Issuer Repurchase Option

RNS Number:1737R
E.L.A.N. Ld
31 March 2008

                              Company Announcement

                             For immediate release

                                E.L.A.N. Limited

                               Whiteley Chambers

                                   Don Street

                                   St. Helier

                                     Jersey

                                    JE4 9WG

                                Channel Islands

                                 (the "Issuer")



E.L.A.N. Limited

Series 2003-15 EUR10,000,000 Secured Principal Protected Notes due 2011 (the "
Series 2003-15 Notes") (ISIN: XS0173761361)

Series 2003-19 EUR10,000,000 Secured Notes due 2011 (the "Series 2003-19 Notes")
(ISIN: XS0179020838)

31 March 2008

Re: Exercise of Issuer Repurchase Option

Capitalised terms used herein and not defined shall have the same meaning as set
out in the terms and conditions of the Notes and the Deed of Amendment dated 12
March 2008 relating to the Notes (the "Deed of Amendment").



The Issuer hereby wishes to announce that in accordance with paragraph 2 of the
Deed of Amendment, the Issuer has exercised its Issuer Repurchase Option on 27
March 2008 (the "Exercise Date") with respect to the Notes for an amount (the "
Repurchase Amount") as set out below. Pursuant to such exercise, a pro rata
portion of the Underlying Assets  and the Swap Agreement was terminated.


                                                      Repurchase Amount
Series 2003-15 Notes                                  EUR 5,500,000
Series 2003-19 Notes                                  EUR 600,000





From the Exercise Date, the Outstanding Principal Amount of the Notes listed is
as follows:


                                                     Outstanding Principal Amount
Series 2003-15 Notes                                 EUR 4,500,000
Series 2003-19 Notes                                 EUR 9,400,000



For further information please contact:

Kate Boyle
Arthur Cox Listing Services Limited
- 353 1 618 1108



This announcement has been issued through the Companies Announcement Service of

                           The Irish Stock Exchange.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
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