Netcentric is pleased to announce the appointment of Howard Crosby to the Board.

There were no buyers for the 200M placing. The directors issued 200M shares in exchange for TomCo. As they already owned Tomco no money actually changed hands. The value of £5M placed on TomCo is totally meaningless. This is how much the directors have decided their own company is worth not institutional or private investors.

The only new cash raised was from the 51M shares issued but read this:-

"In order to provide funding for the ongoing working capital requirements of the
Enlarged Group, the Company proposes to raise approximately #1.28 million before
expenses (approximately #685,000 net of expenses) through the Placing of
51,238,000 new Ordinary Shares".

£600K is going in expenses, thats right 50% of the money. There'll be no Blue Peter badges for anybody who guesses to whom this money is going to.

Fellow private investors keep away from Netcentric until the fog clears.