First day of dealings

AFC Energy Plc
24 April 2007


24 April 2007


                                 AFC Energy plc

                        ('AFC Energy' or the 'Company')


                    Admission to AIM - First Day of Dealings


The Placing:


   •AFC Energy plc, the low cost alkaline fuel cell company, announces the
    completion of its admission to AIM and that trading in its ordinary shares
    commenced at 8.00am today.


   •Dawnay, Day Corporate Broking (a division of Dawnay, Day Brokers
    Limited), the Company's broker, has placed 13,183,034 new ordinary shares on
    behalf of the Company raising approximately £3 million before expenses.


   •The proceeds of the issue of new ordinary shares will be used to finance
    the working capital requirements for the development of the Company's
    alkaline fuel cell technology.


   •Nabarro Wells & Co. Limited is the nominated adviser to AFC Energy.



Placing statistics:

      +-------------------------------------------------+----------------+
      |Number of Placing Shares                         |    13,183,034  |
      +-------------------------------------------------+----------------+
      |Number of Ordinary Shares in issue following the |    87,682,854  |
      |Placing and on Admission                         |                |
      +-------------------------------------------------+----------------+
      |Estimated net proceeds of the Placing received by|  £2.4 million  |
      |the Company                                      |                |
      +-------------------------------------------------+----------------+
      |Proportion of enlarged issued Ordinary Share     |   15 per cent  |
      |capital the subject of the Placing               |                |
      +-------------------------------------------------+----------------+
      |Approximate capitalisation at the Placing Price  | £20.2 million  |
      |on Admission                                     |                |
      +-------------------------------------------------+----------------+
      |AIM Ticker Symbol                                |           AFC  |
      +-------------------------------------------------+----------------+



AFC Energy:


   •AFC Energy intends to produce clean energy without cost disadvantage


   •The AFC Energy fuel cell is based on proven existing technology, as used
    by NASA in the Apollo space missions, and by the Russian navy.


   •The use of precious metals has been largely eliminated and all materials
    are expected to have at least a 50 year security and multiple source of
    supply

   • The Company's primary route to commercialisation is to provide fuel
    cells to industries that produce hydrogen in large amounts as waste or
    by-product, such as the chlor-alkali industry

   • The Company has already received a contractual purchase order from Akzo
    Nobel under which it expects to deliver its first fuel cells to Akzo Nobel's
    Bitterfeld site during the first quarter of 2008. The Directors believe that
    the AFC Energy fuel cell will have a two year payback for purchasers

   • AFC Energy has improved the processes and reduced the costs and number
    of components required in an alkaline fuel cell

   • The AFC Energy fuel cell is designed to enable rapid construction and
    easy routine maintenance, including individual electrode replacement



Gerard Sauer, Chief Executive, said:


'Following the successful listing of AFC Energy and the recent signing of the
purchase order to supply fuel cells to Akzo Nobel, we will deliver our first
low-cost fuel cell during the first quarter of 2008.


'The IPO of AFC Energy will allow us to develop the electrode and system and to
help accelerate our strategy of looking at other opportunities to locate our
fuel cells at hydrogen sources.


'The Company has a sole focus on producing commercially viable fuel cells.
Through the work with our existing customer we have proven that clean energy can
be produced without cost disadvantage.'



For further information please visit www.afcenergy.com or contact:

AFC Energy plc                            01483 276 726
Gerard Sauer, Chief Executive

Nabarro Wells & Co. Limited               020 7710 7400
Richard Swindells / Anthony Rowland

Dawnay, Day Corporate Broking             020 7070 5659
David Banks

Madano Partnership                        020 7593 4000
Mark Way / Graham Moonie





                         Information on AFC Energy plc


Introduction


AFC Energy is engaged in the design and development of alkaline fuel cells and
improving the processes and reducing the costs and number of components required
for their manufacture.


The Company's proprietary technology, which has been under development for over
six years, has already achieved some important milestones in its development,
including the proof of concept on the operation of its electrode.


AFC Energy's initial path to market has been focussed on those industries
producing hydrogen as a waste or excess by-product. The Company signed a
memorandum of understanding with Akzo Nobel in late 2006, which the Directors
believe provides the basis for a long-term relationship and under which AFC is
receiving deposits in respect of fuel cells to be delivered.


Pursuant to the memorandum of understanding, the Company received a contractual
purchase order from Akzo Nobel in March 2007 under which the Company will
deliver its first fuel cells to Akzo Nobel's Bitterfeld site during the first
quarter of 2008.


