Director/PDMR Shareholding

Equest Investments Balkans Ltd
08 October 2007

                                  SCHEDULE 11

    Notification of Transactions of Directors/Persons Discharging Managerial
                      Responsibility and Connected Persons





All relevant boxes should be completed in block capital letters


1  Name of the Issuer                    2  State whether the notification relates to:

                                            (i)                   a transaction notified in accordance with Market
                                            Abuse Rules; (ii) a disclosure made in accordance with section 53 (as
   Equest Investments Balkans Limited       extended by section 64 of the Companies Act 1990) or entered into the
                                            issuer's register in accordance with section 59 of the Companies Act
                                            1990; or (iii) both (i) and (ii).

                                            (i)
3  Name of person discharging managerial 4  State whether notification relates to a person connected with a person
   responsibilities/director                discharging managerial responsibilities/director named in 3 and identify
                                            the connected person
   Petri Karjalainen
                                            N/A
5  Indicate whether the notification is  6  Description of shares (including class) debentures or derivatives or
   in respect of a holding of the person    financial instruments relating to shares
   referred to in 3 or 4 above or in
   respect of a non-beneficial interest     Ordinary Shares

   3
7  Name or registered shareholder(s)     8  State the nature of the transaction
   and, if more than one, member of
   shares held by each of them

   N/A                                      Subscription
9  Number of shares, debentures or       10 Percentage of issued class acquired (treasury shares of that class
   financial instruments relating to        should not be taken into account when calculating  percentage)
   shares acquired
                                            2500 / 17324350 = 0.01%
   2,500
11 Number of shares, debentures or       12 Percentage of issued class disposed (treasury shares of that class
   financial instruments relating to        should not be taken into account when calculating  percentage)
   shares disposed
                                            N/A
   N/A
13 Price per share or value of           14 Date and place of transaction
   transaction
                                            5th October 2007 / London
   £11.70

15 Total holding following notification  16 Date issuer informed of transaction
   and total percentage holding
   following notification (any treasury     5th October 2007
   shares should not be taken into
   account when calculating percentage)

   73,700 or 0.43 %




If a person discharging managerial responsibilities has been granted options by
the issuer, complete the following boxes:


17 Date of grant                                                  18 Period during which or date on which it can be
                                                                     exercised

                                                                     N/A
   N/A
19 Total amount paid (if any) for grant of the option             20 Description of shares or debentures involved
                                                                     (class and number)
   N/A
                                                                     N/A
21 Exercise price (if fixed at time of grant) or indication that  22 Total number of shares or debentures over which
   the price is to be fixed at the time of exercise                  options are held following notification

   N/A                                                               N/A
23 Any additional information                                     24 Name of contact and telephone number for queries

   N/A                                                               Naomi Kora 0207 240 7600









Name and signature of authorised officer of issuer responsible for making notification

____________________________________________________

Date of notification ___________________________________





Notes:           This form is intended for use by an issuer to make a RIS
notification required by (the Market Abuse Rules(1) and) section 53 (as extended
by section 64 of the Companies Act 1990) or entered into the issuer's register
in accordance with section 59 of the Companies Act 1990.



(1)       An issuer making a notification in respect of a transaction relating
to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and
24.



(2)       An issuer making a notification in respect of a derivative relating to
the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14,16,23 and 24.



(3)       An issuer making a notification in respect of options granted to a
director/person discharging managerial responsibilities should complete boxes 1
to 3 and 17 to 24



(4)       An issuer making a notification in respect of a financial instrument
relating to the shares of the issuer (other than a debenture) should complete
the boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.

















This announcement has been issued through the Companies Announcement Service of



                            The Irish Stock Exchange







--------------------------


(1) Please note that the requirement to make a notification under the Market
Abuse Rules does not apply until 1 October 2005. Schedule 11 may be subject to
amendment prior to 1 October 2005 to bring it in line with IFSRA's 'Notification
of Transactions of Directors/Persons Discharging Managerial Responsibility and
Connected Persons' under the Market Abuse Disclosure Rules.




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