Result of EGM

Further  to  the  Company's  announcement  dated  15  February   2006
regarding the requisition of an EGM by J M Finn Nominees Limited  and
David Floyd (the  "Requisitionists"), the Company  announces that  it
has today held the EGM.

The resolutions proposed in the EGM notice were as follows:

1. That Dimitri Dimitriou be and hereby is appointed as a Director of
the Company;

2.  That Nishith Malde  be and hereby is  appointed as a Director  of
the Company;

3.  That Victor Noel Beamish be  and hereby is removed as a  Director
of the Company;

4.  That Angus George Patrick Forrest  be and hereby is removed as  a
Director of the Company;

5.  That any person appointed to  the Board after 27 January 2006  is
removed from the Board of the Company.

Resolutions 1 and 2 were not capable of being put to the meeting  for
a vote, as Mr Dimitriou and Mr Malde had not complied with the notice
requirements in Article 106 of the Company's Articles of  Association
for appointment of Directors.  It was contrary to the constitution of
the Company to put Resolutions  1 and 2 to  the meeting and this  was
not capable of waiver and consequently not voted upon.

Resolutions 3 and 4, the removal of Victor Beamish and Angus  Forrest
as Directors of the Company, were passed.

As a result the sole continuing Director, Mr Simon Bennett, will seek
to appoint  an  additional  Director  or  Directors  as  soon  as  is
practically possible.   A further  announcement will be  made in  due
course.

Resolution 5  was not  relevant  nor voted  upon,  as no  person  was
appointed to the Board of the Company since 27 January 2006 and prior
to the EGM.

For further information:

Bishopsgate                                            Communications

        020 7430 1600
Maxine Barnes




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