A system expansion study towards developing a 200kW system is due to be
completed by the second quarter of 2009, in collaboration with Akzo Nobel
personnel.


AFC Energy's focus is not to re-invent alkaline fuel cell technology but to
reduce significantly the cost of manufacture, and therefore the payback period
to within a normal commercial timeframe, and to increase the reliability and
serviceability of alkaline fuel cells through the application of cost
engineering, design and technology development processes.


The Directors believe that a significantly shorter payback period and a
guaranteed working lifetime, are essential features to enable a fuel cell
technology to compete with the cost of conventional energy generation
alternatives.


Alkaline fuel cell technology is an existing and well defined technology that is
already used in military and space applications.


Board of Directors


Tim Yeo - Non-executive Chairman (Aged 62)


Tim Yeo has been Member of Parliament for South Suffolk since 1983. Prior to
1997 he served as a Minister in the Conservative Government, latterly as
Minister of State for the Environment. Between 1998 and 2005 he was a member of
the Shadow Cabinet, and since 2005 he has been Chairman of the Environmental
Audit Committee.


He is Chairman of Univent plc, a nursing home operator, and a director of ITI
Energy Limited, which supplies gasifiers.



Gerard Sauer, Ing-MVT - Chief Executive Officer (Aged 61)


Having been educated and trained in both Holland and Germany, Gerard established
a prototype

engineering business in the UK in 1971, working exclusively in the motor sport
arena. During the latter part of the 1980s an increasing amount of design and
development work involved integrating advanced drive systems and fuel cell based
integration work.


Gerard worked increasingly on development and design work in the fields of SOFC,
PEM and alkaline fuel cell system integration involving cars, vans, buses, boats
and static generators.


From 2001 onwards, Gerard instigated and led Eneco's ''Own Electrode Project''
to establish the creation of a real world low-cost electrode and fuel cell
system.


Howard White - Business Development Director (Aged 53)


Howard founded AFC Energy in January 2006 for the purpose of purchasing the
alkaline fuel cell assets of Eneco Limited. He has extensive experience in the
ownership and management of businesses in the manufacturing, leisure and
technology sectors.


Howard's achievements of note include taking a stake in the engineering company
Christy Hunt plc, acquiring Deritend Stamping plc and taking responsibility for
group operations before selling to Triplex Lloyd PLC. He has also been
responsible for the reorganization (under Chapter 11 of the US Bankruptcy Code)
of Solitron Devices Inc., a New York Stock Exchange listed company.


He was an executive director of Stanelco plc for several years and was latterly
Managing Director.


Simon Walters, ACA - Finance Director (Aged 44)


Simon qualified as a chartered accountant in 1986 and joined the corporate
finance department of Stoy Hayward. In 1990, he left to join Fuller Peiser, a
national property consultancy, as Finance Partner where he stayed for two years
before becoming Finance Director of the privately-held Molyneux property group,
whose interests included 52 per cent. of USM-listed Molyneux Estates plc.


In 1997, he became Finance Director of the operating companies of Shani, a
fully-listed UK clothing manufacturer with operations in the UK and Eastern
Europe. In 1999, Simon became Finance Director of Wood Hall Securities, a
private equity group with funds invested in a range of private high-growth
businesses and a significant property portfolio. Simon has also been a
Non-Executive Director of Bilston & Battersea Enamels plc. Simon is currently
managing director of FD Solutions and since 2003 has provided finance director
services to listed and unlisted companies in various sectors.


Brian Wilson - Non-executive Director (Aged 58)


Rt Hon. Brian Wilson is a Privy Councillor and former UK Energy Minister who was
a Member of

Parliament from 1987 to 2005. In all, he held five Ministerial posts and
latterly acted as the Prime

Minister's Special Representative on Overseas Trade. Since leaving politics, he
has maintained a strong interest in the energy sector on which he writes and
broadcasts extensively, as well as holding several non-executive positions.
Brian lives in Glasgow where he is a director of Celtic Football Club.


Dr Michael Mangan - Non-executive Director (Aged 65)


Michael has a PhD in plasma behaviour in very high current electrical discharges
from the University of Liverpool. He has extensive experience of electricity
application projects for electric road vehicles gained from work at the
Electricity Council, Lucas and more latterly Chloride Silent Power (CSPL), which
he joined in 1986 as team leader for the US DOE sponsored sodium sulphur battery
development programme. Michael joined the fuel cell company Zevco (later ZeTek
Power plc) in 1998 as General Manager, based in Belgium and transferred to the
Fuel Cell Systems subsidiary of ZeTek Power plc in 2000 as technology director,
responsible for the development of operational fuel cell systems and third party
training programmes.


