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QXL Ricardo PLC (TRAD)

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Friday 27 May, 2005

QXL Ricardo PLC

Appointment of directors

QXL Ricardo PLC
27 May 2005

27 May 2005







Appointment of directors





QXL ricardo plc (the 'Company')







The Company announces the appointment of Mr Dan Barnea as an independent
non-executive director of the Company with effect from 27 May 2005.



Mr Barnea (60) is the Senior Vice President of Research and Development at BMC
Software, Inc., the leading provider of enterprise management systems.  BMC
Software is listed on the New York Stock Exchange and had revenues of over $1.4
billion in the year to 31 March 2004. Mr Barnea has worked for BMC Software
since 1999, when BMC Software acquired the NASDAQ listed company, New Dimension
Software, Inc. for a cash consideration of approximately $675 million. Mr Barnea
was Chief Executive Officer of New Dimension Software and is credited with the
significant turnaround of that business and establishing it as a leading player
in the systems management industry. Mr. Barnea has held several other senior
management positions in technology companies including CEO of Laser Industries,
general manager for Indigo, and vice president of research and development for
Elscint. Mr Barnea is currently a non-executive director of Radcom Limited,
another NASDAQ listed company. He holds a BSc degree in Electrical Engineering
and an MSc degree in Computer Science, both from the Technion Israel Institute
of Technology.



The Company believes that Mr Barnea's technological and management expertise
will be of great benefit to the Company. It is intended that Mr Barnea will act
as Chairman of the Company's Audit Committee and that he will also serve on the
Company's Remuneration and Nomination Committees.



The Company also announces the appointment of Professor Abraham Neyman as a
non-executive director with effect from 27 June 2005.



Professor Neyman (56) has been a Professor of Mathematics at the Hebrew
University of Jerusalem since 1982 and is a world expert in the mathematical
analysis of conflict (game theory). Over the past three decades, he has held
academic positions at Cornell University, the University of California,
Berkeley, Stanford University and Harvard University. In 1999, Professor Neyman
founded Bidorbuy.com, the first online auction company to operate in India. The
Indian operation subsequently merged with Bazee.com, which in turn was acquired
by eBay Inc. in 2004.  Bidorbuy continues to operate in South Africa. Professor
Neyman holds a Ph.D. (summa cum laude) in Mathematics from the Hebrew University
of Jerusalem. He is currently a director of Gilat Satellite Networks Limited, a
NASDAQ listed company with over 900 employees and annual revenues of over $200
million.



Professor Neyman will be appointed as a director as a nominee of a group of
shareholders (the 'Izaki Group'), who together hold approximately 26.2% of the
Company's issued ordinary share capital. The Izaki Group has sought to
requisition an extraordinary general meeting of shareholders to consider the
appointment of Professor Neyman under Section 368 of the Companies Act 1985.
However the Board has agreed with the Izaki Group that it would be more
cost-effective for the Company and more convenient for its shareholders if
Professor Neyman's appointment is considered by shareholders at the forthcoming
annual general meeting of the Company.



The Izaki Group has indicated that they strongly support the Board's existing
strategy of focussing the Company's resources in those countries in which the
Company has leading market positions and pursuing aggressively the Company's
legal claims in Poland. The Board also believes that Professor Neyman's academic
qualifications and business expertise in the area of online auctions will be of
significant benefit to the Company.



In accordance with the Company's Articles of Association, the appointments of
both Mr Barnea and Professor Neyman will expire at the Company's forthcoming
annual general meeting and both of them will be subject to re-election by
shareholders at that meeting, to be held on 28 June 2005. Formal notice of this
meeting will be sent to shareholders next week.



The Company will continue to review the composition of its Board in the context
of the Company's particular situation and ongoing developments in corporate
governance best practise.





Enquiries:



QXL ricardo plc                                   020 7384 6310

Robert Dighero

Tom Parkinson



Financial Dynamics                               020 7831 3113

James Melville-Ross

Juliet Clarke




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

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