18 February 2011 – board changes/trading update

The company has announced that David Craven will join the Group as Chief Executive Officer in April 2011.  Craven has been employed by the Tote since February 2005, currently holding the position of Managing Director of Totepool and E-Gaming.  He has previously held senior roles with UK Betting plc and Wembley plc.  Mike McLaren, Group Finance Director, will leave in April 2011. The new appointment suggests that Timeweave is seeking to find new opportunities in the gaming sector and its cash pile gives it plenty of
ammunition to develop or acquire businesses.

The company has also said that results for the period to 31 December 2010 were in line with expectations and will be released on 2 March. That news adds support to our view that the shares are GOOD VALUE.