27 July 2011 – realisation update

Following a sharp fall in carbon prices the company has concluded that to sell its entire portfolio now would not be in line with the stated investment policy of a tactical and controlled realisation.  There is an ongoing commitment to the realisation process and the company will conclude a sale of its carbon portfolio at such time as is appropriate.  It is hoped that this will result in a material distribution to shareholders on or before the announcement of full year results in October.  An individual asset realisation strategy is being followed with regard to the portfolio of private equity assets.  Shareholder approval will be required to effect a reorganisation of the company which will provide greater flexibility in making capital distributions.  This will be sought by no later than at the AGM in December 2011.  The shares have slipped to an attractive level and we suggest that now is a time to BUY FOR RECOVERY.