Final Results -8-

+-------------------------------+-----------+-------------+-+---------------+-+-------------+-+-------------+-+---------------+-+-------------+ 
| Share premium                 |           |           - | |               | |             | |      31,416 | |               | |             | 
+-------------------------------+-----------+-------------+-+---------------+-+-------------+-+-------------+-+---------------+-+-------------+ 
| Special reserve               |           |      11,408 | |               | |             | |           - | |               | |             | 
+-------------------------------+-----------+-------------+-+---------------+-+-------------+-+-------------+-+---------------+-+-------------+ 
| Equity shares to be issued    |           |           - | |               | |             | |         175 | |               | |             | 
+-------------------------------+-----------+-------------+-+---------------+-+-------------+-+-------------+-+---------------+-+-------------+ 
| Own shares reserve            |           |       (140) | |               | |             | |           - | |               | |             | 
+-------------------------------+-----------+-------------+-+---------------+-+-------------+-+-------------+-+---------------+-+-------------+ 
| Reserve for exchange          |           |      13,252 | |               | |             | |       2,745 | |               | |             | 
| differences on translation of |           |             | |               | |             | |             | |               | |             | 
| foreign operations            |           |             | |               | |             | |             | |               | |             | 
+-------------------------------+-----------+-------------+-+---------------+-+-------------+-+-------------+-+---------------+-+-------------+ 
| Retained earnings             |           |     (2,744) | |               | |             | |     (2,387) | |               | |             | 
+-------------------------------+-----------+-------------+-+---------------+-+-------------+-+-------------+-+---------------+-+-------------+ 
|                               |           |             | |               | |             | |             | |               | |             | 
+-------------------------------+-----------+-------------+-+---------------+-+-------------+-+-------------+-+---------------+-+-------------+ 
| Total equity                  |           |      48,836 | |               | |             | |      58,691 | |               | |             | 
+-------------------------------+-----------+-------------+-+---------------+-+-------------+-+-------------+-+---------------+-+-------------+ 
 
 
The financial statements were approved by the Board of Directors on 24 March 
2009 and signed on its behalf by: 
 
 
 
 
+------------------------------------------+-----------------------------+-----------------------------+ 
| Christian Williams                       | Keith Springall             |                             | 
+------------------------------------------+-----------------------------+-----------------------------+ 
| Chairman                                 | Directo                     |  Date: 24 March 2009        | 
+------------------------------------------+-----------------------------+-----------------------------+ 
 
 
 
 
CONSOLIDATED CASH FLOW STATEMENT 
for the year ended 31 December 2008 
 
 
+-----------------------------------------+-----+-----------------+--+----------------+ 
|                                         |     |      Year ended |  |     Six months | 
|                                         |     |                 |  |          ended | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
|                                         |     |     31 December |  |    31 December | 
|                                         |     |            2008 |  |           2007 | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
|                                         |     |         GBP'000 |  |        GBP'000 | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Operating activities                    |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Operating loss                          |     |           (284) |  |          (426) | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Investment revenues                     |     |             729 |  |            727 | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Taxation                                |     |           (284) |  |          (380) | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Profit/(loss) after tax                 |     |             161 |  |           (79) | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
|                                         |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Adjustments for:                        |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Depreciation                            |     |           1,433 |  |              3 | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Impairment of investment property       |     |             499 |  |             75 | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Impairment of investment                |     |             204 |  |            261 | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Investment revenue                      |     |               - |  |              - | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Income expense                          |     |               - |  |              - | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Taxation                                |     |           (142) |  |            311 | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
|                                         |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Operating cash flow before working      |     |           2,155 |  |            571 | 
| capital changes                         |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
|                                         |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| (Increase)/decrease in trade and other  |     |           (161) |  |            786 | 
| receivables                             |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Increase in trade and other payables    |     |           3,147 |  |            551 | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| (Increase) in restricted cash           |     |         (3,125) |  |              - | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Net cash flows from operating           |     |           (139) |  |          1,337 | 
| activities                              |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
|                                         |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Investing activities                    |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Acquisition of investment               |     |           (204) |  |          (261) | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Disposal of joint ventures              |     |           2,992 |  |          (726) | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Payments to acquire property, plant and |     |            (39) |  |            (2) | 
| equipment                               |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Payments to acquire investment property |     |         (3,047) |  |        (1,906) | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Net cash flows from investing           |     |           (298) |  |        (2,895) | 
| activities                              |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
|                                         |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
| Effects of exchange rates on cash and   |     |             333 |  |            105 | 
| cash equivalents                        |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+ 
|                                         |     |                 |  |                | 
+-----------------------------------------+-----+-----------------+--+----------------+