Final Results

For immediate release: Wednesday, 8 July 2009, 07.00AM Emerging Metals Limited ("EML", "Emerging Metals" or "the Company") AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2009 Emerging Metals Limited (AIM: EML), the mining company focused on minor and emerging metals, today announces its final results for the year ended 31 March 2009. Financial and Operational Highlights: * Equity shareholder funds increased by 93% to £26,652,271 (2008: £ 13,836,941) * Acquired 8.04% of Kalahari Minerals Plc * Acquired 0.17% of Extract Resources Limited * Holdings in Kalahari Minerals and Extract Resources valued at £17,627,774 against a purchase price of £7,368,281 - a rise of 139% * Non-current assets valuation increased to £5,319,860 (2008: £4,818,455) * Current assets valuation increased to £21,392,111 (2008: £9,092,516) * Tsumeb option remains valued at £4,818,455 * Cash reserves have remained healthy at £3,757,960 (2008: £9,056,161) - a decrease of 59% * Net profit for the year was £10,005,933 (2008: Loss of £1,498,576) * Interest income of £266,423 (2008: £174,031) - an increase of 53% * Operating expenses are in line with budget at £973,230 (2008: £1,684,688) Stephen Dattels, Co Chairman of Emerging Metals, commented: "Our maiden year of operations as an AIM listed company has been exceptionally good and we are confident of further growth. In particular, the acquisition of interest in Kalahari Minerals has opened up a world class uranium resource that the Company can leverage with its existing platform and operations at Tsumeb in Namibia. Furthermore, the Board believes that the year ahead will provide additional opportunities to acquire holdings at unprecedented low cost with outstanding prospects for the future. To this end, post period the Company amended its business strategy giving it greater flexibility to acquire strategic stakes in publicly traded companies that have a focus on investment metals in addition to its original remit of just investing in minor metals and minor metal projects." -- Ends -- Contact details Emerging Metals Blomfield Corporate Fox-Davies Capital GTH Limited Finance Limited Limited Communications Mitch Alland Toby Howell Daniel Fox-Davies Toby Hall Peter Trevelyan-Clark +44 (0) 1624 639396 +44 (0) 20 7489 +44 (0) 20 7936 +44 (0) 20 7153 4500 5200 8035 Chairmen's statement Since admission to the AIM on 11 July 2008, Emerging Metals Limited has continued studies and test work on the Tsumeb Slag stockpiles to determine the viability of extracting the contained metals, principally germanium but also zinc and gallium. Specifically, the continuing work involves the completion of drilling and trenching of the stockpiles and metallurgical testing designed to determine the optimum processing method for the contained metals. As the current market conditions for these metals are still weak, the Company is seeking to minimise the evaluation and test work costs on the Tsumeb Slag stockpiles whilst these conditions continue and is reassessing on an ongoing basis the timing, scope and viability of this project in the light of market conditions. In the buoyant economic environment before the crash in world equity markets in the autumn of 2008, the Company was active in reviewing numerous possible opportunities in a wide range of minor metals, in Africa, Asia, Europe, and North and South America. The opportunities considered by the Company included exposure to both physical quantities of minor metals and to additional minor metals projects. The Company's prudent approach to investment proved to be fortuitous, as the values of share prices in the natural resources sector are at a fraction of their former levels and many companies are trading well below their net asset value. The current economic climate provided the Company with attractive opportunities to gain exposure to additional minor metals projects by way of acquiring stakes in certain other quoted companies. To enable it to take advantage of such opportunities the Company amended its business strategy at an Extraordinary General Meeting held on 10 April 2009. This was in order to gain greater flexibility in utilising its cash reserves for potential investments in not just physical minor metals and additional minor metals projects, the strategy outlined in the Admission Document, but also to permit different types of investment in other non-minor metals. Further, the business strategy gives the Company explicit capacity to acquire strategic stakes in publicly traded companies with a focus on investment metals, being all metals other than base metals (excluding for these purposes zinc) and bulk commodities metals as part of the Company's ordinary course of business. It is in this spirit and in the period under