Net Asset Value(s)

Tuesday 23 November 2010



Net asset value update - 22 November 2010

Since  the  Company  issued  its  annual  report for the year ended 30 September
2010, the  portfolio performance has been such  that an interim valuation update
is deemed appropriate.

                                      22 November 2010 30  September 2010 Change
                                                                               %

Trading portfolio value                         £9.35m             £4.57m   104%

Company asset value net of debt                 £9.37m             £4.19m   122%

Net asset value - fully diluted per        25.09 pence        11.28 pence   122%
share

Share price - mid                          14.75 pence         7.75 pence    90%

Share price discount to fully diluted           41.20%              31.3%
net asset value

Market capitalisation                           £4.95m             £2.84m    74%



Unless  otherwise stated,  all valuations  are based  on the  closing market bid
prices or lower directors' valuation as described in the 2010 annual report.

The  next valuation update will be as  at 10 December 2010, or earlier if values
change significantly.

 R Bruce Rowan

 Chairman & Chief Executive

 23 November 2010




Enquiries to:

Bruce   Rowan,   Chairman   020 7486 3997 or   John  Watkins,  Finance  Director
07768 512404; [e-mail]

Gerry Beaney, Colin Aaronson or David Hignell - Grant Thornton Corporate Finance
020 7383 5100
                       






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