onExchange confirms it was bidder for Rolfe & Nolan

"We felt it was important, in light of public speculation and the recent rise in Rolfe & Nolan’s share price, to clarify the current relationship betweenonExchange and Rolfe & Nolan, and the recent history between the two companies,” said Richard Jaycobs, chairman and chief executive officer of onExchange.

Credit Lyonnais is acting on behalf of Rolfe & Nolan. Shares in the company have risen from around 73p at the end of November to 77p today, on speculation that the company will be bought by onExchange.

In November, Rolfe & Nolan announced that half-year operating profits dropped by almost half to £602,000, from £1.19 million in the equivalent period last year. Turnover in the six months to August 31 2002 was also down at £10.7 million against £12 million in 2001.

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