review the Company invested £7.1 million, at an average cost of 45.04 pence per share, in acquiring 8.04% of Kalahari Minerals Plc, and £198,935, at an average cost of A$1.1945 per share, in acquiring 0.17% of Extract Resources Limited. Kalahari Minerals is an AIM traded exploration and development company whose principal asset is a 39.02% interest in Extract Resources, an ASX listed uranium exploration and development company with significant uranium assets in Namibia, namely the Husab uranium project comprising the Rössing South, Ida Dome and Hildenhof deposits. Recent exploration results reinforce the Company's belief that the area has the strong potential to host an economic uranium deposit of major size, as Rössing South, of which Extract Resources owns 100 percent, is expected to contain over 200 million pounds of triuranium octoxide (U3O8). The newly published Zone 1 resource of 145 million pounds of U3O8 at a grade of 449 parts per million, as well as the recent stream of high grade drilling results from Zone 2, establish Rössing South as a truly exceptional uranium discovery where grades exceed the average grade of the resources remaining at the existing Rössing uranium mine, operated by Rio Tinto Zinc six kilometers to the north. Demand for uranium is expanding rapidly across the developing world, as China, India, Russia and Brazil look to nuclear power plants to foster infrastructural and industrial development, while the developed world needs to increase base load electricity capacity to meet increasing demand whilst minimizing atmospheric emissions. As a result of this confluence of demand for nuclear power plants across a range of countries, despite the current state of the world economy, the fundamentals for uranium demand and price remain sound. The acquisition of this interest in Kalahari Minerals gives Emerging Metals exposure to a world class uranium resource, an emerging metal with a very favourable supply-demand outlook. It also leverages on Emerging Metals existing platform and operations at Tsumeb in Namibia. Our maiden results following our listing on AIM to 31 March 2009 are consequently extremely pleasing, with a positive net profit for the year of £ 10,005,933 (2008: loss of £1,498,576), including an investment gain of £ 10,259,493 (2008: £nil), interest income of £266,423 (2008: £174,031) and an exchange gain of £798,146 (2008: £78,222). Operating expenses are in line with budget at £973,230 (2008: £1,684,688) with the majority of costs incurred in connection with professional fees relating to the Tsumeb project. As a result, equity shareholder funds have increased to £26,652,271 (2008: £ 13,836,941), a rise of 93%. Fixed assets stand at £5,319,860 (2008: £ 4,818,455), current assets at £21,392,111 (2008: £9,092,516). Our cash reserves stood at £3,757,960 (2008: £9,056,161). Our share premium has increased to £14,560,530 (2008: £11,831,373) following a small funding round prior to the AIM listing. The coming year should provide excellent opportunities for the Company to acquire holdings at unprecedented low cost with outstanding prospects for the future. With the extensive industry knowledge and contacts of the Board and of major shareholders EML is well placed to capitalize on the current situation and to build the basis for the future of the Company. Also we are pleased to report that the Company's holdings in Kalahari Minerals and Extract Resources continue to gain in value. Our maiden year of operations as an AIM listed company has been exceptionally good and we are confident of further growth. We would like to express our appreciation to the shareholders for their continued support. Stephen Dattels Co-chairman James Mellon Co-chairman Income statementfor the year ended 31 March 2009 Notes 2009 (Note 14) 2008 £ £ Income 1(g) - - Other income Exchange gains 798,146 78,222 Investment gains 10,259,493 - ────── ────── 11,057,639 78,222 Operating expenses Directors fees 7 (344,899) (66,141) Other costs 3 (973,230) (1,684,688) ────── ────── (1,318,129) (1,750,829) ────── ────── Net profit / (loss) before 9,739,510 (1,672,607) interest Interest received 1(g) 266,423 174,031 ────── ────── Profit / (loss) before 10,005,933 (1,498,576) taxation Taxation 8 - - ******* ******* Net profit / (loss) for 10,005,933 (1,498,576) the period ******* ******* Earnings/(loss) per share 15 0.0306 (0.0269) ******* ******* Diluted earnings/(loss) 15 0.0285 (0.0269) per share ******* ******* The Directors consider that the Company's activities are continuing. Balance sheetas at 31 March 2009 Notes 2009 2008 £ £ Assets Non-current assets Land options 1 4,818,455 4,818,455 (c),4 Intangible Fixed Assets 1(d) 501,405 - ────── ────── 5,319,860 4,818,455 Current assets Investments 1(e) 17,627,774 - Trade and other receivables 1(h) 6,377 36,355 Cash and cash equivalents 1(h) 3,757,960 9,056,161 ────── ────── 21,392,111 9,092,516 ────── ────── Total assets 26,711,971 13,910,971 ══════ ══════ Equity and liabilities Capital and reserves Share capital 5 - - Share premium 5 14,560,530 11,831,373 Share Option Reserve 6 3,504,144 3,504,144 Equity Share Based Payment 1(l) 80,240 - Reserve Accumulated profit / (loss) 8,507,357 (1,498,576) ────── ────── Total equity 26,652,271 13,836,941 Current liabilities Trade and other payables 59,700 74,030 ────── ────── Total equity and 26,711,971 13,910,971 liabilities ══════ ══════ Statement of changes in equityfor the year ended 31 March 2009 Share Share Share Share Accumulated Total Based Premium Option Capital Profits / Reserves Option (Losses) Payments £ £ £ £ £ £ Balance at 1 - - - - - - April 2007 Net Loss for the - - - - (1,498,576) (1,498,576) year Shares issued 11,831,373 - - - - 11,831,373 Fair value of - 3,504,144 - - - 3,504,144 share options Share based - - - - - - payment reserve ────── ─────── ─────── ────── ─────── ─────── Balance at 31 11,831,373 3,504,144 - - (1,498,576) 13,836,941 March 2008 ══════ ═══════ ═══════ ══════ ═══════ ═══════ Share Share Share Share Accumulated Total Based Premium Option Capital Profits / Option (Losses) Reserves Payments £ £ £ £ £ £ Balance at 1 April 11,831,373 3,504,144 - - (1,498,576) 13,836,941 2008 Net profit for the - - - - 10,005,933 10,005,933 year Shares issued 2,729,157 - - - - 2,729,157 Fair value of - - - - - - share options Share based - - 80,240 - - 80,240 payment reserve ────── ─────── ─────── ────── ─────── ─────── Balance at 31 14,560,530 3,504,144 80,240 - 8,507,357 26,652,271 March 2009 ══════ ═══════ ═══════ ══════ ═══════ ═══════ Cash flow statementfor the year ended 31 March 2009 Notes 2009 (Note 14) 2008 £ £ Cash flows from operating activities 9 (157,672) (259,227) Cash flows from investing activities Amount paid in cash for mineral options 4 - (1,421,000) Amount paid in cash for intangible fixed assets (501,405) - Amount paid in cash for investments (7,368,281) - Cash flows from financing activities Issue of shares 2,729,157 10,736,388 ────── ────── (Decrease) / increase in cash and cash (5,298,201) 9,056,161 equivalents Cash and cash equivalents at beginning of period 9,056,161 - ******* ******* Cash and cash equivalents at the end of period 3,757,960 9,056,161 ══════ ══════ Notes (forming part of the financial statements for the year ended 31 March 2009) 1 Accounting policies Emerging Metals Limited is a company domiciled in the British Virgin Islands. The financial statements incorporate the principal accounting policies set out below. a) Statement of compliance The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and the interpretations adopted by the International Accounting Standards Board (IASB). The directors' do not expect the adoption of the other current upcoming and new IFRS standards and interpretations to have a material impact on the Company's financial statements in the period of initial application. b) Basis of preparation The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period or in the period of the revision and future periods if the revision affects both current and future periods. The key estimate and judgement made by the Directors is the fair value of the land option. c) Land options Land options are stated at fair value, as estimated by the Directors. This is estimated to be the current market value of the options. There will be no amortisation of the premium paid. d. Intangible assets Exploration rights and associated survey costs are capitalised as incurred and reviewed annually for impairment and are carried at cost less accumulated impairment losses. e) Investments Investments are acquired to realise gains from fluctuations in the prices or margins of traders. These assets are valued at fair value based on quoted bid prices. Any realised and unrealised gains and losses are presented within `Operating Expenses'. f) Impairment The carrying amounts of the Company's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If there is any indication that an asset may be impaired, its recoverable amount is estimated. The recoverable amount is the higher of its net selling price and its value in use. In assessing value in use, the expected future cash flows from the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. For an asset that does not generate cash inflows that are largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is recognised in the income statement whenever the carrying amount of the cash-generating unit exceeds its recoverable amount. A previously recognised impairment loss is reversed if the recoverable amount increases as a result of