Internet and WAP games portal Gameplay is to sell its Vienna-based subsidiary NEO software to Take Two Interactive for the princely sum of £1.

NEO, a developer of German-language online computer games, was acquired by Gameplay last February from Computer Media.

In addition, Gameplay will receive £499,999 for the game Pirates and will have the exclusive rights to operate Pirates in Europe on its launch.

Gameplay (GAM) shares, which peaked at more than £10 during last March's tech frenzy, declined 2p to 110p this morning.

Take Two owns 16.7% of Gameplay.

Gameplay was created in 1999 from Wireplay, BT’s online gaming business, and Interactive Commercial Enterprises, the UK’s largest games mail order business. It floated on AIM in August 1999 with the aim of becoming Europe’s leading ‘new media’ retailer of computer games and has since attracted a lot of interest from shrewd investors.

As we reported late last month, a number of shrewd investors have stakes in Gameplay including AIM specialist Beacon Investment Fund, run by Andrew Buchanan and Andy Crossley's Invesco techMARK Enterprise (IET) investment trust .