WTL Waterlogic

RNS Number:2235D
World Travel Holdings PLC
8 May 2001



World Travel Holdings plc ("World Travel" or the "Company")

Posting of circular re acquisition of Deckchair.com Holdings Limited

Further to the announcement on 26 March 2001, the Company announces that the
circular relating to the acquisition of Deckchair.com Holdings Limited, the
online consumer travel business founded by Sir Bob Geldof, and the increase in
the authorised share capital of the Company has been posted to shareholders.

Since the announcement on 26 March 2001, the Board has, at the request of
certain vendors of Deckchair, agreed that an alternative means of satisfying
the consideration for the Acquisition should apply. As a result, World Travel
will grant options over 4,650,000 new Ordinary Shares exercisable at 1p per
share, rather than issuing a #750,000 unsecured zero coupon loan note
redeemable in 2003 and 1,650,000 of the new Ordinary Shares which were to be
issued. These forms of consideration have equivalent values if each option to
subscribe a new Ordinary Share and each new Ordinary Share is valued at 25p.

Accordingly, the initial consideration for the Acquisition and the
cancellation of certain option arrangements granted by Deckchair.com Holdings
Limited is the issue to the vendors of an aggregate of 9,973,974 new Ordinary
Shares in World Travel and the issue of options to subscribe 6,250,000 new
Ordinary Shares at 1p each. Based on the middle market quotation of 18.5p per
Ordinary Share on 23 March 2001 (the last dealing day prior to the
announcement of the Acquisition) this valued the total initial consideration
at #2.9 million.

As previously announced, deferred consideration of up to a further #6.0
million may become payable if certain business targets in 2001, 2002 and 2003
are met by the Enlarged Group's consumer travel business. Any deferred
consideration will be satisfied by the issue of further new Ordinary Shares
(or options over such shares) valued at the then prevailing market price of an
Ordinary Share.

The circular contains notice of an extraordinary general meeting to approve
the increase in the Company's authorised share capital and related matters to
be held on Tuesday, 29 May 2001.

8 May 2001

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