Will add more as and when I have the time - but your starter for 10

For immediate release: 7 May 2003


STRATEGIC ALLIANCE



Envesta plc ("Envesta" or the "Company"), the alternative telephony provider,
announces the formation of a strategic alliance with Europa Telecomunicazioni
SpA ("Europa"), a wholly owned subsidiary of DreamFarm SA ("DreamFarm"), an
Italian based privately held telecommunications business with leading technology
and marketing in the European, African and Asian calling card markets.

As announced on 2 May 2003, DreamFarm, through its majority interest in Argo
Trust Limited, has agreed to acquire 45,562,951 of Envesta's Ordinary shares at
a price of 6.25p per share. Following completion of this transaction, which is
expected to take place on 19 May 2003, DreamFarm will hold 23.3% of Envesta's
Ordinary share capital. Mr Vito Carlo Stampanoni Bassi, President of Europa,
joined the board of Envesta plc with immediate effect on 2 May and two other
board appointments will follow completion of the share acquisition.

Europa's principal business is the sales and marketing of calling cards to
retailers and distribution channels throughout Europe. In collaboration with a
number of financial institutions Europa has been developing value added
financial services to run in conjunction with the telephony on the prepaid
cards.

Commenting on the alliance, Kevin McGovern, Finance Director of Envesta, said, "
We are delighted to welcome DreamFarm as partners and shareholders of Envesta.
We are particularly pleased that DreamFarm recognises the value inherent in our
business and has demonstrated this by the price paid to acquire their holding.
We look forward to a close relationship, which should benefit both our customers
and shareholders. The trading opportunities between the two companies are
considerable, with Seven Telecom, the trading subsidiary of Envesta, providing
wholesale minutes to the alliance and Europa the sales and distribution channels
for our new European product launches. We expect significant synergies and
profit enhancement as a result of the alliance and look forward to a developing
relationship with DreamFarm in the future."

Vito Stampanoni Bassi, President of Europa stated, "This is a significant step
for both companies in achieving a European dimension. The complementary elements
between the wholesale skills of Seven Telecom and the prepaid market knowledge
of Europa will lead to important synergies and economies of scale in purchasing
telephone traffic."

Other Interesting sites

www.noit.co.uk - major shareholder in Envesta
www.envestaplc.com

hi dixi

looking forward to the next update/results

will be interesting to see what the BT deal has done tomargins and how Germany is getting on

Latest Broker Forcast.........6th May 03
Daniels Stewart ( no rec ) 2003 pre-tax 980,000 EPS 0.40
2004 pre-tax 1,650,000 EPS 0.60

Comment from Investors' chronicle

Envesta link-up with dreamfarm
Friday 9 May 2003



--------------------------------------------------------------------------------

Private Italy-based telecoms group DreamFarm gave Envesta a shot in the arm last week following its acquisition of a 23 per cent stake in the telephone calling card minnow. DreamFarm is buying the shares from Cater Barnard and parties connected with its chairman, Stephen Dean, for a significant premium to the prevailing share price.

Envesta has also signed a strategic alliance with Europa Telecomunicazioni, a subsidiary of DreamFarm. Europa is involved in the calling card market in Europe, Asia and Africa, and the alliance allows Envesta to provide call minutes in return for the sales and distribution muscle of Europa.

Envesta's expertise is its ability to buy wholesale minutes from the likes of BT, and then have the time repackaged into smaller units and sold to pre-paid card distributors. Current-year forecasts point to sales of 11m and profits of 950,000. Mr Dean remains chairman of Envesta, but he no longer retains an interest.

IC VIEW

The shares currently trade at 3p - some way off the 6.25p per share paid by its new Italian partner and shareholder. By clearing what many argued was an overhang, and with current trading good, Envesta's shares could finally be on an upward curve. Worth a look.

Interesting

Bid up 0,5p on the day and a nice 900k buy

oops ..... missed that .... started early on

The plot thickens

I wonder if the 1m is a sell or a delayed buy

worse case scenario is that it is a sell and we have a new 1m worth of holders from 3p upwards

no way of knowing but note the one at 325 was shown much earlier .... if I had to bet it would be a sell

wallop

a cheeky 500k - a delayed buy or a sell? Certainly a good price and looking good for the morning

delayed .... looks like a buy

2 x 300k buys - the plot thickens

Jesus - and there is more

175k approx traded for a market cap of around 5m with half the shares not tradeable

good stuff

News soon about completion of deal with Italians???

afternoon third time

1. Deal with Italians due on 19 - doubt they will say any more on it

2. I would have thought BT interconnect has happened as they were talking about it in Jan as being soon although not sure why they have not announced it

3. Would expect an update soon just to say how Germany is progressing

all in all though - things looking good.

p.s. don't care if dean stays or goes - he has no power in the company anymore other than a few share options. Noit of the Italians can get rid of him should they desire

How on earth does he do it

expect it do fall now


RNS Number:6009L
Cater Barnard PLC
28 May 2003






FOR IMMEDIATE RELEASE 27 May 2003



CATER BARNARD PLC ("CATER BARNARD" OR THE "COMPANY")

Sale of shares in Envesta plc ("Envesta")



Further to an announcement made on 2 May 2003, wherein Cater Barnard and Global
Investments announced the intended disposal of its entire shareholding in
Envesta, to Argo Trust/DreamfarmSA this transaction has not completed.

