Interregnum plc (www.interregnum.com), is an AIM-listed technology
merchant bank (symbol: ITR). Established in 1992, it provides advisory
services including corporate finance, IP exploitation and commercial due
diligence to corporates, government, technology entrepreneurs, advisors and
investors. In addition it invests in technology companies, focused primarily
on principal equity stakes although, in some cases taking minority equity
stakes.


Last month Liontrust Investment Services Limited increased its interest to 13.4% of the issued share capital. Director Ian Taylor topped up at 5.69 pence in December.


Recent Trading Update 27 Jan 05

Interregnum's consolidated revenues for the six months ended 31 December 2004
showed an increase of more than 370% to 3.3m (1H 2003-4: 0.7m). This reflects
increased revenues from the Interregnum advisory business and from its
subsidiary Yospace, together with the full consolidation of the revenues of
Cellular Design Services (CDS) which was acquired in February 2004.

Consolidated operating losses were reduced to 719,000 (1H 2003-4: loss of
799,000).

Operating cash flow for period improved to -614,000 (1H 2003-4: -928,000), and
the cash balance at 31 December 2004 was 1.915m (31 December 2003: 1.1m)

Highlights from the three primary components of Interregnum's business were as
follows:

Interregnum Advisory Business
Advisory revenues increased to 453,000 (1H2003-4: 290,000), but this does not
yet show the full impact of the 7 new people hired during the period. On 16
December Interregnum acted as a placing agent alongside Collins Stewart in the
5.6m placing announced by Screen plc (AIM: SEN/L).

Investment Portfolio
The investment portfolio continued to perform well. New investments into the
portfolio increased to 458,000 (1H 2003-4: 125,000). These included 250,000
in Future Route, a supplier of software which helps financial institutions
detect and prevent credit card fraud, and 150,000 in Oilcats, a provider of
Supply Chain Content Management software and services to the Energy sector.

There were no significant realisations from the investment portfolio (1H 2003-4:
181,000), and the portfolio (net of provisions) was valued at 3.051m (31
December 2003: 2.499m)

Subsidiary Companies

CDS completed its first full trading period since its acquisition by
Interregnum, generating revenues (for the six months to 31 December 2004) of
2.313m, net before tax profits of 86,000, and net positive cash flow of
173,000. CDS has focused on higher-margin, complex wireless infrastructure
work, leading to deeper business relationships with operators such as O2, 3,
T-Mobile, and BT, with equipment vendors such as Nokia, and with large property
owners such as BAA.

Ken Olisa, Interregnum Chairman and Chief Executive commented: "We are pleased
with the progress of all parts of our business. CDS and Yospace are now making
significant contributions to group revenues, and we expect AVM to continue this
trend. The investment portfolio generally is performing well, and we are
particularly pleased with the speed at which the new members of Interregnum's
advisory team have been integrated into the business; we expect them to make a
substantial contribution to both advisory revenues and deal flow during the
second half of FY2003-4 and beyond."

Full interim results for this period are planned to be released at the end of February 2005

Any thoughts welcome!



SP has took of since the start of this year...

Well, that's the ultimate accolade!

only looking! a bit concerned about the tiny turnover-I can't see it driving the sp up much more. well tiny by comparison if you know what I mean--can't say I'd mind it myself!!

Have you noticed that this share was at 1 during the dot-com boom. Consider the potential one-off revenue from the CDS flotation; plus the destiny link up appears credible and could be worth mega-bucks. Thus (a question for dawsinho) a profit for the year looks credible leading to a rerating. I like the merchant bank posture - plus 7 new key staff. Cap is only 8m at present. Vibes increasingly positive!

Eric

dawsinho: reaction appears to have been slow to announcement of AIM flotation on Wednesday which could be very significant. Bigger move yesterday but on relatively small volumes. 4m shares traded last week - do we have any knowledge of that: no RNS yet 4% of equity. Charts very positive. Difficult to value a company like this and could be due a rerating.

Eric

Eric + Moneyplus, The destiny agreement is very hard to value at this stage although we know it is expected to generate significant advisory revenues for Interregnum. The great thing is Interregnum is going to have first pick at a lot of new and exciting companies and may choose to invest in them.

The Red-M flotation is again hard to call because we don't know its true value, but we know that Interregnum owns 45% of the issued share capital. News should be thick and fast as they intend to float within the next two months, will try and do some digging and get some figures on paper today or tomorrow.

4M shares traded? i've only got 561,972 for last week. Volumes have been very small since i got into this baby, just after turn of the year. Its one of the few tech companies which got through the last few years after the tech bubble burst, which means the competition is scarce. Although the week before last sore some large buying, but as of yet no rns.

Good to see some people taking an interest, need to put some figures on the Red-M valuation, which should then give a much clearer picture to the possible financial benefits for itr.

Phil

Phil: Thanks for feedback. The 4 million is a spike on the volume chart about a eeek before the last announcement. The trades facility on MoneyAM only gives the last week, but it appears that trades to that value haven't been shown. Don't know what the source for the volume figure is.

