EPT Disclosure

RNS Number:2466Q
Altium Cap Ltd
26 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 dealings being        ORDINARY SHARES OF
disclosed relate (Note 1)                                     10P

Date of dealing                                               26 JANUARY 2007


2. DEALINGS (Note 2)

(a) Purchases and sales

Total number of securities      Highest price paid (Note Lowest price paid (Note
purchased                       3)                       3)
150,000                         #1.28                    #1.28

Total number of           Highest price received    Lowest price paid received
securities sold           (Note 3)                  (Note 3)
155,000                   #1.28                     #1.28

(b) Derivatives transactions (other than options)

Product      Long/short (Note   Number of securities (Note Price per unit (Note
name,        4)                 5)                         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
e.g      purchasing,  which the option             European            paid/
call     varying      relates (Note 5)             etc.                received
option   etc.                                                          per unit
                                                                       (Note 3)
                                                             
                                                                       
(ii) Exercising

Product name, e.g. call      Number of            Exercise price per unit (Note
option                       securities           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                                       26 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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