After due and careful enquiry, it has become apparent that Argo Trust/Dream farm
SA are not in a position to meet the financial obligations entered into in the
timeframe agreed and therefore the agreement has been terminated by Cater
Barnard and Global Investments.

The Company further announces that it has no current intention to sell its stake
in Envesta.

The Company has in recent weeks sold other more peripheral investments that will
enable its Banking facilities to be substantially reduced.

Envesta plunges on botched share-swap deal
James Quinn
Entrepreneur Stephen Dean hits the buffers bigtime


Shares in alternative telecoms company Envesta plunged 20% to 2.5p on news that a share-swap between its majority stakeholder and a Spanish telecoms group is off.

Serial small cap entrepreneur Stephen Dean had planned to sell a 23.3% stake in Envesta from his Cater Barnard and Global Investments vehicles to Argo Trust Limited.

Argo was to buy 45.56 million of Envesta's ordinary shares, at a price of 6.25p a share.

But the deal has fallen through after Dean, through Cater Barnard in which he owns a 67.4% stake through his Global Investments vehicle, told the market that Argo Trust was not in a position to meet the financial obligations entered into in the timeframe agreed.

The deal was hatched to allow the formation of a strategic alliance between Envesta and Europa Telecomunicazioni, owned by DreamFarm SA. DreamFarm, in turn, has a majority interest in Argo Trust, which was to buy the shares in Envesta.

Dean was selling the shares through Global Investments, thought to be privately controlled by himself, and Cater Barnard, which is listed on the Alternative Investment Market, in which he owns the controlling stake through Global.

Shares in Cater Barnard, which was to use the money raised from the share sale to pursue new acquisitions, had fallen 29% to 0.25p by mid-afternoon.

Dean told investors in Cater Barnard, which began life as a corporate finance boutique in August 1999, that it has no intention to now sell its stake in Envesta, and that it had sold other peripheral investments in recent weeks to reduce its borrowings.

Envesta told its shareholders that talks on its strategic alliance with Europa were to continue, in a deal that was supposed to see Europa directors take seats on Envestas board.

Europas president, Vito Carlo Stampanoni Bassi, joined Envestas board on 2 May, with two other appointments to follow once the share-sale had completed.

But with that now not happening, it is though that Bassi will now have to leave the board, and the other two directors will not join.

Envesta, which owns Seven Telecom, a international switching business, had hoped to work closely with Europa on its sales and marketing of calling cards across Europe.

At 3.30pm, Envestas shares remained down 20% at 2.5p.

oops

its all gone pear shaped. what am i supposed to do with 208 shares courtesy of artisan?........hmmmmm i see thats down about 90% after my stop loss was triggered. without wishing a lawsuit on myself , how come everything s dean touches turns to dust after hes stashed away a few quid? this one excepting. looks like hes getting his fingers burnt this time ( allegedly )

Well yes, pear shaped on the corporate front. The share deal between CRB and DreamFarm may have gone sour. The alliance is still in discussion and could bring much to both parties, the recent appointmant to the board should still hold as this is part of the strategy for developing the respective businesses. The two expected appointments were to reflect corporate issues with the share deal and will have no point now in going ahead. James Quinn probably does not take time to talk to the company (I am prepared to be corrected here).

This is a very young company that is generating cash and expanding as markets are identified. The recent dillution was a shame but with funds being used to roll out new services asap it will in the long term prove to have been the right descision. The timing/shareprice are unfortunate but again the expansion of 7T has to be more important in the end.

CRB probably want 6p+ per share because they see the company (EVS) as very undervalued and I guess they would sell for the right deal (self-fulfilling really as CRB are the cause of undervaluation as percieved as an overhang).

The overhang does not really constitute a 20% fall in shareprice as the trading prospects of EVS 7T are not affected by this at all, but some reaction has to be expected for the issue. Much like Game Group certain market obligation issues may have forced out the news earlier than anticipated, the deal otherwise may have been annouced as just the alliance news with no corporate share movement. It is a great dissapointment but that is corporate life.

It does look like a bungled deal but in fact the alliance is a big plus, but as ever is lost in the mire of Mr. Deans deals.

I can understand this being given a wide berth now but I would hope for a trading update end of June? There was one last year on the 28th. Hopefully this will bring news on the new markets being targeted and the profit enhancing access with BT's networks.

It is a toughie but it is new and I belive has good prospects, it does mean weathering the Dean legacy. Not to forget the the Baker and Evans team are highly regarded in this game as top players and there future is tied up in EVS shares issued at 7.5p. They really have the incentive to make this a good one.

The big downer is CRB and the preference shares, plenty have been converted, but who says they will not convert more and offload into the market if CRB are strapped for cash. This is why the transaction with DreamFarm was a plus.

As for DreamFarm and ability to pay - well that is open to speculation, I guess that Dean was pushing for the cash to hard too soon.

Now the prefs are not to be converted into ordinary shares the market cap will reduce proportionately - so the fall in price was in some respects not neccessary - but still a bungled deal is just that.

I will continue to hold and watch with interest, although EVS PR is not the best, one day this may turn into a rewarding investment.

All my own opinion, to which most will say Dean - no chance. Therin lies the problem - a great team tarred with the same brush as the bull market dealmaker extraordinare!!!

Anybody got any opinions on this - recent trading update looked positive, results soon and last weeks expansion news - but price not reacting? This looks like a company with some potential?

thirdtime - I agree

should be profit of circa 900,000 plus the new venture kicking in next year

why won't the price move? who knows, I would think it just needs one year of a clear run and a clean set of accounts