Careless talk can cost money and I'm not into these yet. My comments are really for the benefit of moneyplus: read Q9 in the excellent q and A section of the Interims. The value of CDS is given, I think at acquisition cost, as 1.558M but current value using industry guidelines is 5.1m on 'one multiple'. Perhaps thats enough for an initial stake and then wait for the action!

Eric

will do.cheers MP meanwhile having fun with Dil on our political argument!

Eric and others hereon

In response to your enquiry on SEO thread, my initial reactions to ITR are as follows:-

1. I smell something fishy, possibly some kind of gas escaping from a leaky techy/financial bubble.

2. I don't understand the core business or any of its subsidiaries and especially DestinyUSA.

3. There is a great deal of talk from KO about ITR being a means to realise shareholdervalue out of operations whose business consists of realising, you guessed it, shareholder value - out of what real value creating product, exactly?

4. It's history of dot.com bubble SP and the breathless pace at which RNS follows RNS seems to good to be true - which generally is all too true to be good news for shareholders.

5. There is a decided lack of focus - tech merchant bank, buying, selling, advising, inventing, conning, scamming, plus minority, hey let's do majority today, ownership of a scattergun collection of techyspeakybutnotdoy businesses. DestinyUSA seems similarly woolly about how it's planning to repay the $25bn investment from a bunch of nerds all at some great summer camp.

Many of its investments were advised or placed by CFP, did you notice - hmm.

Otherwise, I remain positive on the outlook for the company for the next few hours.

BTW the word cynic comes from the ancient Greek word cynos - a dog.

SD

lol a 25 billion summer camp for geeks... take it your not a fan of Interregnum!
If your interested take a look at Interregnum's website, each business is expanded on. Also take a peek at DestinyUSA website, everything is explained in great detail, looks amazing to me.

Happy hunting!

Now, sd, what was wrong when you ame home - bones, kennel or mistress? or all three? Thought you were a half full sort of chap until it was proved half empty! Interesting that the current valuation of their portfolio is 5m against a company cap. of less than 8m. Key question is the possible worth of CDS via the Red-M group in the forthcoming flotation. There's a nice piece of homework to keep you out of mischief. Agree that its almost the opposite of CFP with its tight focus.

Eric

45% of 20 -25 Million hmmmmm :-)

Red-M Preps IPO
04.27.05

Wireless security company Red-M Communications Ltd. has made a surprise move to launch an IPO on the back of its acquisition of network consultancy and optimization vendor Cellular Design Services Ltd. (CDS).

The vendor today announced plans to seek a listing on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE). The company is believed to be valued today at 20 million to 25 million (US$38-$48 million), and will issue new shares worth between 10 million and 15 million ($19-$29 million).

We intend to list the company in the first half of this year, before June, says CEO Karl Feilder. No further details were forthcoming.

According to its Website, AIM gives companies from all countries and sectors access to the market at an earlier stage of their development, allowing them to experience life as a public company. Launched in 1995, AIM today lists over 1,100 companies.

Its important, however, to note the differences in admission criteria between the LSE and AIM. The LSE market requires that at least 25 percent of shares are released into public hands, while the AIM has no minimum value. No minimum market capitalization is necessary for a listing on the AIM, and no trading record or prior shareholder approval is required.

Nevertheless, Red-Ms Feilder is keen to talk up todays move. If you are a European company, you would normally be recommended to go on AIM unless you are very big. AIM is a subset of the LSE and controlled and regulated by it... The first thing you have to do to get listed on the AIM is to find a nominated advisor, or 'nomad,' who is regulated by the LSE. You have to persuade them that your company is really appropriate to list. You are not allowed to list unless you meet a whole load of criteria. We are using Bridgewell as our nomad.

The vendors plans may come as a surprise in light of past developments. Founded in 1999, Red-M purged its entire management team in the second half of 2002 following initial attempts to break into the 802.11 security space (see Red-M or Dead-M?). Although the company is now an established player in the wireless intrusion detection system sector, Red-M has never publicly disclosed its revenue figures or revealed levels of investment from VC backers Amadeus Capital Partners Ltd. and Apax Partners.

The vendor clearly has a few dollars in its back pocket though, as it has recently acquired U.K. business CDS for an undisclosed amount. CDS was owned by Interregnum, which is itself an AIM quoted company, so there are very tight restrictions on what we could say and when, explains Feilder.

We had been talking to them for over a year. They are a renowned company in the in-building market as well as consulting and design and implementation of wireless networks. Feilder states that CDSs experience in converging GSM and 3G wireless networks with WiFi was a key attraction. One of the things we wanted to do was to extend our experience in Bluetooth and WiFi to different wireless technologies.

CDSs head man, Simon Saunders, is to assume the CTO position at Red-M. Subsequent to todays acquisition, Red-M Communications is to be renamed Red-M Group and will claim a total headcount of approximately 70.

