ATN Aterian Plc

RNS Number:4793Y
Atlantic Telecom Group PLC
7 February 2001


LETTER DATED: 6 FEBRUARY 2001

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

On 5th February 2001 Atlantic received notification that Mr Mark Daeche (Group
IT and Development Director) had entered into a Stock Loan and Hedging
arrangement with Goldman Sachs International ("GSI") in respect of 1,747,874
ordinary shares of 25p each representing 0.82 per cent of the shares in issue.
Details of the arrangement 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 1,747,874 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 1.001 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 1,747,874 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 1.001 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 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.

Mr Daeche retains 8,084,553 ordinary shares representing 3.79 per cent of the
issued share capital, and under a lock-up agreement has agreed not to dispose of
any further shares until after 31 December 2001.


Enquiries:

Atlantic Telecom Group PLC             Susy Atkinson            0141 403 4747

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