Further Re-Organisation

Equest Investments Balkans Ltd
25 April 2008






                                                 COMPANY ANNOUNCEMENT


                                      For Immediate Release                 25th April 2008


                                          Equest Investments Balkans Limited

                                             (the 'EIB' of the' Company')
                                      Re:  Further Reorganisation of the Company





The Board of EIB announces that, at the General Meeting held earlier today in
connection with the recommended proposals for the reorganisation of the
management structure of the Company, amendments to the articles of association
and disapplication of pre-emption rights (as described in the Circular to
shareholders dated 28 March 2008), the following resolutions were all duly
passed:


Resolution 1:        to (i) approve the Proposals, (ii) grant authority to the Board to allot and
                     issue the Consideration Shares, (iii) grant authority to the Board to allot and
                     issue any Ordinary Shares upon exercise of the Warrants, (iv) grant authority to
                     the Board to allot and issue any Ordinary Shares under the LTIP and (v) agree
                     that ECL shall be deemed in respect of any issues of new Ordinary Shares to hold
                     its then shareholding in the Company plus the Consideration Shares and the
                     Ordinary Shares to be issued upon exercise of the Warrants;


Resolution 2:        to approve the removal of restrictions on the Company's investing strategy;


Resolution 3:        to approve the amendments to the Articles and disapplication of pre-emption
                     rights over 1,826,589 Ordinary Shares (being 10% of the total number of
                     currently issued Ordinary Shares together with the Consideration Shares); and


Resolution 4:        to approve the proposed unconditional changes to the Articles.



Upon implementation of the Proposals (which would take effect only upon
delisting of the Company's Ordinary Shares from the Irish Stock Exchange (the '
ISE')), the Company would no longer have an investment manager within the
meaning of the ISE rules regulating Investment Funds. Accordingly,
implementation of the Proposals remains conditional on the delisting of the
Ordinary Shares from the ISE.



It is currently expected that the delisting of the Company's Ordinary Shares
from the ISE will take place during July 2008.  The Ordinary Shares will
continue to be admitted to trading on AIM.



The changes to the Articles approved as part of Resolution 4 have become
effective.



The definitions used in this announcement are the same as the ones used in the
Circular.

For further information:


Equest Partners Limited                             Petri Karjalainen             [phone]

                                                    Naomi Kora


Financial Dynamics                                  Ed Gascoigne-Pees             [phone]

                                                    David Cranmer


Collins Stewart Europe Limited                      Hugh Field                    [phone]







Collins Stewart Europe Limited ('Collins Stewart') which is regulated and
authorised by the Financial Services Authority and is a member of the London
Stock Exchange, is acting exclusively for the Company and no one else in
connection with the Proposals and Associated Changes.  Collins Stewart will not
regard any other person as its customer nor be responsible to any other person
for providing the protections afforded to customers of Collins Stewart nor for
providing advice in relation to the transactions and arrangements detailed in
this document.













This announcement has been issued through the Companies Announcement Service of

                            The Irish Stock Exchange








                      This information is provided by RNS
            The company news service from the London Stock Exchange   D

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