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Queens Walk Inv Ltd (RECI)

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Thursday 25 October, 2007

Queens Walk Inv Ltd

Holding(s) in Company


TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:

Queens Walk Investment Limited

2. Reason for the notification                                  State          
                                                                Yes/No         
                                                                               
An acquisition or disposal of voting rights                       No           
                                                                               
An acquisition or disposal of financial instruments               No           
which may result in the                                                        
acquisition of shares already issued to which voting                           
rights are attached                                                            
                                                                               
An event changing the breakdown of voting rights                  No           
                                                                               
Other (please specify): Tender Offer                             Yes           

3. Full name of person(s) subject to the notification Cheyne Capital Investment
obligation (iii):                                        Management (UK) LPP   
                                                                               
4. Full name of shareholder(s) (if different from 3.)  Cheyne ABS Opportunties 
(iv):                                                          Fund LP         
                                                                               
5. Date of the transaction (and date on which the            15.10.2007        
threshold is crossed or reached if different) (v):                             
                                                                               
6. Date on which issuer notified:                            25.10.2007        
                                                                               
7. Threshold(s) that is/are crossed or reached:                  50%           
                                                                               
8. Notified details:                                             N/A           

A: Voting rights attached to shares

Class/type of  Situation previous to    Resulting situation after the triggering   
    shares        the Triggering                   transaction (vii)               
 if possible     transaction (vi)                                                  
using the ISIN                                                                     
     CODE                                                                          
                                                                                   
                 Number     Number     Number    Number of voting     % of voting  
                   of         of         of         rights (ix)         rights     
                 Shares     Voting     shares                                      
                            Rights                                                 
                            (viii)                                                 
                                                                                   
                                       Direct     Direct   Indirect Direct Indirect
                                                   (x)       (xi)                  
                                                                                   
 GB00B0HW5366  17,900,756 17,900,756 17,900,756 17,900,756   N/a    51.08%    0%   
                                                                                   

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

   Type of     Expiration       Exercise/        Number of voting       % of   
  financial    date (xiii)      Conversion      rights that may be     voting  
 instrument                 Period/ Date (xiv)    acquired if the      rights  
                                                    instrument                 
                                                   is exercised/               
                                                     converted                 
                                                                               
Common Stock                                                           51.08%  

Total (A+B)                                                                    
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
17,900,756                              51.08%                                 

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable (xv):

Chain of controlled undertakings through which the voting rights and / or the  
financial instruments are effectively held, if applicable:                     

Proxy Voting:

10. Name of the proxy holder:                                 N/A              
                                                                               
11. Number of voting rights proxy holder will cease to hold:  N/A              
                                                                               
12. Date on which proxy holder will cease to hold voting      N/A              
rights:                                                                        

13. Additional information:                                   N/A              
                                                                               
14. Contact name:                                             N/A              
                                                                               
15. Contact telephone number:                                 N/A              

Annex Notification Of Major Interests In Shares (xvi)

A: Identity of the person or legal entity subject to the                       
notification obligation                                                        
                                                                               
Full name (including legal form for legal entities)                            
                                                                               
Contact address (registered office for legal entities)                         
                                                                               
Phone number                                                                   
                                                                               
Other useful information (at least legal representative for                    
legal persons)                                                                 
                                                                               
B: Identity of the notifier, if applicable (xvii)                              
                                                                               
Full name                                                                      
                                                                               
Contact address                                                                
                                                                               
Phone number                                                                   
                                                                               
Other useful information (e.g. functional relationship with                    
the person                                                                     
or legal entity subject to the notification obligation)                        

Kleinwort Benson (Channel Islands) Fund Services Limited

Company Secretary

01481 727111