a change in the estimates used to determine the recoverable amount, but not to an amount higher than the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior years. g. Revenue Interest income has been earned during the period, which is accrued on a time apportion basis, by reference to the principal outstanding and the effective interest rate applicable. h) Financial instruments Measurement Financial instruments are initially measured at cost, which includes transaction costs. Subsequent to initial recognition these instruments are measured as set out below. Land options Land options are stated at fair value, as estimated by the Directors. This is estimated to be the current market value of the options. There will be no amortisation of the premium paid. Trade and other receivables Trade and other receivables originated by the Company are stated at amortised cost less impairment losses. Cash and cash equivalents Cash and cash equivalents are measured at fair value and due on demand. Financial liabilities Non-derivative financial liabilities are recognised at amortised cost. i) Provisions Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, for which it is probable that an outflow of economic benefits will occur, and where a reliable estimate can be made of the amount of the obligation. Where the effect of discounting is material, provisions are discounted. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. j) Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. k) Share based payments Under IFRS 2 `Share Based Payments', the Company determines the fair value of options issued to Weatherly International plc as part consideration of the land option (as per the Tsumeb Option Agreement (note 4)) share option reserves in the balance sheet. The Company determines the fair value of options issued to Directors remuneration and recognises the amount as an expense in the income statement with a corresponding increase in equity. l) Directors equity share based payments The Company has granted equity share-based payments following a resolution passed in November 2008 for the directors of the company to accept 50% of their remuneration in the form of new shares issued at mid-market prices. The fair value of the incentive granted is recognised as an expense with a corresponding increase in equity. The fair value is measured at the grant date and spread over the period during which the directors become unconditionally entitled to the incentives. To date no shares have been issued to the directors under this scheme and as such is accounted for in a share based payment reserve at the year end. 2 Operating Segments It is the Directors' opinion that the company operates within a single segment. 3 Other costs (Note 14) 2009 2008 £ £ Share option charge (note 6) - 1,201,674 Professional fees 824,854 431,496 Audit fee 15,000 6,500 Travel and transport 43,618 37,020 Office expenses 89,758 7,998 ──────── ──────── 973,230 1,684,688 ════════ ════════ 4 Land option The land option comprises the Tsumeb Option as described below and is stated at fair value. On 28 January 2008, the Company entered into an amended and restated option agreement with Ongopolo Mining Limited (OML), a company incorporated in Namibia (the "Tsumeb Option Agreement") under which the Company was granted an option to acquire all right, title and interest in and to the Tsumeb Slag Stockpiles (the "Tsumeb Option") in consideration of: i. the payment by the Company to OML, or as it directs, of £1,421,000 in cash; ii. the issue and allotment of 21,899,698 Ordinary Shares credited as fully paid to Weatherly International plc (Weatherly); and iii. the grant to Weatherly of an option over 13,705,179 Ordinary Shares. The consideration paid for the Tsumeb Option comprised £1,421,000 in cash, 21,899,698 ordinary shares issued as at zero par value to Weatherly at a cost of £0.05 per share. An option was also granted to Weatherly to subscribe for up to 13,705,179 ordinary shares at £0.05 per share, exercisable at any time for five years from the date of completion of the Tsumeb Option Agreement. A summary is as follows: Land option consideration 2009 2008 £ £ Cash consideration 1,421,000 1,421,000 Shares issued at £0.05 per share 1,094,985 1,094,985 Fair value of share options 2,302,470 2,302,470 ─────── ─────── 4,818,455 4,818,455 ═══════ ═══════ 4 Land option (continued) The grant of the Tsumeb Option was subject to a number of conditions, which were satisfied on 29 January 2008. The exercise term of the Tsumeb Option (the "Tsumeb Option Period") shall expire on the 30 month anniversary of the date of the satisfaction of the conditions, such period comprising a total of 24 months for completion of an initial programme of work, plus six months for a