11 January 2011 – realisation update and commencement of offer period

The company has received several expressions of interest with regards to its private equity portfolio and its advisers, Liberum Capital, are in the process of engaging with these parties with a view to exchanging information and soliciting indicative offers. Expressions of interest have also been received for its carbon portfolio and the Board would consider an offer for the entire business if this would realise more value for shareholders than selling in parts. The Net Asset Value as at 30 June 2010 was 137.69p per share, which makes the current share price look appealing. With scope for a double digit return within weeks, we rank the shares as a BUY.