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Cherwell Capital PLC (CHEP)

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Wednesday 16 December, 2009

Cherwell Capital PLC

Interim Results


CHERWELL capital Plc

CHAIRMAN'S STATEMENT & REVIEW OF ACTIVITIES

For the six months ending 30 September 2009.

I have pleasure in presenting to our shareholders our review of Cherwell
Capital Plc's Accounts covering the six month period to 30 September 2009.

Cherwell's net asset value at 30 September 2009 amounted to £547,164 compared
to £461,065 for the period ending 31 March 2009. The carrying value of our
investments and cash in hand is now £469,317 against £433,968 previously and a
provision, possibly over conservative, of £35,000 has been made for tax.

This substantial improvement in liquidity is due to the acquisition of
BIOANALAB by Millipore of the US. Cherwell received a return of four times its
original investment.

Our remaining holding of note is SCANCELL HOLDINGS plc which is developing some
unique approaches to the treatment of cancer by developing vaccines derived
from therapeutic monoclonal antibodies which, in turn, have the ability to
directly kill cells in clinically relevant tumours. Scancell is about to start
a Phase I clinical trial on its lead compound for treatment of malignant
melanoma and the company's shares are listed on PLUSMarkets. The value
attributable to both MINDWEAVERS and ENKEPHALA have been written down as it is
the view of the directors that both are likely to face problems in raising
further finance in very difficult markets

Nevertheless, we have had a significantly above average success rate in the six
investments made since 2002, a rate which would be enhanced further if
SCANCELL'S vaccines are successful in overcoming the major hurdle of each of
the three phases of clinical trials - the most difficult part of achieving
commercial success.

The Company has made a few small - very small - investments in traded stocks in
resource companies, while it considers later stage investment opportunities
which could yield a much faster return than that of BioAnaLab.

The Ordinary and Special Resolutions proposed at the AGM and EGM on 25th
September 2009 were all passed unanimously. The Special Resolutions, together
with those from previous years, have been consolidated into the revised
Memorandum & Articles of Association filed at Companies House.

Professor Bruce Savage,

Chairman

CHERWELL CAPITAL PLC Interim unaudited figures for 6 months to 30.09.09

STATEMENT OF TOTAL RETURN

                 6 Months to 30.09.09      12 Months to 31.03.09      6 Months to 30.09.08

                Revenue  Capital Total    Revenue  Capital Total    Revenue Capital  Total   
                                                                                             
                  GBP      GBP     GBP      GBP      GBP     GBP      GBP     GBP      GBP   
                                                                                             
Gains/(losses)  -        155,335 155,335  -        112,904 112,904  -       (58,783) (58,783)
on investments                                                                               
                                                                                             
Income          -        -       -        -        -       -        -       -        -       
                                                                                             
Other expenses  (34,236) -       (34,409) (20,526) (2)     (20,528) (7,581) -        ( 7,581)
                                                                                             
Return on       (34,236) 155,335 120,926  (20,526) 112,902 92,376   (7,581) (58,783) (66,364)
ordinary                                                                                     
activities                                                                                   
before tax                                                                                   
                                                                                             
Tax on ordinary (35,000) -       (35,000) -        -       -        -       -        -       
activities      -                                                                            
                                                                                             
Return                                                                                       
attributable to                                                                              
equity                                                                                       
shareholders                                                                                 
and                                                                                          
                                                                                             
transfers to    (69,236) 155,335 85,926   (20,526) 112,902 92,376   (7,581) (58,783) (66,364)
reserves                                                                                     
                                                                                             
Return per      (0.53)p  1.19p   0.66p    (0.16)p  0.86p   0.70p    (0.06)p (0.45)p  (0.51)p 
share                                                                                        
                                                                                             

General Notes to the Accounts

1.The financial information for the 6 month period ended 30 September 2009 is
unaudited and does not constitute statutory accounts within the meaning of the
Companies Act 2006. The financial information for the year ended 31 March 2009
has been extracted from the Company's statutory accounts for that period which
contained an unqualified report and which have been filed with the Registrar of
Companies. The accounting policies remain unchanged from those set out in the
Company's statutory accounts for the year ended 31 March 2009.

2.In accordance with PLUS Markets listing requirements Rule 9.12, the directors
take full responsibility for the figures and statements made in these accounts.

3. A provision of £35,000 has been made for corporation tax in respect of
capital gains made by the company. It is hoped that this will be more than
adequate, but brought forward losses are being investigated.

CHERWELL CAPITAL PLC Interim Unaudited Figures for 6 Months to 30.09.09

BALANCE SHEET

                           As at                   As at                  As at  
                         30.09.09                 31.03.09               30.09.08
                                                                                 
                            GBP                     GBP                    GBP   
                                                                                 
Fixed Assets                                                                     
                                                                                 
Tangible Assets          -                        -                      2       
                                                                                 
Investments              25,963                   433,963                262,278 
                                                                                 
                         25,963                   433,963                262,280 
                                                                                 
Current Assets                                                                   
                                                                                 
Debtors                  126,068                  63,215                 66,882  
                                                                                 
Cash at bank & in        443,354                  -                      -       
hand                                                                             
                                                                                 
                         569,422                  63,215                 66,882  
                                                                                 
Creditors                (48,221)                 (36,113)               (26,836)
                                                                                 
Amounts falling due                                                              
within one year                                                                  
                                                                                 
Net Current Assets       521,201                  27,102                 40,046  
                                                                                 
Net Assets               547,164                  461,065                302,326 
                                                                                 
Capital and Reserves                                                             
                                                                                 
Called up share          326,633                  326,633                326,633 
capital                                                                          
                                                                                 
Share premium            107,970                  107,970                107,970 
account                                                                          
                                                                                 
Other reserve            10,250                   10,250                 10,250  
                                                                                 
Capital reserve -        404,751                  (46,543)               (46,543)
realised                                                                         
                                                                                 
Capital reserve -        (154,839)                141,120                (30,567)
unrealised                                                                       
                                                                                 
Revenue reserve          (147,601)                (78,365)               (65,418)
                                                                                 
                         547,164                  461,065                302,326 
                                                                                 
Net Asset Value per      4.2p                     3.5p                   2.3p    
2.5p share                                                                       

Note to the balance sheet as at 30.09.09

The listed investments have been revalued at the half year, if appropriate.
Unlisted equity investments are stated at cost or subsequent issue price in
accordance with the British Venture Capital Association guidelines for the
valuation of listed companies.