Secondary Placing of Shares

RNS Number:8107S
Project Telecom PLC
12 March 2002

Project Telecom plc "Project Telecom"

Secondary placing of shares on behalf of Directors, founder shareholders and
certain other shareholders.

The Directors, founder shareholders and certain other shareholders of Project
Telecom have placed, through Cazenove & Co. Ltd, 21,579,601 Project Telecom
ordinary shares (representing approximately 9.7 per cent. of Project Telecom's
issued ordinary share capital) at 75 pence per ordinary share with institutional
investors.

This is the first placing of Project Telecom ordinary shares by the Directors
and founder shareholders of Project Telecom since its flotation in September
2000 and is expected to help improve liquidity in the stock. Following the
placing, the Directors and founder shareholders will continue to hold in
aggregate approximately 63 per cent of Project Telecom's issued ordinary share
capital.

The Directors, who participated in the placing, have indicated to the Board of
Project Telecom that it is not their intention to sell any further Project
Telecom ordinary shares for at least a further twelve months following the
placing.

Enquiries:

Project Telecom: Gael Clarke       Project Telecom         Tel 0870 848 7711

Cazenove: Shona Beckett            Cazenove & Co. Ltd      Tel 020 7588 2828

End





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