Statement re Reorganisation of Cheyne Capital M...

QUEEN'S WALK INVESTMENT LIMITED                        

                                (the "Company")                                

              Reorganisation of Cheyne Capital Management Limited              

The Board of Directors of the Company wishes to announce that Cheyne Capital
Management Limited ("CCML"), which acts as investment manager to the Company,
has informed the Company that, as part of a reorganisation, its UK asset
management business is being transferred to a United Kingdom limited liability
partnership, Cheyne Capital Management (UK) LLP, with effect from 2 January
2007.

With effect from the date of the transfer, Cheyne Capital Management (UK) LLP
will replace CCML as investment manager to the Company. CCML has informed the
Company that Cheyne Capital Management (UK) LLP will be regulated by the FSA
and be required to comply fully with FSA regulatory capital requirements in
connection with its business. In addition, CCML has informed the Company that,
with effect from the date of the transfer, the employees working within Cheyne
Capital Management Limited prior to the date of the transfer will be engaged in
the business of Cheyne Capital Management (UK) LLP and the same investment
management team will be responsible for the day to day investment management of
the Company's portfolio.

As a result of the reorganisation it is intended that the Company will enter
into an appropriate form of novation agreement with CCML and Trebuchet Finance
Limited pursuant to which Cheyne Capital Management (UK) LLP will, amongst
other things, replace CCML as investment manager to the Company.

Enquiries: Andre Le Prevost, Kleinwort Benson (Channel Islands) Fund Services
Limited (as company secretary) Tel: [phone]