Result of AGM

At the Company's Annual General Meeting held on 9 December 2004, all
resolutions were duly passed.

The special resolutions passed were as follows:

- The Directors' authority to allot a limited number of currently unissued
ordinary shares for cash, without first offering such shares to existing
ordinary shareholders pro rata to their existing holdings, has been renewed.

- The Company's authority to purchase up to 14.99% of its own shares in issue
as at 27 October 2004 for cancellation has been renewed.

The ordinary resolutions passed as Special Business were as follows:

- That the Company continue to carry on business as an investment trust.

- That the aggregate of all fees paid to the Directors (excluding amounts
payable under any other provision of the Company's Articles of Association)
shall not exceed £150,000 per annum.