BRTR Bartercard

RNS Number:9506Y
Bartercard plc
27 February 2006

Bartercard plc
("Bartercard")

Bartercard secures financing of #4,140,000, through issue of convertible notes,
and obtains dual listing

Bartercard announces that it has entered into agreements with European
Entertainment Investments Limited for the issuance and sale by Bartercard of
#4,140,000 in convertible notes all due and payable by Bartercard within a one
year term from issuance, convertible into 18 million ordinary shares of
Bartercard at an average conversion price of 23p per share. The notes will not
be interest bearing. The average conversion price represents a 142% premium over
average of the daily volume weighted price of Bartercard's ordinary shares in
the preceding six months.

The convertible notes are not subject to any resets. The outstanding balance of
the convertible notes, are redeemable at any time by Bartercard at 110% of the
face value. Additionally, Bartercard may require the conversion of the
convertible notes based on certain price thresholds being realised in the stock
price of Bartercard.

Additionally Bartercard is pleased to announce that it has obtained dual listing
of its shares on the Frankfurt Stock Exchange and has entered into an agreement
with Close Brothers Seydler AG to be the market maker and designated sponsoring
broker. Close Brothers Seydler AG is the German 92% majority owned subsidiary of
Close Brothers Group plc.

The proceeds from the financing are intended to be used to accelerate
Bartercard's international expansion and for general working capital.

Wayne Sharpe, Chairman of Bartercard said, "This funding will enable Bartercard
to expand its operations as we continue to seek additional partnering
opportunities in Europe, Asia and North America in pursuit of Bartercard's
global expansion. Furthermore, Bartercard believes the support of Close Brothers
Seydler AG in Germany on the Frankfurt Stock Exchange will attract German
investors to Bartercard and help establish a continental European shareholder
base in Bartercard".

Nicholas Camilleri, the Chairman / CEO of Navigator Asset Management Advisers
Limited based in London, the adviser to European Entertainment Investments said,
"We are excited about the potential of the global roll-out of Bartercard's
milestone agreement in Australia with four commercial banks allowing
Bartercard's customers to process transactions electronically which should
materially improve Bartercard's profitability. By providing this funding, we
believe Bartercard can greatly accelerate its expansion plans."

The new shares underlying the convertible notes and warrants, when issued and
fully paid, will rank pari passu with the existing issued Bartercard shares.
Bartercard will be making an application within 10 days for the block listing of
24,000,000 ordinary shares with the AIM team at the London Stock Exchange for
the new shares underlying the convertible notes and warrants to be admitted to
listing on the AIM segment of the London Stock Exchange. Part of the agreement
includes the issuance by Bartercard to European Entertainment Investments
Limited of warrants exercisable for a period of three years into 6 million
ordinary shares of Bartercard at a strike price of 32p per share.

                                                                27 February 2006



About Navigator Asset Management Advisers Limited

Navigator Asset Management Advisers Limited is a majority owned subsidiary of
Navigator Asset Management Limited (Navigator) that is administered by Trident
Trust Company in Jersey. Navigator is the 100% owner of several investment
vehicles, including European Entertainment Investments Limited. Navigator's
vehicles invest in a principal capacity in undervalued publicly traded companies
listed on stock exchanges in Australia, the United Kingdom, Canada, Germany, the
Netherlands, the U.S. and other jurisdictions, that have business models that
can be developed and expanded on a global or regional basis with capital
investment. Navigator invests in various sectors including bartering, gaming,
betting, natural resources, biosciences, IT and technology. The Navigator group
of companies is advised in regulatory matters in the United Kingdom by Jones
Day.

Contact:

Nicholas Camilleri
Chairman / CEO
Navigator Asset Management Advisers Limited
1st Floor, 55 Conduit Street
London W1, U.K.
Tel: + 44 20 7494 5900
E-Mail: nc@nav-ltd.co.uk
Web: www.nav-ltd.co.uk

Wayne Sharpe
Executive Chairman
Bartercard plc
07909 975488










                      This information is provided by RNS
            The company news service from the London Stock Exchange
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