Aim Rule 15

In accordance with AIM Rule 15, the Disposal constituted a fundamental change of business of the Company as the Company has now ceased to own, control or conduct all or substantially all, of its trading business, activities or assets. Therefore, the Company has now become an AIM Rule 15 Cash Shell and, as such, will be required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 and publish an admission document on or before the date falling six months from completion of the Disposal. For the purposes of Rule 15, becoming an investing company pursuant to Rule 8 of the AIM Rules (which requires the raising of at least £6m) will be treated as a reverse takeover and accordingly require the publication of an admission document. Failing that the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension, should the reason for the suspension not have been rectified.

The Company will continue to evaluate appropriate opportunities in the sectors the Board considers appropriate, seeking to identify one or more projects or assets which the Company can acquire, which would constitute a reverse takeover under AIM Rule 14.

Any reverse takeover transaction will require the publication of an AIM Rules compliant admission document and will be subject to Shareholder approval at a further general meeting of the Company to be convened at the appropriate time.

As an AIM Rule 15 Cash Shell, the Company will have no operating cash flows.