Justin Springham, Senior Editor, Europe, Unstrung
http://www.unstrung.com/document.asp?doc_id=72889

dawsinho: the word on my lips when I read your post was "blast!" as I haven't even had a chance to buy the blessed shares yet. Funny thing though, that the report is dated 27th April, last Wednesday and coincides with ITR's own RNS. Surprising that there has been as little reaction in the market as there has been. So, here's hoping!

Eric

Looks like another blue day!

Interregnum PLC
03 May 2005


3 May 2005

INTERREGNUM PLC

Acquisition of ITM assets by Interregnum subsidiary Audio Visual Machines

Interregnum plc ('Interregnum'), the technology merchant bank, announces the
acquisition of certain assets of ITM Group Ltd ('ITM') (in Administration) by
its subsidiary Audio Visual Machines Ltd ('AVM'). These assets comprise the
order book and debtors balance, and key members of staff, including the former
managing director of the audio visual division. This acquisition is expected to
increase AVM's revenues by approximately 2 million over the next 12 months.

This transaction supports Interregnum and AVM's strategy of combining companies
to create a major player focused on the supply, programming, and servicing of
complex, IP-based, audio visual solutions to major corporations. AVM's clients
include BP, GSK, Lloyds Bank and Sainsbury's.

Commenting, Ken Olisa, Chairman & CEO said: 'As we enter the Age of Ubiquitous
Computing, Interregnum sees a convergence of audio visual services and
Information Technology. We are investing in companies that together can deliver
the opportunities this convergence offers.'

- Ends -


Contacts:

Interregnum plc 020 7494 3080
Martin Cooper, Finance Director

Audio Visual Machines Ltd 020 7248 4770
Edward Cook, Managing Director

Merlin (PR advisers to Interregnum) 020 7653 6620
Rebecca Penney 07795 108 178


Notes to Editor:

Interregnum plc (

www.interregnum.com

) is an AIM-listed technology merchant bank
(symbol: ITR). Established in 1992, it provides advisory services including
corporate finance, IP exploitation and commercial due diligence to corporates,
government, technology entrepreneurs, advisors and investors. In addition it
invests in technology companies, focused primarily on principal equity stakes
although, in some cases taking minority equity stakes.

Interregnum acquired 82.35% of the equity of AVM in January 2005.

AVM (

www.avmachines.com),

established in 1990, is an audio visual solutions
provider. The company designs, supplies, programs and supports complex audio
visual systems ranging from boardroom presentation solutions to IP-based video
conferencing networks.

dawsinho: Your not alone any more! Bought in at 0.95p - will look cheap by the time the IPO comes! Trade not shown yet. Hey, you may be challenging bos before long!
It was the Red-M float that persuaded me to invest, even before you posted their expectations yesterday. Today's RNS confirms that they are going places.

Eric

Welcome! Topped up myself this am 0.94p.
If Red-m is valued at 20-25m and we have a nice 45% which is worth say just over 10m. ITR only paid around 1.5m for it just over a year ago, now thats good buisness! Great thing is the Red-m float looks great and there seems to be a lot of growth to come from them, which is going to directly benifit us.

Also this mornings rns seems like another good coup for the company, ITM appear to be in financial trouble and we've probably got some of their assets at a good price.

"This acquisition is expected to increase AVM's revenues by approximately 2 million over the next 12 months"

We currently hold 82.35% of avm's equity, which means we'll be seeing most of that!

Agree it looks great business. The existing cap is covered by the value of the float. Nor can they have paid much for the AVM assets. Cash is not particularly strong although they are generating it quite rapidly. Not sure how they could pick up cash from the Red-M flotation except by selling some of their own stake.

Eric

From UK-Analyst.com:

"Technology investor, Interregnum (up 0.625p to 9.125p) delighted the market with news of a revenue enhancing acquisition that looks set to add a further 2 million pounds in sales to its subsidiary, Audio Visual Machines. The company acquired, for an undisclosed sum, the assets, key staff and order book of a business that the group hopes will firm its position as a leading player in the supply of audio visual solutions to major corporates. Today's news followed hot on the heels from an upbeat statement towards the close of last week, in which the company revealed its wireless communications subsidiary had completed a merger and was planning to float on AIM in the next 2 months."

Surprising to see the relatively low key trading reaction. Never mind, gives chance for top-up at bargain basement prices.

Eric

Eric,

Prior estimates for Red-M valuation were 20-25m, just realised i didn't include the 10-15m of cash raised also! More like 40m.

http://www.red-m.com/News/#

Nice try, dawsinho! If flotation values Red-M at 40m then an extra one-third of shares, say, will have been issued and ITR's share will therefore drop to around 30%. Of course, ITR have key executive roles and will be able to llok after their investment; they must believe this is the best way of building value rather than taking the money and going away. From what I've seen, I like their style. Quite happy, really, to double my money by July!

Eric

I'll be happy with that :-)