Net Asset Value(s)

Monday 13 December 2010



Net asset value update - 10 December 2010

In  preparation for the Company's  Annual General Meeting to  be held at 3.00 pm
today, as previously announced, the following is a brief update of the Company's
performance and portfolio value as at the close of business on 10 December 2010.

                                      10 December 2010 30  September 2010 Change
                                                                               %

Trading portfolio value                         £9.10m             £4.57m    99%

Company asset value net of debt                 £8.96m             £4.19m   113%

Net asset value - fully diluted per        24.01 pence        11.28 pence   113%
share

Share price - mid                          13.00 pence         7.75 pence    68%

Share price discount to fully diluted            45.8%              31.3%
net asset value

Market capitalisation                           £4.77m             £2.84m    68%



Inasmuch  as PLUS Markets are  now only displaying a  mid price on their website
without  bid and offer prices, the mid prices less 20% are used.  All valuations
are  based on  the closing  market bid  prices or  lower directors' valuation as
described in the 2010 annual report.

Other matters of note since 30 September 2010 are:

·          Investment sales during the period have realised £586,690 and a gross
profit of £416,690.

·         Taxation has been fully provided for on the realised profits.

·         £114,640 has been invested to add to an existing holding.

·          The previous bank  overdraft has been  cleared, although the facility
remains in place.

Although  values have fallen slightly since the announcement on 23 November, the
overall result for the period is excellent and demonstrates that our patience is
being  rewarded.   We  believe  that  a  number  of our portfolio companies will
continue  to prosper during the coming year so look forward to further net asset
value improvements in the months ahead.

Disclosures for Annual General Meeting 13 December 2010

In  accordance with the  Disclosure and Transparency  Rules, the Company advises
that  for the purpose of  the Annual General Meeting  today the Chairman, Ronald
Bruce  Rowan, will hold discretionary proxies for each resolution in addition to
10,170,000 Ordinary  shares in  a personal  capacity.  Therefore, the Chairman's
total interest to be disclosed is as follows:

Resolution 1      10,217,500         27.83%

Resolution 2      10,277,500         27.99%

Resolution 3      10,277,500         27.99%

Resolution 4      10,237,500         27.88%

Resolution 5      10,237,500         27.88%

Resolution 6      10,275,500         27.98%

At  the conclusion of the meeting,  the Chairman's personal interest will revert
to 26.07%.



 R Bruce Rowan

 Chairman & Chief Executive

 13 December 2010




Enquiries to:

Bruce   Rowan,   Chairman   020 7486 3997 or   John  Watkins,  Finance  Director
07768 512404; [e-mail]

Gerry Beaney or Colin Aaronson Grant Thornton Corporate Finance 020 7383 5100
                                                         Reuters on behalf of 
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