EPT Disclosure

RNS Number:0228Q
Altium Cap Ltd
23 January 2007


                                                                      FORM 38.5

                 DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS
             (Rule 38.5 of the City Code on Takeovers and Mergers)

1. KEY INFORMATION

Name of exempt principal trader                    ALTIUM CAPITAL LIMITED

Company dealt in                                   PUNCH GRAPHIX PLC
                                                             
Class of relevant security to which the            ORDINARY SHARES OF 10P
dealings being disclosed relate (Note 1)                                     
Date of dealing                                    23 JANUARY 2007


2. DEALINGS (Note 2)

(a) Purchases and sales

Total number of            Highest price paid        Lowest price paid
securities purchased       (Note 3)                 (Note 3)
7,500                      #1.28                    #1.28

Total number of           Highest price received    Lowest price paid received
securities sold           (Note 3)                  (Note 3)
nil                       nil                        nil

(b) Derivatives transactions (other than options)

Product      Long/short   Number of securities      Price per unit
name,        (Note 4)     (Note 5)                   (Note 3)
e.g. CFD


(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Product  Writing,     Number of         Exercise  Type, e.g. Expiry  Option
name,    selling,     securities to     price     American,  date    money paid/
e.g.     purchasing,  which the option            European           received 
call     varying      relates (Note 5)            etc.               per unit
option   etc.                                                        (Note 3)

(ii) Exercising

Product name, e.g. call      Number of            Exercise price per unit
option                       securities           (Note 3)

3. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person
disclosing and any other person relating to the voting rights of any relevant
securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which
any derivative referred to on this form is referenced. If none, this should be
stated.



Date of disclosure                                       23 JANUARY 2007

Contact name                                             STEVE DAVEY

Telephone number                                         020 7484 4046

Name of offeree/offeror with which connected             PUNCH GRAPHIX PLC

Nature of connection (Note 6)                            CONNECTED ADVISER


Notes

The Notes on Form 38.5 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk










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

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