Following the closure of ZeTek Power plc in 2001, he continued with similar work
for Eneco.


Harry Epstein - Non-executive Director (Aged 46)


Harry is the VP - Innovations for Havi Global Solutions, the provider of
packaging, promotions and supply chain management globally to some of the
world's leading brand owners in the food service industry.


Harry has been responsible for leading major brands into a sustainable solution,
not only for packaging but sustainable architecture and energy, and has advised
and developed proposals for creating as comprehensive a carbon neutral footprint
in all areas as is feasible. Harry sits on various committees associated with
environmentally responsible solutions. Harry has over 18 years of senior
management experience, most of the time spent in the telecommunications and
computer industries.



History and Background


AFC Energy was incorporated in January 2006 to purchase certain assets relating
to alkaline fuel cell technology and know-how from Eneco and subsequently raised
£1.4 million from private investors to fund the initial working capital
requirements of the Company and has since raised a further £1.0 million.


Since the late 1990s Eneco had engaged in the integration of advanced energy
systems in vehicles, which included fuel cell applications in vehicles and boats
under the direction of AFC Energy's now CEO, Gerard Sauer, and Chief Technical
Officer, Otto Carlisle. From 2000 to 2002, this work was extended to include the
design and manufacture of the core systems for the same applications,
culminating in late 2002 in a programme dedicated to the design of, and the
manufacturing processes required, for the production of fuel cell electrodes.


Eneco adopted a dual strategy with a main team focussed on the production of a
less expensive

conventional three-part electrode, while at the same time a second team of
scientists and production engineers pursued a more radical step change in cost
engineering that resulted in the invention of a new methodology of producing
both an electrode and a fuel cell system.


Despite considerable technical success, Eneco decided to concentrate on bringing
hybrid power systems to market and in 2004 and 2005 it significantly reduced its
research and development expenditure in relation to the second part of its dual
strategy, the electrode and fuel cell system. In September 2005, Howard White
was introduced to Eneco and in January 2006 concluded negotiations to purchase
the know-how related to the fuel cell cost engineering from Eneco.



AFC Energy's Objectives


AFC Energy's principal objective is to position itself to develop and produce an
alkaline fuel cell system at a significantly lower cost than any other fuel cell
system and at a commercially acceptable price point.


The development history of the Company's technology outlined above, which
includes over six years of fuel cell design and integration work, has, in the
opinion of the Directors, resulted in the development of considerable
proprietary know-how in respect of which five patent applications have been
submitted covering the electrode and other features of the system and
manufacturing processes. It is intended that a number of other patents will be
prepared in due course to protect various innovative aspects that are being
developed.


The Company's technical strategy is to develop the electrodes into a full
high-volume production product. The chosen power density is set at 100mA per
cm2. The entire work package associated with this strategy is focussed on low
waste and high quality in volume production, using automotive OEM design and
development principles.


The Directors believe that AFC Energy is well placed to achieve the principal
objective described above and the Company has already achieved a number of
critical steps towards the goal of designing and developing an affordable and
commercialisable fuel cell technology as follows:


(i) The invention and development of an electrode that is capable of being
produced at a very low cost when compared to other fuel cell electrodes.


Conventional electrodes for use in alkaline fuel cells typically cost in excess
of $1,400/kW to produce. It is estimated by the Directors that AFC Energy's 
electrode - anode and cathode combined - will cost less than $100/kW to produce 
at a production rate of 1,000kW per annum.


The AFC Energy electrode has been operated under half cell conditions in excess
of 3,000 hours without significant degradation in performance. In addition, the
Company has operated both anode and cathode separately and in full-cell
configuration. All of these tests have been carried out using transient and
constant load conditions and a number under working temperature conditions. To
validate and verify independently the work carried out in the Company's
laboratory, certain of Surrey University's facilities and personnel are employed
to run parallel tests.


(ii) The design of a simpler, significantly lower cost alkaline fuel cell system
with a new concept in balance of plant design, eliminating the 'stack' and 
including an integrated electrode ensemble, that substantially reduces the 
number of components. The Directors believe that this will enable rapid 
construction, easy routine maintenance, including individual electrode 
replacement, and much reduced balance of plant.


(iii) The establishment of a team of scientists and engineers in laboratory and
office premises in Dunsfold Park, near Guildford, Surrey. A collaboration 
agreement has been signed with Surrey University and there are currently two 
students working to validate and verify the Company's results.


