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Virtual Internet reverses into Charriol

£15 million price tag for Net services company

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Charriol plc -- an AIM-listed company -- is coughing up £15 million for Virtual Internet in a bid to reposition itself as an Internet services group. The deal is in effect a reverse takeover by Virtual, as Charriol is a shell...existing as a company in name only. Founded two years ago by Jason Drummond, Virtual Internet provides a number of services including hosting Web sites, registering domain names and supporting e-commerce and e-mail services. It has a number of high-profile clients including Nestle and Littlewoods, and hosts around 9,000 Web sites. It recently entered a three-month trial with AOL to become the sole provider of domain name registrations, e-mail, e-commerce and Web-hosting for the portal's UK business. Once the deal has been completed Charriol will change its name to VirtualInternet.net plc. Drummond will become the major shareholder with almost 70 per cent of Charriol's enlarged issue share capital. He will also be appointed a director of the company. The company is also on the prowl for other acquisitions in the IT sector and has confirmed that it is already in talks with a number of prospective businesses.®

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