Viking Internet PLC
6 December 2000
NEWS RELEASE
VIKING INTERNET PLC
Viking Internet plc ('Viking') announces that it has now invested a total of
approximately £1.6m in twelve companies. Unfortunately the company is aware
that two of the investments in Boxman and DEO which cost approximately £
250,000 are now valueless. After paying flotation and central overhead costs
Viking retains approximately £750k in cash.
The directors are conscious that the climate for investment in e-commerce
companies has become less favourable since the flotation, and this has made it
difficult for Viking to achieve critical mass. To protect shareholder value
the directors consider that the best use of Viking's cash and public listing
in the changed climate is by acquiring a single company with growth potential.
To retain the maximum cash resources a decision has been made to close
Viking's Swedish office.
Erik Wachtmeister, Viking's chairman, has been mainly involved in the ongoing
investment and financing process. Under the changed circumstances he has
agreed to vary his service contract to remove his executive responsibilities.
No compensation is being paid to Mr Wachtmeister in respect of this change.
Together with the other non-executive directors, he has waived any entitlement
to fees for the period from 1 December 2000 to 31 March 2001.
Nathan Steinberg, Viking's Finance Director, will assume executive
responsibility in the interim.
The directors hope to identify a suitable candidate for investment as soon as
is practicable.
The interim results for the period ended 30 September 2000 will be issued by
31 January 2001.
Enquiries: Nathan Steinberg
Finance Director
Tel: 020 7436 6667
Date: 6 December 2000