Result of EGM

    5 July 2007

                               Pine Ventures plc                               

                      ("Pine Ventures" or the "Company")                       

             Result of AGM, EGM, result of Open Offer and Placing              

The directors are pleased to announce that at the Extraordinary General Meeting
and Annual General Meeting held earlier today, all resolutions proposed were
duly passed.

The circular to shareholders dated 12 June 2007 (the "Circular") contained
details of a conditional Placing and Open Offer of up to 992,698,502 New Shares
at 0.1p per share.

As at the closing of the Open Offer at 11.00 a.m. on 4 July 2007 applications
had been received as follows:

                                        No. of Offer Shares                 £
                                                                             
Number of Offer Shares available          Up to 592,698,502           592,699
                                                                             
Total Offer Shares applied for                   23,045,868            23,046
                                                                             
Percentage of Offer Shares taken up                   3.89%                  

In addition to the 23,045,868 New Shares to be issued under the Open Offer, the
Company has allotted 400,000,000 ordinary shares to certain shareholders and
other investors in respect of the Placing. Therefore, the Company has allotted
a total of 423,045,868 New Shares at 0.1p per share, pursuant to the Placing
and Open Offer.

The Company has made application for these shares to be admitted to trading on
AIM ("Admission") and dealings are expected to commence on 6 July 2007.

Following Admission of the New Shares, the Company will have a total of
719,395,119 Ordinary Shares in issue.

Definitions used in this announcement shall have the same meaning as given in
the Circular.

For enquiries:

Lord Beaverbrook, Chairman                                        020 7235 3131
                                                                               
Pine Ventures plc                                                              
                                                                               
Simon Clements/David Worlidge                                     020 7628 2200
                                                                               
John East & Partners Limited                                                   
                                                                               
Trevor Phillips                                                   020 7929 5599
                                                                               
Holborn Public Relations                                                       



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