrastructure Management Services and Farsight. To this
end, the Board of Ninth Floor is delighted to announce that it has, today,
agreed to issue in aggregate a total of 44,095,644 new ordinary shares at 1p
each to three investors, Robert Davies, John Dalton and Michael James (the
'Investors') to raise £440,956 (gross and net). In addition, the Investors have
undertaken to arrange an overdraft facility of up to £250,000. On admission of
these share to trading on AIM the Investors will together hold 29.9% of the
enlarged issued share capital of Ninth Floor.

Further biographical details of the Investors are set out in the Appendix to
this announcement. They have indicated to the Board that they believe the
current strategy of building a group which includes businesses providing
technology-led solutions for corporate clients is sound and sensible. They will
not at this stage be represented on the Board.

Alan Wix, Chairman of Ninth Floor, commented as follows:

'The Board is delighted to have agreed this timely capital injection which has
enabled the business to look forward with more confidence, having finally drawn
a line under recent events. We now have a very much more secure financial
future, and have taken steps to conform our overhead and cost base to our
existing scale of operations. We can, in addition, focus energetically on our IT
and security businesses while developing a longer term strategy to return value
to shareholders.

I am also delighted to welcome Rob Davies, John Dalton and Mike James as
shareholders of Ninth Floor. They are individuals who have each earned a high
reputation as businessmen of considerable ability and integrity.'

Ninth Floor is required to reschedule its AGM as insufficient notice was given
to the earlier scheduled meeting in December, 2001. Notices will be posted next

Following admission of the new ordinary shares, the Investors' shareholdings in
the Company will be as follows:
                                    Ordinary shares                   Percentage
Robert Davies                            14,698,548                        9.95%
John Dalton                              14,698,548                        9.95%

Michael James                            14,698,548                        9.95%

                                         44,095,644                       29.86%

As part of the subscription for new ordinary shares, the Investors have agreed
not to sell any of their ordinary shares, except in certain limited
circumstances, for a period of 12 months from the date that the new ordinary
shares are admitted to trading on AIM.

Application has been made for the new ordinary shares to be admitted to trading
on the Alternative Investment Market of the London Stock Exchange ('AIM') and
will rank pari passu in all respects with the existing ordinary shares of the
Company. Admission is expected to commence on AIM on Tuesday 19 February 2002.

For further information, please contact:
Alan Wix, Chairman, The Ninth Floor plc                            0207 643 5300


Brief biographical details of the Investors follow:

Robert Davies, 49, was a founder director of Liberty Property Holdings Limited,
a private company based in South Wales, primarily engaged in commercial property
development and investment. He is also a founder director of several technology
companies specialising in security and healthcare software. He is currently the
chairman of Morgannwg Health Authority which has an annual budget of £480
million serving the health needs of a population of 500,000.

John Dalton, 58, was a co-founder and owner of Days Medical Aids Limited, which
became a leading independent manufacturer of medical rehabilitation products,
exporting to over 80 countries worldwide. On John's retirement the business
employed 150 people with a turnover in excess of £20 million and profits of
approximately £6 million. The business was sold to DCC Plc in 1995 for a maximum
of £22.8 million. John remained with the business and sat on the main healthcare
board of DCC and other group companies until he decided to step down in December

Michael James, 60, was a founder director of Liberty Property Holdings Limited,
a private company based in South Wales and engaged in a number of activities
centred around property and include security services.

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


a d v e r t i s e m e n t