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Microcap Equities PLC (MEQ)

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Thursday 28 September, 2006

Microcap Equities PLC

Interim Results


                        Embargoed for release at 7.00 a.m. on 28 September 2006

                       Microcap Equities Plc ("Company")                       

          Interim results for the six month period ended 30 June 2006          

Chairman's statement

I am pleased to present the unaudited interim results of the Company for the
six month period ended 30 June 2006, which show an operating loss of £30,000, a
44 per cent. reduction compared to the same period last year (2005: £54,000).

The Company has an investment portfolio of eight shareholdings, three of which
are quoted on AIM. The Company has not been able to continue the development of
its investment strategy because of the illiquid nature of its portfolio and its
inability to raise significant further funding. It is therefore exploring how
additional funding may be raised. If the Company does raise funds in excess of
£300,000 from private sources, it will, in accordance with the undertaking
which I gave to shareholders on 13 February 2006, make an open offer equal to
the amount raised.

The directors have kept overheads to the minimum required to maintain the
Company's quotation on AIM.

Nicolas Greenstone
Chairman
28 September 2006


Profit and Loss Account
for the six months ended 30 June 2006

                                             6 months     6 months         Year
                                                ended        ended        ended
                                              30 June      30 June  31 December  
                                                 2005         2005         2005  
                                                                           
                                          (unaudited)  (unaudited)    (audited)   
                                                                      
                                                £'000        £'000        £'000
 
Turnover                                            -            3            -
                                                                               
Administrative expenses                          (30)         (60)        (183)
                                                                               
Operating loss                                   (30)         (57)        (183)
                                                                               
Amounts written off investments                     -            3         (98)    
                                                                               
Interest receivable                                 -            -           -
                                                                               
Loss on ordinary activities before               (30)         (54)        (281)
taxation                                                                       
                                                                               
Tax on loss on ordinary activities                  -            -            -
                                                                               
                                                                               
Loss on ordinary activities after                (30)         (54)        (281)
taxation and Retained loss for the                                             
period                                                                         
                                                                               
Loss per ordinary share                       (0.01p)      (0.11p)      (0.06p)
                                                                               
                                                                               
The profit and loss account has been prepared on the basis that all operations
are continuing operations. All recognised gains or losses are dealt with
through the profit and loss account or statement of recognised gains and
losses.

Balance Sheet
as at 30 June 2006

                                               30 June     30 June  31 December 
                                                  2006        2005         2005 

                                           (unaudited) (unaudited)    (audited)

                                                 £'000       £'000        £'000
Fixed assets                                                                   
                                                                               
Investments                                        156         229          156
                                                                               
Current assets                                                                 
                                                                               
Debtors                                             52         118           51
                                                                               
Cash at bank and in hand                             2          37           15
 
                                                    54         155           66
                                                                               
                                                                                                                
Creditors: amounts falling due within one        (145)        (81)        (127)
year                                                                           
                                                                                                                
Net current assets/(liabilities)                  (91)          74         (61)
                                                                               
                                                                               
Total assets less current liabilities               65         303           95
                                                                               
                                                                               
Net assets/(liabilities)                            65         303           95
                                                                                                     
Capital and reserves                                                           
                                                                               
Called up share capital                          1,116       1,116        1,116
                                                                               
Share premium                                    3,313       3,321        3,313
                                                                               
Profit and loss account                        (4,364)     (4,134)      (4,334)
                                                                               
Equity shareholders funds                           65         303           95
                                                                               
                                                                               
Cash Flow Statement
for the six months ended 30 June 2006

                                        6 months ended         6 months ended     
                                         30 June 2006           30 June 2005      
                                          (unaudited)            (unaudited)      
                                                                               
                                        £'000     £'000       £'000       £'000
                                                                               
                                                                               
Net cash (outflow)/inflow from                                             
operating activities                                (45)                    (49)
         
Sale of investments                         -                    78            
                                                                               
                                            -                                78
                                                                               
Increase/(Decrease) in cash                         (45)                     29

Notes to the Interim Results

 1. The interim results are unaudited and do not constitute statutory accounts
    within the meaning of section 240 of the Companies Act 1985. The figures
    for the year ended 31 December 2005 have been extracted from the statutory
    accounts filed with the registrar of companies on which the auditors gave
    an unqualified report.
   
 2. The interim results have been prepared using the accounting policies set
    out in the statutory accounts for the year ended 31 December 2005.
   
 3. The comparative figures for the unaudited interim results for the period
    ended 30 June 2005 are stated as announced on 27 June 2006.
   
 4. Loss per share
   
    The earnings per share for the six months ended 30 June 2006 has been
    calculated on the basis of the loss after taxation for the period of £30,000
    (2005: £54,000) and the weighted average number of shares in issue during the
    period of 47,623,600 (2005: 47,623,600).

 5. Copies of the interim results will be available at the registered office of
    the Company, 14th floor, 55 Bryanston Street, London W1H 7AA.
   
 6. The directors do not propose to pay a dividend for the period.
   

                                                                                                        

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