STT Straight

RNS Number:7598J
StartIT.com PLC
11 September 2001

11th September 2001

                           startIT.com plc ("STT")

                  Share restructuring in CFN(UK) Ltd ("CFN")



STT has been pleased to facilitate the conditional acquisition of 30% of
issued CFN shares by iAsia Technology Limited ("iAsia").

The Directors of STT believe that there will be considerable synergy between
the two companies. From its UK base, CFN plans to offer broking-related
services, specialising in Asian equities. iAsia provides online trading
services to brokers and other financial institutions in the Far East and is
listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange.

The transaction is subject to certain conditions, including the approval of
the Hong Kong Stock Exchange. STT's holding in CFN, following iAsia's
acquisition, remains at 11%, but STT, as a result of the transaction, will
hold 1,911,429 iAsia shares representing 0.39% of the enlarged share capital
of iAsia. Once the transaction is completed, there will be a gross profit to
STT of #8,471.

Details of the transaction are set out in the notes attached to this
announcement.



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For further information, please contact:

Phill Brown, Chief Executive Officer, startIT.com plc

Tel: 01274 623 478

Peter Addison, Director, Corporate Finance, Insinger English Trust

Tel: 020 7377 6161

Shane Dolan, Director, Biddicks

Tel: 020 7448 1000



Notes

1.     STT has entered into conditional sales agreements which would result in
a shareholding restructuring ("Restructuring") in CFN and an investment in
iAsia.

2.     In July 2000, STT invested #300,000 in CFN, taking 10% of its equity
which was adjusted to 11% (the "Original Investment") in June 2001 with no
additional investment.

3.     The Restructuring contemplated will involve STT's acquisition of 2% of
CFN's equity from CFNasia Holdings Limited ("CFNasia") for #6,000 and the
acquisition of 4% of CFN's equity from parties representing the interests of
CFN's management and staff (the "Management"), for #10,000 in the form of
shares ("iAsia Shares") in iAsia valued at a price of HK$0.70 per iAsia Share
and an exchange rate of #1 = HK$11.15.

4.      Simultaneously, STT will conditionally dispose of the whole of the
above-mentioned newly acquired 6% equity interest in CFN to a subsidiary of
iAsia, at a consideration of #120,000 in the form of iAsia Shares valued at
the same price per iAsia Share and exchange rate. Part of these iAsia Shares
acquired will be used to pay for the consideration due to the Management in
the acquisition of their 4% equity interest in CFN.

5.     In a series of conditional transactions similar to the above-mentioned
transactions of STT, CFNasia's 8% equity interest in CFN and the Management's
16% equity interest in CFN will be sold to a subsidiary of iAsia, via
enterpriseAsia.com plc, at the same share price and exchange rate.

6.      As a result of these transactions, which are subject to certain
conditions including, but not limited to, approval by the Hong Kong Stock
Exchange, iAsia will beneficially own 30% of the equity interest of CFN.

7.     It is expected that the Restructuring will bring to STT an aggregate
profit of #8,471 before legal and other investment costs, based on the
weighted average cost of all CFN shares acquired by STT, and result in an
investment in 1,911,429 iAsia Shares which will represent approximately 0.39%
of the enlarged share capital of iAsia. These iAsia Shares will be subject to
lock up periods ranging from 6 months to 1 year.

8.     After completion of the Restructuring, STT will continue to hold the
Original Investment.

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