Share buy backs

The directors are pleased to report that only 1,408,042 of the
Company's shares were repurchased for cancellation at a discount of
3% as a result of its decision to offer this facility in November
2005, which expired on 28 February 2006.  Shareholders have been
rewarded for their confidence in the Company by an appreciation in
the share price of over 12% from 17 November 2005, the date of that
board meeting, to 28 February 2006, which is over 3.5% above the
total return on the FTSE All Share Index for that period.  The share
price has subsequently continued its rise, and the discount to net
asset value as at 24 March 2006 was 2.1%.

The number of shares in issue at the date of this announcement is
25,137,453.




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