ATN Aterian Plc

RNS Number:6887M
Atlantic Telecom Group PLC
22 June 2000

                    Atlantic Telecom Group plc ("Atlantic")
                            Director's Notification

In connection with the acquisition by Atlantic of First Telecom Group plc
("First Telecom"), certain First Telecom shareholders gave undertakings not to
dispose of their New Ordinary Shares in Atlantic for a period of time.  Under
the terms of the Lock Up Undertaking relating to his 12,246,074 New Ordinary
Shares, Mark Daeche (who was Vice Chairman of First Telecom and now an
Executive Director of Atlantic Telecom) was permitted to transfer or dispose
of 20% of those shares.

Accordingly on 21 June 2000 Atlantic received notification that on 14 June
2000 Mr Mark Daeche entered into a Stock Loan and Hedging arrangement with
Goldman Sachs International ("GSI").  Details of the transaction are given
below:

(1)  The first transaction was a stock loan ("Stock Loan") under which Mr Daeche
agreed to deliver (including transfer of title) to GSI 2,440,000 ordinary shares
of 25p each in Atlantic Telecom Group plc ("Atlantic Shares"), GSI agreeing, in
return, to deliver to him cash collateral equal to 100% of the then price of
those Atlantic Shares ("Collateral"), which price was agreed as being GBP 4.7035
per Atlantic Share.  Under the Stock Loan it was further agreed that, on five
business days notice, GSI will redeliver equivalent Atlantic Shares (with
transfer of title) to Mr Daeche, and Mr Daeche will redeliver the equivalent
Collateral to GSI.

(2)  The second transaction with GSI has the effect of hedging exposure to
movement in the market price of 2,440,000 Atlantic Shares for an anticipated
period of 3 years (subject to termination or extension)("Hedge").  The Hedge
will pay Mr Daeche in cash for a difference between an agreed price, based upon
a compound interest calculation and computed by reference to a price of GBP
4.7035 per Atlantic Share, and the future price of Atlantic Shares if the price
of Atlantic Shares moves down, or to pay GSI in cash for such a difference if
the price of Atlantic Shares moves up.  For arranging the Hedge, GSI will
receive a financial benefit calculated by reference to a pre-determined formula.

The transactions of 14 June 2000 may be terminated by either party on five
business days written notice to the other, and, under the transactions Mr
Daeche is not obliged to sell nor is GSI obliged to buy redelivered Atlantic
Shares.

Enquiries:

Atlantic Telecom Group plc    Phil Allenby    0141 4004203


END
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