(iv) Establishment of a milestone-based programme towards further refinement of
the electrode and production of the first prototype 3.5kW fully functional
system followed by a 50kW system.


(v) The Company signed a memorandum of understanding with Akzo Nobel, which the
Directors believe provides the basis for a long-term relationship and requires
the payment of deposits in respect of fuel cells to be delivered. Pursuant to
the memorandum of understanding, the Company has received a contractual purchase
order from Akzo Nobel under which the Company will deliver its first fuel cells
to Akzo Nobel's Bitterfeld site during the first quarter of 2008.


AFC Energy has developed technologies that use non-precious metals as their core
component and has so far filed five patent applications to protect its IP,
concerning the design of the electrode and the new low cost alkaline fuel cell
system and is preparing further patent applications. The Company will also seek
to improve the robustness of its IP claims as the patent applications progress
towards grant.


The System


AFC Energy's approach to the design of its complete system is to reduce costs
further.


By utilising production engineering processes in existence and developed by the
team together with the novel processes for which patents have been filed, AFC
Energy aims to produce an alkaline fuel cell system at a fraction of the cost of
other systems.


Professor Keith Scott of Knowledge House of The University of Newcastle upon
Tyne states that ''The components of the AFC Energy cell stack are produced by
known low cost manufacturing routes: electro-less deposition, evaporation,
electroplating and spraying.


'However, what can be said about the AFC Energy technology, is that with the
cost savings of the AFC cell stack the system costs should be less than $100/kW
and meet many of the targets for residential and light commercial markets.'


In addition, the Directors believe that the ability to replace individual
electrodes at minimal cost will provide a new dimension to the life of alkaline
fuel cell systems.


The dramatic decrease in estimated costs is anticipated to result not only from
a far less expensive replaceable electrode but also from:


   • a substantially reduced number of components in the system ('balance of
    plant')


   •designing the stack and system in such a way that uses materials that no
    longer have to cope with high temperatures or pressurised environments


   •operation of the electrodes in parallel using bi-polar cell arrangement
    rather than in series, thereby allowing individual electrodes rather than
    the whole stack (as in conventional systems) to be replaced


   •eliminating the need for a nitrogen pacification system in order to shut
    the system down


   •minimal abrading of the catalyst as a result of the dry-side electrode
    noted above


   •the unique water management system noted below


   •the depression-based pressure differentiation system explained below


AFC Energy is targeting to produce a 3.5 kW system at a cost of below £2,000
($4,000), based upon a production rate of 1,000 kW per annum. Five patents have
been applied for in relation to the system, including:


(i) Unique water management


All hydrogen fuel cells produce water as a by-product of the electrochemical
reaction.


This is unavoidable, but what one does with the water greatly influences the
reliability and continuous operation of the system and the life and efficiency 
of the electrodes.


Through the unique properties of AFC Energy's electrode, the water produced at
the active surface is drawn into the liquid electrolyte. By regulating the boil
off rate in the air stream, in conjunction with the water production rate into
the electrolyte, it is possible over a large range of operating conditions to
have a water neutral balance in the system. The electrolyte is kept at its peak
concentration throughout a wide operating range and the balance of plant
requirements to maintain water balance are reduced.


(ii) Depression-based pressure differentiation


In order to circulate the electrolyte, a pump is normally used in an alkaline
fuel cell system. In the AFC Energy system this pump has been replaced with a 
vacuum and circulatingcombined unit. This allows the pressure differential 
between the compartments to be set at the required values without resorting to 
additional pumps and valves to achieve this. This saves not only several 
components in the system but also greatly reduces the energy required to create 
pressure differential and gas supplies to the cell units. In addition, the 
depression-based system uses less auxiliary energy, and reduces the possibility 
of leaks, hence improving safety.


(iii) Replaceable electrode design


One significant aspect of the new fuel cell technologies is that of stack and
electrode life expectancy. In the recent past this has meant that the cells must
be capable of producing power for at least 20,000 hours to be a useful, cost
effective appliance. AFC Energy's approach has been to invent a new system
configuration that combines the electrodes, stack and system into one single
assembly but allows for individual electrodes to be replaced without replacing
the entire stack.


The low cost of AFC Energy's electrodes is anticipated to contribute to an
intermediate solution to life expectancy problems since the replacement costs 
are so low that it should not materially alter the running costs of the system 
over a period of around two or three years.


