FRE Freeplay

RNS No 3641t
FREEPAGES GROUP PLC
13th November 1997                        
                        
                        
        FREEPAGES GROUP PLC ("FREEPAGES")
                        
    #1.5 MILLION CONVERTIBLE LOAN INVESTMENT
                       IN
              TDS GROUP LTD ("TDS")
                        
Freepages has today agreed to make a 7 per cent #1.5
million convertible loan to TDS to be drawn  down
in  2 tranches during the next 45 days.  TDS  has
continued  to  develop  its  business  activities
successfully  and  trading remains  strong.   The
loan  will  be used by TDS to support  its  rapid
growth  and, in particular, to fund its  move  to
new premises, to provide support for its business-
to-business  electronic commerce initiatives  and
for working capital and corporate purposes.

Freepages  currently owns 45.6 per cent of TDS  ordinary
share  capital.  The terms of the loan allow  for
it  to be converted into an additional 10 per cent of the
fully  diluted share capital.  Until  such  time,
Freepages will continue to account for TDS as  an
associated company.

TDS is concluding a strategic review with the aim
of  accelerating further expansion  of  its  core
businesses.   Investment in TDS  market  leading
electronic   commerce   solutions   and   further
enhancement   of   its   comprehensive   business
database,  used  by Scoot within  Freepages,  are
part of future plans.

Freepages  has  also agreed that,  under  certain
circumstances, it will release its call option to
acquire  the remaining share capital  of  TDS  in
return  for  warrants representing  approximately
3.5 per cent of the fully diluted share capital 
based on a #25 million valuation.

Robert Bonnier, CEO of Freepages, said:  "TDS  is
a  key  partner in the provision of high  quality
business  information to Scoot.  We are confident
that our relationship will be further enhanced by
this  investment, enabling us both to  capitalise
on our respective strategic objectives."

Adrian  Gregory, CEO of TDS, said:  "TDS welcomes
this  additional investment from  Freepages.   It
endorses the successful strategy for growth  that
TDS  has been following and positions the company
well   to   capitalise   on   the   opportunities
identified during the strategic review."

Scoot,  a  wholly owned subsidiary  of  Freepages
Group  plc,  is  a  leading provider  of  branded
communication  services,  providing  buyers  with
powerful   decision   making   information    and
connecting  them  directly with  sellers  through
mass distribution channels.

TDS  audited  accounts for  the  year  ended  30
September 1996 show net assets of #1,534,000  and
a loss before tax of #427,000.

Copies   of  this  announcement  will   be   made
available  for  at least the next  fourteen  days
from  the  offices  of Freepages  at  Information
House, Parkway Court, Oxford  OX4 2JY.


For further information please contact:

Robert Bonnier
CEO
Freepages Group plc
Tel: 01865 380192

Miranda Cleverdon
Corporation Communications
Freepages Group plc
Tel: 01865 380192

Adrian Gregory
Managing Director
TDS
Tel: 01494 474647

Mark Edwards
Buchanan Communications
Tel: 0171 466 5000


END

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