Basepoint PLC
14 June 2004

Basepoint opens first SEEDA project at Gosport

Basepoint plc is pleased to announce the opening at Gosport, Hampshire of the
first Managed Business, Innovation and Enterprise Centre (MBEC) to be planned,
designed, constructed and managed by the company on behalf of the South East
England Development Agency (SEEDA).

The Gosport Business Centre incorporates sixty-three office and workshop units
of up to 74 sq m in area, designed to meet the specific needs of small and
start-up businesses. The units are available under an innovative ' easy in -
easy-out' tenancy package; with licensees paying a single rate that covers
occupancy, maintenance, security, rates and all utilities excluding
telecommunications, and subject only to a two-weeks notice period. The Centre
also features an incubation suite providing office facilities to the newest
enterprises; as well as facilities such as secretarial support, a meeting room,
lounge, high capacity telecommunications and the benefits of a dedicated,
on-site management team.

Under the agreement between SEEDA and Basepoint, SEEDA has ownership of the
Centre and it is being marketed as a facility provided by the Agency. Having
completed the design and build stage of the project, Basepoint will manage the
Centre on behalf of SEEDA for fifteen years and will receive operational and
performance fees on that basis.

"The opening of the Gosport MBEC represents a successful completion of the
introductory phase of the relationship between the company and SEEDA," commented
Basepoint CEO Rob Cleaver. "We now look forward to the next stage; beginning
work on further Centres across the South East for SEEDA as described in the
agreement announced in January 2004."

Basepoint was appointed a Preferred Partner by SEEDA at the start of the year to
work with the Agency on its seven-year programme to acquire and develop
predominantly brownfield sites across the region in areas that exhibit a
shortage of suitable facilities for new and early-stage businesses. Basepoint
will be called upon to develop a proportion of these sites to provide new
centres of up to 3250 m(2) of high quality office, workshop and studio units
with full infrastructure support to let on short-term, flexible licences.
SEEDA is allocating significant budget resources towards this contract and
intends to retain ownership of the completed projects as they are delivered.
Subject to completion of the legal agreements on each new site, Basepoint will
receive an eleven year contract for each Centre, deriving income from project
management fees as each Centre is developed, and operational and performance
related management fees following completion.

"While the Gosport project was developed under a separate contract, it provided
a platform for Basepoint to demonstrate its capability to deliver first-class
business centres on-budget and on-schedule," continued Basepoint's Rob Cleaver.
"We are confident that the success of this, our first venture in partnership
with SEEDA, marks the completion of the opening phase of what we hope will be a
long and productive relationship."

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Notes:

Basepoint plc (symbol: BNT) specialises in the development and operation of
Managed Business, Innovation and Enterprise Centres in Central Southern and the
South-East of England. These centres provide comprehensive accommodation and
support infrastructure packages to new and early stage companies within a
supportive and secure environment. Basepoint has a total of eleven wholly or
part-owned centres currently operational with a further two at varying stages of
development. As part of the company's ongoing programme a number of other
locations are additionally under assessment.
www.basepoint.co.uk


SEEDA is the Government funded agency responsible for the economic and social
development of the South East of England - the driving force of the UK's
economy. The aim of the Agency is to reinforce the prosperous, dynamic and
inspirational nature of the region by assisting businesses to compete more
effectively, training a highly skilled workforce, and supporting and enabling
local communities while safeguarding the region's natural resources and
cherishing its rich cultural heritage.
www.seeda.co.uk

For further information contact;

Basepoint plc                         Jenni Williamson, SEEDA
Robert Cleaver, Chief Executive       Tel. 01483 484200
David Boakes, Finance & Operations    Matt Johnson, Gladstone Public
Director                              Relations
Tel. 01962 842244                     Tel. 01962 820358

14 June 2004




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

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