decision by the Company to proceed with commercial production from any portion of the Tsumeb Slag Stockpiles and announcement of that decision to AIM. Under the Tsumeb Option Agreement, OML provides the Company with a number of warranties regarding the Tsumeb Slag Stockpiles. In particular, OML warrants to the Company that: * it has the requisite power and authority to enter into and perform the Tsumeb Option Agreement; * it is, and will remain during the Tsumeb Option Period, the legal and beneficial owner of 100 per cent of the Tsumeb Slag Stockpiles; and * no further consent, approval or authorisation of any governmental agency or other person is required by it for the entry into and performance of its obligations under the Tsumeb Option Agreement. Under the Tsumeb Option Agreement, OML was required to provide the Company with a legal opinion from counsel duly qualified to practice in Namibia, confirming OML's 100 per cent. ownership of the Tsumeb Slag Stockpiles (the "OML Legal Opinion"). Under the Tsumeb Option Agreement, if OML was unable to supply the OML Legal Opinion, OML and the Company would enter a new agreement, agreed in good faith between the parties, establishing a contractual relationship between OML and the Company that would ensure that the Company was placed in the same economic position as was the intention under the Tsumeb Option Agreement - with the Company bearing the cost incurred and receiving the profit or other benefit arising out of the Tsumeb Slag Stockpiles. Under the Tsumeb Option Agreement, OML and the Company agreed that, in the event of termination of the Tsumeb Option Agreement, and in circumstances where the parties could not legally enter or enforce the Toll Gate Agreement for whatever reason, the parties agreed to take all such steps as necessary to return each other to the legal and financial position each was in prior to the execution of the Tsumeb Option Agreement. In particular, under the Tsumeb Option Agreement it is agreed that: * Weatherly and/or OML shall return to the Company all consideration paid under the Tsumeb Option Agreement together with interest at 2 per cent above the base rate from time to time of Barclays Bank PLC per annum accruing monthly; * Weatherly and/or OML shall return, transfer or cancel as directed by the Company all Ordinary Shares issued and allotted to Weatherly or OML under the Tsumeb Option Agreement; * Weatherly and/or OML shall return, cancel and/or extinguish all and any options over Ordinary Shares granted to Weatherly or OML pursuant to the Tsumeb Option Agreement; and * OML shall pay the reasonable costs of the Company incurred in the preparation, negotiation and completion of the obligations under the Tsumeb Option Agreement. 5 Share capital and share premium 2009 2008 £ £ Authorised The Company is authorised to issue an - - unlimited number of no par value shares of a single class Issued 330,759,300 ordinary shares of £0.00 each - - Share premium 1 share at incorporation - - 71,528,234 shares at £0.0001 per share 7,153 7,153 214,584,704 shares at £0.0500 per share 10,729,235 10,729,235 21,899,698 shares at £0.0500 per share 1,094,985 1,094,985 22,746,663 shares at £0.1200 per share 2,729,157 - ──────── ──────── Total 14,560,530 11,831,373 ════════ ════════ 6 Share based payments A number of share options are in issue as at 31 March 2009: Option to subscribe for * 13,705,179 shares at £0.05 per share to Weatherly International plc for acquisition of the land option (note 4) issued on 21 January 2008 Option to subscribe for * 21,899,698 shares at £0.05 per share to the Founders issued on 28 January 2008 The following table lists the inputs to the models used for the year ended 31 March 2009: 31 March 2009 31 March 2008 Dividend yield (%) - - Expected volatility (%) 65 65 Risk-free interest rate (%) 5 5 Share price at grant date 0.05 0.05 Share price (market value) 0.20 0.20 Exercise price 0.05 0.05 All options were issued during the prior period. No options lapsed or were cancelled and no options were exercised during the period to 31 March 2009. 6 Share based payments (continued) In summary, as at 31 March 2009, the value of the share options in issue is: Name Options in Date Granted Vesting Option Value issue Period Valuation (Years) Per Share £ £ Founders 7,152,823 21 January - 0.168 1,201,674 2008 Weatherly 13,705,179 28 January - 0.168 2,302,470 International 2008 Limited ────── Total 3,504,144 ══════ 7 Directors Remuneration (Note 14) 2009 2008 £ £ Directors Fees 344,899 66,141 ────── ────── 344,899 66,141 ══════ ══════ The Company has no employees other than the Directors. 8 Taxation The Company is exempt from the provisions of the Income Tax Ordinance of the British Virgin Islands. 