Technological Milestones to Date


The following milestones have been achieved over the past three years:


(i)    Designed and developed a new substrate material for the use in alkaline 
       fuel cells

(ii)   Radically reduced the number of parts needed to operate a fuel cell 
       (the balance of plant)

(iii)  Changed the whole concept of the stack and system design into a single 
       all-encompassing unit

(iv)   Tested and verified the half-cell design of the new electrode to over 
       3,000 hours

(v)    Designed a new control system for electrode optimisation

(vi)   Eliminated the need for a nitrogen pacification system

(vii)  Designed a new voltage monitoring system



AFC Energy's Proposed Technological ''Milestones''


The six new milestones that the Company is aiming to achieve, and to have
independently verified by the team at Surrey University, are as follows:


(i) Small-scale single cell 500 hours operation May 2007

(ii) First scaled single cell operation August 2007

(iii) Scaled single cell 500 hours operation October 2007

(iv) First prototype system operation January 2008

(v) System operation 500 hours February 2008

(vi) Delivery of multiple systems to customer August 2008



Business Model and Relationships


AFC Energy envisages that it will eventually license its technology to third
parties worldwide after it has progressed the Akzo Nobel relationship. This may
be through licenses to produce the bare electrodes or complete alkaline fuel
cell systems.





Akzo Nobel agreement


In late 2006 the Company concluded a memorandum of understanding with Akzo
Nobel. Under the terms of the agreement, Akzo Nobel will test AFC Energy's
low-cost hydrogen fuel cell technology at its Bitterfeld site in Germany to
generate clean energy from the substantial quantity of hydrogen that is
currently produced as a by-product at chlorine production plants.


Pursuant to the memorandum of understanding, the Company has received a
contractual purchase order from Akzo Nobel under which the Company will deliver
its first fuel cells to Akzo Nobel's Bitterfeld site during the first quarter of
2008.


A system expansion study towards developing a 200kW system is due to be
completed by the second quarter of 2009, in collaboration with Akzo Nobel
personnel.


The Directors believe that the amounts of available waste hydrogen in the global
chlor-alkali industry could support approximately 3,000 MW per annum of
generating capacity, representing a potential market of approximately £1
billion.


Knut Schwalenberg, General Manager Chlor-Alkali of Akzo Nobel stated: ''The
Chlor-Alkali industry is energy intensive, so improving energy efficiency is a
top priority to keep the processes sustainable. Huge amounts of hydrogen are
produced in the electrolysis process as by-product of chlorine and caustic lye.


'The immediate conversion of this hydrogen into electricity, based on locally
installed fuel cells, and the use of this electricity back in the electrolysis
process would create an ideal loop. Akzo Nobel regards the technology of AFC
Energy as promising and we are looking forward to the results of the
cooperation.''


The Directors also anticipate that AFC Energy may enter into joint ventures
internationally to develop further and manufacture electrodes and systems as
well as to achieve market penetration and after sales support. The supply of
replacement electrodes is likely to become a significant source of revenue.


Other applications


In addition, there are numerous other potential applications for AFC Energy's
systems, which include:


(i) Domestic and light industrial power supply


A 3.5 kW system would provide sufficient electricity to supply the needs of an
average three bedroom house. Such a domestic unit would be approximately the 
same size as a typical white goods appliance such as a dishwasher, tumble drier 
or washing machine. Larger systems, of up to 50 kW, are envisaged to supply 
electricity to clusters of houses, offices, industrial or retail units.



(ii) Marine

Alkaline fuel cells are unique in that they are the only fuel cells that can
generate efficiently in saltwater environments. This makes them particularly 
well suited for use in marine applications such as auxiliary generators on 
yachts where quiet, clean operation would be a considerable advantage over 
diesel generators.


(iii) Quiet generation

AFC Energy envisages significant demand from consumers such as hospitals and
film producers for quiet electricity generation.


(iv) Zero emission generation

In addition to the environmental benefits of the zero emission generation of
electricity there is anticipated to be a requirement and demand from hospitals, 
mines and other industries for zero emission generation.


(v) Remote locations

Alkaline fuel cells are ideally suited to provide electricity in remote
locations with either permanent or mobile generators. Of particular interest is 
their application in low temperature zones because the electrolyte allows for a 
quick start up in low temperatures as the freezing point of KOH is well below 
zero. At 6.6 Molar the freezing point of KOH is estimated to be 34 degrees C 
below zero. In other types of fuel cell the water produced in the system could 
freeze, thereby stopping catalytic action at the active surface and ultimately 
causing electrode damage.


