Update on the Secured Loan Note Offer

Capitalised terms used but not defined in this announcement shall have the meanings given to them in the circular sent to shareholders on 25 June 2009 (as amended by the circular sent to shareholders on 5 August 2009 (the "Second Circular")).

Following extensive discussions with Shareholders, the Directors have resolved to amend the closing date of the SLN Offer. In accordance with Condition 13 of the Loan Notes, the Directors have resolved to amend the New Closing Date so that the SLN Offer will close at 5.00 pm on Friday 11 September 2009 and will not be open for acceptance beyond such time. The term "New Closing Date" in the Second Circular should be read as amended accordingly. Any applications in relation to the SLN Offer received after such time will not therefore be accepted.

Notwithstanding that the SLN Offer will close at 5.00 pm on 11 September 2009, provided that on such date the Directors resolve to proceed with completion of the SLN Offer (in accordance with the terms set out in the Second Circular), the directors intend to launch a second secured loan note offer (the "Series 2 SLN Offer") on substantially the same terms as the SLN Offer save that the proposed conversion price of any convertible loan notes offered in substitution for the loan notes to be issued pursuant to the Series 2 SLN Offer will be higher than 2p per share. The actual proposed conversion price will be announced by the Directors at the same time as documentation relating to the Series 2 SLN Offer is sent to shareholders.