9 Notes to the cash flow statement Reconciliation of operating profit / (loss) to net (outflow) from operating activities (Note 14) 2009 2008 £ £ Operating profit / (loss) 10,005,933 (1,498,576) Adjustment for: Increase / (decrease) in trade and other 29,978 (36,355) receivables (Decrease) / increase in trade and other (14,330) 74,030 payables Share option charge - 1,201,674 Share based payment charge 80,240 - Unrealised gains on investments (10,259,493) ────── ────── Net cash (outflow) from operating activities (157,672) (259,227) ══════ ══════ 10 Financial instruments The Company's financial instruments are exposed to a number of risks as detailed below: Credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: Carrying amount 2009 2008 £ £ Cash and cash equivalents 3,757,960 9,056,161 The Company invests available cash and cash equivalents with an Isle of Man licensed bank, which has a strong history on the Island. The Company has a nominal level of debtors, and as such the Company is able to determine that credit risk is considered minimal in relation to debtors. Liquidity risk Liquidity risk is managed by the Company by means of cash flow planning to ensure that future cash requirements are anticipated. All liabilities are due within one month. Market price risk The Company is exposed to market price risk to the extent that it holds a land option for which no developed market exists. Therefore the Company might not be able to sell such a stake quickly at close to estimated fair value. All investments present a risk of loss of capital due to unexpected and unforeseen events in the financial markets, and these can have a material and unpredictable impact on the portfolio value. The maximum risk resulting from the portfolio is equivalent to their fair value. Carrying amount 2009 2008 £ £ Land option 4,818,455 4,818,455 Intangible fixed assets 501,405 - Investments 17,627,774 - Interest rate risk The majority of the Company's current assets are cash held at bank. As a result, the Company is subject to risk due to fluctuations in the prevailing level of market interest rates. The weighted average interest rate at the year end was 1.922% and all balances are held on demand. The directors do not regard that interest income is a core revenue stream of the Company and therefore fluctuations in interest rates will not adversely impact the continuing operations of the company. Fair values of financial instruments At 31 March 2009 the carrying amounts of cash resources, trade and other receivables, and trade and other payables approximate their fair values due to their short-term maturities. 11 Interest in shares Except for the interests disclosed in this note, the Directors are not aware of any holding of Ordinary Shares as at the date of these accounts representing 3% or more of the issued share capital of the Company: Number of Ordinary Percentage of Shares Issued Capital Vidacos Nominees Limited 103,256,500 31.22% Roy Nominees Limited 54,087,204 16.35% HSBC Global Custody Nominee (UK) 36,420,833 11.01% Limited Weatherley International Plc 21,899,698 6.62% Lynchwood Nominees Limited 13,375,000 4.04% Directors interests Stephen Dattels1 20,492,504 6.20% James Mellon2 28,205,684 8.53% Notes to Directors' Interests: 1 Stephen Dattels' shareholding includes 20,242,504 Ordinary Shares held by Belstone Investments Limited, which is beneficially owned by Stephen Dattels, and 250,000 Ordinary Shares held by Graham Dattels, a Connected Person. 2 Jim Mellon's entire shareholding is held by Galloway Limited, a company which is indirectly wholly owned by the trustee of a settlement under which Jim Mellon has a life interest. 12 Related Party Transaction The Company has entered into a service agreement with Burnbrae Limited for the provision of administrative and general office services. Mr J Mellon and Mr D Eke are both directors of Burnbrae Limited and the Company. During the year the Company paid £24,609 (2008: £nil) under this agreement and as at 31 March 2009 an amount of £nil (2008: £nil) was owed to Burnbrae Limited. 13 Subsequent events None identified at date of signing. 14 Comparative period The comparative period is the period from 4 July 2007 (date of incorporation) to 31 March 2008. 15 Earnings per share The calculation of basic earnings per share of the Group is based on the net profit attributable to shareholders for the year of £10,005,933 (2008: loss of £1,498,576) and the weighted average number of shares of 326,833,164 (2008: 55,692,323) in issue during the year. The calculation of diluted earnings per share of the Company includes the weighted average number of share options and shares to be issued in respect of share based payments (see note 1(l)) for the year.

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