Issue of C Shares

The Board  of  Directors  of Impax  Environmental  Markets  plc  (the
"Company") is pleased  to announce that  at an Extraordinary  General
Meeting of  the  Company  held  earlier  today  the  two  resolutions
relating to the issue of C Shares  (the "Issue") by way of a  placing
and offer for subscription and authorising the Company to make market
purchases of its Ordinary Shares were approved by Shareholders.

The Issue has  raised net  proceeds of £58,950,000  for the  Company.
55,341,247 C Shares have  been allotted pursuant  to the Placing  and
4,658,753 C  Shares have  been  allotted pursuant  to the  Offer  for
Subscription, giving  an aggregate  of 60,000,000  C Shares  allotted
pursuant to the Issue. Such allotment is conditional on admission  to
the Official List and commencement of dealings in the C Shares on the
London Stock Exchange, which is expected to take place on 15 November
2005.

The net proceeds of the Issue and the investments made with them will
be accounted for and managed as  a separate pool of assets until  the
date on which 90  per cent. of the  net proceeds have been  invested.
Conversion of  the  C Shares  into  Ordinary Shares  in  the  Company
("Conversion") will take place shortly thereafter.

Investors who have subscribed  for C Shares will  be issued with  one
Warrant for every five Ordinary Shares arising on Conversion. Holders
of existing Ordinary Shares  on the Company's  share register at  the
close of business on the business day prior to the date of Conversion
will also be  issued, at no  extra cost, one  Warrant for every  five
Ordinary Shares then held.


14 November 2005

Enquiries:


Impax Asset Management Limited 020 7434 1122
Ian Simm
Bruce Jenkyn-Jones

Dresdner Kleinwort Wasserstein
Dominic Waters                 020 7475 6688
David Yovichic                 020 7475 7144




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