ATN Aterian Plc

RNS Number:0524C
Atlantic Telecom Group PLC
7 December 1999





 Not for release, publication or distribution in whole or in
 part in or into the United States, Canada, Japan, Australia
                 or the Republic of Ireland

           ATLANTIC TELECOM GROUP PLC ("ATLANTIC")
RESULT OF THE PLACING AND OPEN OFFER OF UP TO 22,416,170 NEW
           ORDINARY SHARES AT 440 PENCE PER SHARE
On   12   November  1999  Atlantic  announced  a  conditional
agreement  for the formation of a Strategic Partnership  with
Marconi, together with proposals to raise approximately #93.8
million (net of expenses) by way of a Placing and Open  Offer
of  up to 22,416,170 New Ordinary Shares (the "Offer Shares")
at 440p per share.

3,847,795  of these Offer Shares (the "Firm Placing  Shares")
in  respect  of  which  the Directors  (other  than  Alisdair
McKenzie,   Martin  Beard  and  Andrew  Laing)  and   certain
connected parties irrevocably undertook not to subscribe were
placed  on  a  firm basis with institutional investors.   The
balance  of  18,568,375 Offer Shares (the "Clawback  Shares")
remained available for take up in the Open Offer.

By  3.00  p.m. on 6 December 1999, being the latest time  and
date  for receipt of completed Application Forms and  payment
in  full  under the Open Offer, valid applications  had  been
received from Qualifying Shareholders for 18,282,820 Clawback
Shares,  representing approximately 98.5  per  cent.  of  the
Clawback Shares.

The  balance of 285,555 Clawback Shares will be taken  up  by
institutional investors with whom they were originally placed
subject to recall under the terms of the Clawback Placing.

The  Placing  and the Open Offer are conditional upon,  inter
alia, (1) the passing of the Resolutions (which relate to the
approval  of  the Strategic Partnership and the  Placing  and
Open  Offer)  at  an  Extraordinary General  Meeting  of  the
Company to be held at 12 noon on Thursday, 9 December 1999 at
the   offices  of  Hoare  Govett  Limited,  3rd  Floor,   250
Bishopsgate, London EC2M 4AA, (2) completion of the Framework
Agreement (subject only to Admission) and it not having  been
terminated  in accordance with its terms prior to  Admission,
(3)  the Placing Agreement having become unconditional in all
respects and it not having been terminated in accordance with
its  terms  prior  to  Admission, and (4) Admission  becoming
effective.

It  is expected that dealings in the New Ordinary Shares will
commence  at  8.00  a.m.  on Friday,  10  December  and  that
amendments  will  be  made to CREST accounts  on  Friday,  10
December   1999.   It  is  expected  that  definitive   share
certificates  will be despatched in respect of  New  Ordinary
Shares by Friday, 17 December 1999.

As  set out in the Prospectus dated 16 November, Marconi  has
the  right  to subscribe, up to 24 hours prior to  Admission,
for up to an additional 2,354,561 New Ordinary Shares at 440p
per  share.  Details  of the number of  New  Ordinary  Shares
subscribed by Marconi pursuant to the Additional Subscription
will be announced as appropriate.

Words  and  expressions defined in the  Prospectus  dated  16
November  1999 shall, unless the context otherwise  requires,
have the same meanings when used in this announcement.

Enquiries:

Graham Duncan         Atlantic Telecom    01224 454 000
Executive Chairman                        
                                          
Stephen Aulsebrook    Close Brothers      020 7655 3100
Managing Director                         
                                          
David Arch                                
Director                                  
                                          
Bob Pringle           Hoare Govett        020 7678 8000
Senior Director                           
                                          
Jim Wight                                 
Director                                  

Close  Brothers  Corporate Finance Limited and  Hoare  Govett
Limited,  which  are regulated in the United Kingdom  by  The
Securities  and  Futures Authority Limited,  are  acting  for
Atlantic Telecom Group PLC and no one else in relation to the
matters  described  in  this announcement  and  will  not  be
responsible  to  any  other person for providing  protections
afforded  to  customers of Close Brothers  Corporate  Finance
Limited  and Hoare Govett Limited or for providing advice  in
relation to the matters referred to herein.

This announcement does not constitute or form any part of any
offer  to  the public or invitation to sell or issue  or  any
solicitation  of  any  offer to the  public  to  purchase  or
subscribe for any securities of Atlantic.  Any such offer may
be  made  only pursuant to the posting of definitive offering
documents (which would include detailed financial information
regarding  Atlantic  and its management)  and  only  in  such
jurisdictions in which such offerings may be permitted.   The
New  Ordinary Shares have not been and will not be registered
under the US Securities Act of 1933 (as amended) or under the
securities  laws of any state of the United States  or  under
the applicable securities laws of Canada, Japan, Australia or
the   Republic  of  Ireland.   Subject  to  certain   limited
exceptions the New Ordinary Shares may not be offered,  sold,
taken  up,  renounced or delivered within the United  States,
Canada, Japan, Australia or the Republic of Ireland or to  or
by any national, resident or citizen of such countries.


END
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