On 10 June 2005 the Company announced the opportunity for Existing Warrantholders to exchange their current holding of Existing Warrants for an appropriate holding of New Warrants to subscribe for shares in the Company at a price of 100p each until 31 December 2009.

As at the close of the Warrant Exchange Offer at 3.00pm on 28 June 2005, valid applications for New Warrants had been received in respect of 4,070,170 Existing Warrants equating to 3,591,209 New Warrants. This represents a take-up of approximately 76.3 per cent based on the Existing Warrants equating to 92.6 per cent of the New Warrants available under the Warrant Exchange Offer.

Application has been made to the London Stock Exchange for the New Warrants to be admitted to trading on AIM and it is expected that dealings will commence in the new Warrants at 8.00am on 30 June 2005 and that CREST accounts will be credited on that date.