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...

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 :-)

Red-m group look set to start trading on the 9th of June, quicker then i thought. Should get some news flow soon.

http://www.londonstockexchange.com/en-gb/pricesnews/prices/newissues.htm

Daws

Little snippet from the ft
http://news.ft.com/cms/s/d5aa3ad4-c8cc-11d9-87c9-00000e2511c8.html

Good spot daws. Not long to wait. Again not picked up by market.

Eric

Red - m float postponement!

Bit confused by this, Bridgewell, Red-M's financial adviser has advised to hold the float for the time being because of aim market conditions even though the floatation had been positively received by investors...
Sold some my holding this am, cos i think the market wont be pleased with this news.
At least we know that red-m's value is around the 20-25m mark, which is still great business.

Daws




Interregnum PLC
03 June 2005


3 June 2005

INTERREGNUM PLC

Portfolio Company Announces Postponement of AIM Flotation

Interregnum plc ('Interregnum'), the technology merchant bank, announces today
that following a significant deterioration in the market conditions for new
issues on the Alternative Investment Market (AIM) during recent weeks, its
portfolio company Red-M Group ('Red-M') has been advised to postpone its planned
admission to AIM by Bridgewell, Red-M's financial adviser. The admission had
been planned to take place during the first half of 2005.

Interregnum believes that Red-M remains very well placed to succeed in the
growing market for wireless security and management products and services. The
Red-M business proposition has been positively received by prospective investors
and the company had raised 1.6m of new debt and equity funding as part of the
preparation for its IPO. Red-M therefore intends now to seek a private equity
round of funding as the best way of addressing this market opportunity.

Interregnum owns approximately 45% of the issued share capital of Red-M prior to
further fund raising, with the other principal shareholders being funds managed
by Apax Partners, Amadeus Capital Partners and Red-M's management.

- Ends -

Further enquiries:

Interregnum 020 7494 3080
Roger Jeynes 07971 545417

Merlin (PR advisers to Interregnum) 020 7653 6620
Vanessa Maydon 07802 961 902
Rebecca Penney 07795 108178

Red-M
Karl Feilder, CEO 07770 301 490
Shirley Fairall 07979 954 807

Corfin Communications (PR Advisers to Red-M) 020 7929 8989
Harry Chathli 07843 660 220
Neil Thapar 07876 455 323

Notes to Editor

Interregnum plc (

www.interregnum.com

) is a technology merchant bank
listed on London's Alternative Investment Market (symbol: ITR). Established
in 1992, Interregnum buys, sells, advises, invests in and operates
technology companies. Its advisory services include corporate finance, IP
exploitation and commercial due diligence. The company's clients are
principally corporates, government, technology entrepreneurs, advisors and
investors.


Red-M Group Limited was formed by the merger of Interregnum Wireless
Holdings Limited, Cellular Design Services Limited and Red-M Communications
Limited. Red-M develops a suite of hardware and software security products
which continuously monitor and pro-actively protect networks against rogue
wireless activity in their airspace. Red-M also provides wireless
consultancy, design and implementation services which enable organizations
to achieve greater productivity and create business value. Red-M was
appointed a technology pioneer by the World Economic Forum for the third
consecutive year in 2004.




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

Very quiet on this share. anyone else share my enthusiasm for ITR? I fancy a large mark up on the next RNS, re floatation.
Alan

Alan,

Expect the sp to react more when the floatation actually goes ahead! Very little dialog regarding proposed future dates of the floation though. Market conditions seem to be improving so its sit on your hands time and wait it out... In the mean time i expect some deals to be struck from Interregnum's advisory business and maybe some news regarding Destiny usa.

Daws

Hope so Daws, as I have held this for some time and it is rapdily becoming leader in my most boring share competition!!!
Alan

Alan,

Don't mind if this becomes the most boring stock in history, just as long as the sp keeps heading north! lol