15 June 2010 – possible offer

Cinven Limited announced this morning that it is considering making an offer for Spice. On 24 May an approach was made by Cinven which indicated a possible offer price of 56p per share in cash, representing a 51.4% premium to the closing price on 21 May.

Spice has responded by stating that its Board sees the approach as opportunistic and believes that a price of 56p significantly undervalues the company. The current price of Spice stands below the potential offer price, a level at which we still believe the shares still look GOOD VALUE.