Result of Tender Offer

Queen's Walk Investment Limited
28 September 2007

 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR
      INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

                Queen's Walk Investment Limited (the 'Company')

                            Results of Tender Offer

The Company sent a circular (the 'Tender Offer Circular') to Eligible
Shareholders detailing its proposed tender offer to purchase up to 24.99 per
cent. of its Ordinary Shares and thereby to return a maximum of €25 million in
cash to shareholders (the 'Tender Offer').  Definitions used in the Tender Offer
Circular also apply in this announcement.

The Tender Offer closed at 3:00 p.m. on 27 September 2007 and the Company today
announces that in accordance with the terms of the Tender Offer contained in the
Tender Offer Circular dated 13 September, the Strike Price for Ordinary Shares
tendered has been set at €5.55 and tenders for 4,504,500 Ordinary Shares have
been conditionally accepted by the Company. The total consideration
conditionally payable under the Tender Offer is €24,999,975. As the aggregate
value of the Ordinary Shares tendered at, on or below the Strike Price exceeds
€25 million, in accordance with the terms and conditions contained in the Tender
Offer Circular, the tenders have been conditionally accepted in the following
order of priority:

(i) tenders below the Strike Price have been accepted in full; and

(ii) all other tenders which are at the Strike Price have been accepted but have
been scaled back pro rata to ensure that the number of Ordinary Shares that are
repurchased pursuant to the Tender Offer and the aggregate consideration paid to
Shareholders do not exceed the Maximum Number (as defined in the Tender Offer
Circular) and €25 million respectively; and

(iii) tenders made at any price above the Strike Price have been rejected.

The Tender Offer is conditional on the approval of shareholders at the
extraordinary general meeting of the Company to be held at 12.30 p.m. on 8
October 2007 (the 'EGM'). A further announcement will be made after the EGM.



For further information please contact:

Investor Relations:

Caroline Villiers [phone]



About Queen's Walk

Queen's Walk Investment Limited is a Guernsey-incorporated investment company
listed on the London Stock Exchange. The Company's investment objective is to
preserve capital and to provide stable returns to shareholders in the form of
quarterly dividends. To achieve this, Queen's Walk invests primarily in a
diversified portfolio of subordinated tranches of asset backed securities,
including the unrated 'equity' or 'first loss' residual income position
typically retained by the banks or other financial institutions which have
originated the loan assets that collateralise a securitisation transaction. The
Company makes such investments where its investment manager, Cheyne Capital
Management Limited, considers the coupon or cash flows from the investment to be
attractive relative to the credit exposure of the underlying asset collateral.
The Company believes that its investment focus provides equity investors with
exposure to a relatively new investment opportunity in this asset class.


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