Company Update

Adamind Ltd
10 April 2008


10 April 2008

                                  Adamind Ltd
                          ("Adamind" or "the Company")
                                        
                    Company Update and Suspension of Trading
                                        
Further to the announcement of 6 March 2008, the Company today announces that it
has obtained a ruling from the Israeli Tax Authority (the "New Ruling") relating
to the tax amounts to be withheld from the cash to be distributed by the Company
to its shareholders. The Ruling follows, and amends certain terms set forth in,
a ruling previously obtained by the Company from the Israeli Tax Authority (the
"Initial Ruling").

The New Ruling provides that the planned distribution will be subject to the
maximum capital gains withholding rate prescribed by Israeli law (which is
currently 20% with respect to individual shareholders that hold 10% or less of
the Company's share capital and 25% with respect to all other shareholders
(i.e., (i) entities and (ii) individual shareholders that hold more than 10% of
the Company's share capital) and that all withheld amounts will be held in
escrow by the Company. The Ruling also provides certain instructions relating to
the transfer to shareholders of the withheld amounts (or portions thereof) upon
the occurrence of certain events relating to the Company's liquidation. However,
the Company believes that there are certain inconsistencies between the Initial
Ruling and the New Ruling and that the New Ruling is, to a certain extent,
unclear with respect to the circumstances upon which the withheld amounts (or
portions thereof) may be returned to the shareholders. Therefore, and in light
of the shareholders' expectation to receive the cash distribution, the Company
has resolved to affect the cash distribution (approximately US $19.2 million,
subject to the maximum capital gains withholding rate prescribed by Israeli law
(as set forth above)) by the end of April 2008 or shortly thereafter. In
addition, the Company will request the Israeli Tax Authority to amend the New
Ruling by clarifying the circumstances under which withheld amounts may be
returned to shareholders.

After the New Ruling is amended, the Company will provide shareholders with a
further update as to the circumstances under which withheld amounts may be
returned to shareholders.

The Company also informs its shareholders that its board of directors resolved
on 6 April 2008 to consummate the voluntary liquidation of the Company. Such
liquidation is subject to, among other things, the approval of the Company's
shareholders. The Company will provide shareholders with further updates as to
the liquidation process, including the time set for an extraordinary meeting of
the Company's shareholders at which the voluntary liquidation will be submitted
to shareholders approval.

In addition, the Company is updating its shareholders that on 14 April 2008 its
shares will be suspended from trading on the AIM, in accordance with the
approvals received by the Company from its shareholders in April 2007 to
classify the Company as an "investing company". Trading in the Company's
ordinary shares will be cancelled by no later than 14 October 2008.

Enquiries

Corfin Communications
Harry Chathli,Neil Thapar                       [phone]

Landsbanki Securities
Simon Bridges,Bertie Clayton                    [phone]


                        



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