(vi) Emergency/back-up supply

Alkaline fuel cells are also ideally suited to provide emergency or back-up
power supplies for applications such as telephone exchanges and mobile phone 
masts. Their rapid start-up capability, ability to run for indefinite periods, 
lack of bulk compared to conventional battery back-up and long service life make 
them especially attractive.


(vii) Military operations

The low heat profile of alkaline fuel cells, coupled with zero emissions and
quiet operation, make them particularly suitable for stealth operations.


Alkaline fuel cells are best suited to applications that require constant power
supply, rather than applications such as motor vehicles which require variable 
supply. The Directors believe that the design and development of AFC Energy fuel 
cells will follow a logical path, as follows:


   •3.5 kW fuel cell - to form the basis for both industrial and domestic
    applications


   •50 kW fuel cell - will form the basis for mini-grid and industrial
    applications


All aspects of the Company's commercial strategy specifically exclude potential
financial benefits such as any governmental grants or subsidies, carbon credits
or Renewable Obligation Certificates (ROCs).



Intellectual Property


The Company has made the following patent applications in respect of its novel
electrode and cost engineered fuel cell system.


Ref Number Status Filed Descriptive Title

GB 06 08440.4 Application 27 April 2006 Microprocessor control

PCT/GB2007/050104 Application 6 March 2007 Hydrophilic electrode

PCT/GB2007/050105 Application 7 March 2007 Negative pressure

PCT/GB2007/050106 Application 7 March 2007 Releasable electrodes

PCT/GB2007/050117 Application 9 March 2007 Master/slaves control


Search reports have been received from the UK Patent Office in respect of all of
the applications and the Company has obtained a patentability search and review
from an independent patent agent, IP Solutions, in respect of all five patent
applications.


Reasons for the Placing and Use of Proceeds


The Company is seeking admission to AIM in order to access a broader investor
base and to provide access to equity capital markets.


The proceeds of the Placing will be used to finance the working capital
requirements for the development of the company's alkaline fuel cell technology
and to fund the Company's admission to AIM as detailed below:

+-------------------------------------------+------------+
|Use of proceeds                            |£ million   |
+-------------------------------------------+------------+
|Electrode manufacturing development        |      0.84  |
+-------------------------------------------+------------+
|System manufacturing development           |      1.13  |
+-------------------------------------------+------------+
|Commercialisation                          |      0.10  |
+-------------------------------------------+------------+
|Working Capital & Corporate costs          |      0.36  |
+-------------------------------------------+------------+
|Admission costs                            |      0.60  |
+-------------------------------------------+------------+
|                                    Total  |      3.03  |
+-------------------------------------------+------------+


                                    - Ends -


Nabarro Wells & Co. Limited ('Nabarro Wells') and Dawnay, Day Corporate Broking
('Dawnay, Day') are each authorised and regulated by the Financial Services
Authority and are each acting exclusively for the Company and no-one else in
connection with the Placing and Admission. Neither Nabarro Wells nor Dawnay, Day
will regard any other person (whether or not a recipient of this document) as
its customer or be responsible to any other person for providing the protections
afforded to their customers nor for providing advice in relation to the
transactions and arrangements detailed in this document. Nabarro Wells'
responsibilities as the Company's nominated adviser under the AIM Rules are owed
solely to the London Stock Exchange and are not owed to the Company or to any
Director or to any other person in respect of his decision to acquire shares in
the Company in reliance on any part of this document. Neither Nabarro Wells nor
Dawnay, Day is making any representation or warranty, express or implied, as to
the contents of this document.


The Company has issued an Admission Document in connection with the admission of
its ordinary shares to trading on AIM. Copies of the Admission Document are
available free of charge to the public on any weekday during normal office hours
(Saturdays, Sundays and public holidays excepted) at the offices of Nabarro
Wells, at Saddlers House, Gutter Lane, London EC2V 6BR and at the offices of
Eversheds LLP, Solicitors, 85 Queen Victoria Street, London EC4V 4JL until at
least one month from the date of this announcement.


This announcement does not constitute, or form part of, the placing or any offer
or invitation to sell or issue, or any solicitation of any offer to subscribe
for any ordinary shares in any jurisdiction, nor shall this announcement or any
part of it, or the fact of its distribution, form the basis of, or be relied
upon in connection with, or act as an inducement to enter into, any contract or
commitment whatsoever with respect to the placing or otherwise. No reliance may
be placed for any purpose whatsoever on the information contained in this
announcement or on its completeness.



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