RNS Number:7244M
ProVen Media VCT PLC
24 June 2003

ProVen Media VCT plc
24 June 2003

ProVen Media VCT announces that its portfolio company, Espotting Inc, has agreed
terms to merge with NASDAQ listed FindWhat.com.  The deal is subject to
customary closing conditions, including respective company shareholder
approvals, and is expected to close in the fourth quarter of 2003.  The total
consideration, including cash of approximately $27m, values Espotting at $163m,
based on FindWhat's closing share price on 17 June 2003.  The final value of the
total consideration attributable to the VCT's investment in Espotting will
depend upon the share price of FindWhat on the date of completion.  The amount
of cash that Espotting shareholders will receive will vary based on Espotting's
audited net assets and net operating loss carry forwards as of 31 March 2003 and
outstanding borrowings at the closing date.  Following completion there may be
restrictions on the VCT's ability to sell shares in the market.

 If the VCT's investment in Espotting were re-valued to reflect the above
transaction on the basis and using the assumptions set out above, the Net Asset
Value per share would increase by approximately 8.8p from it's published value
as at 28 February 2003.


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