http://www.baydonhill.com/rss.aspxDescriptionCopyright5www.baydonhill.comhttp://www.baydonhill.com/Images/header_logo.jpgAnnouncements-Baydonhillhttp://feedburner.google.comSubscribe with My Yahoo!Subscribe with NewsGatorSubscribe with My AOLSubscribe with BloglinesSubscribe with NetvibesSubscribe with GoogleSubscribe with PageflakesDear Subscriber, Please find below the latest announcements from Baydonhill PLC.<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <span style="font-size: 10pt">30 June 2009</span></p> <div style="line-height: normal" align="center">&nbsp;</div> <div style="line-height: normal; text-align: left"><b><span style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baydonhill plc</span></b></div> <div style="line-height: normal; text-align: left"><b><span style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (&ldquo;Baydonhill&rdquo; or the &ldquo;Company&rdquo;)</span></b></div> <div style="line-height: normal" align="center"><b>&nbsp;</b></div> <div style="line-height: normal; text-align: left"><b><span style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Voting Rights</span></b></div> <div style="line-height: normal" align="center"><b>&nbsp;</b></div> <div style="margin: 0cm 0cm 10pt"><span style="font-size: 10pt; line-height: 115%">The Company announces that, pursuant to the requirements of the Disclosure and Transparency Rules, the </span></div> <div style="margin: 0cm 0cm 10pt"><span style="font-size: 10pt; line-height: 115%">total number of voting rights in respect of each class of share in issue and admitted to trading on AIM at the </span></div> <div style="margin: 0cm 0cm 10pt"><span style="font-size: 10pt; line-height: 115%">date of this announcement is as follows:</span></div> <div style="margin: 0cm 0cm 10pt">&nbsp;</div> <div style="margin: 0cm 0cm 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Number of shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of voting</b></div> <div style="margin: 0cm 0cm 10pt"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; rights</b></div> <div style="margin: 0cm 0cm 10pt">Ordinary shares of 1p each&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,623,145&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,623,145</div> <p><b><span style="font-size: 10pt">Enquiries: </span></b></p> <div style="line-height: normal"><b>Baydonhill plc</b></div> <div style="line-height: normal">Wayne Mitchell / Sarah Collis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div> <div style="line-height: normal">&nbsp;</div> <div style="line-height: normal">Tel:&nbsp;&nbsp;&nbsp;&nbsp; <skype:span class="skype_tb_injection" id="softomate_highlight_6" title="Call this phone number in United Kingdom with Skype: +442075940584" skypeid="6" skypeaction="call" nof="" isfax="" fwidth=".w16" type=".flex" mode=".compat" path="file://C:/DOCUME~1/amanda.C4L/LOCALS~1/Temp/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/" durex2="15" durex="1028" context="+44 (0)207 594 0584"><skype:span class="skype_tb_imgA" id="skype_tb_droppart_6" title="Skype actions" style="background-image: url(file://c:/DOCUME~1/amanda.C4L/LOCALS~1/Temp/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_a.compat.flex.w16.gif)" skypeid="6" skypeaction="drop" skypesms="0"><skype:span class="skype_tb_imgFlag" id="skype_tb_img_f6" style="background-image: url(file://c:/DOCUME~1/amanda.C4L/LOCALS~1/Temp/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/famfamfam/GB.gif)"></skype:span></skype:span><skype:span class="skype_tb_imgS" id="skype_tb_img_s6"></skype:span><skype:span class="skype_tb_injectionIn" id="skype_tb_text6"><skype:span class="skype_tb_innerText" id="skype_tb_innerText6">&nbsp;+44&nbsp;(0)207&nbsp;594&nbsp;0584&nbsp;</skype:span></skype:span><skype:span class="skype_tb_imgR" id="skype_tb_img_r6"></skype:span></skype:span></div> <div style="line-height: normal">&nbsp;</div> <div style="line-height: normal">&nbsp;</div> <div style="line-height: normal"><b>John East &amp; Partners Limited, a subsidiary of Merchant Securities PLC</b></div> <div style="line-height: normal">Bidhi Bhoma&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div> <div style="line-height: normal">&nbsp;</div> <div style="line-height: normal">Tel:&nbsp; <skype:span class="skype_tb_injection" id="softomate_highlight_7" title="Call this phone number in United Kingdom with Skype: +442076282200" skypeid="7" skypeaction="call" nof="" isfax="" fwidth=".w16" type=".flex" mode=".compat" path="file://C:/DOCUME~1/amanda.C4L/LOCALS~1/Temp/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/" durex2="15" durex="1028" context="+44(0)207 628 2200"><skype:span class="skype_tb_imgA" id="skype_tb_droppart_7" title="Skype actions" style="background-image: url(file://c:/DOCUME~1/amanda.C4L/LOCALS~1/Temp/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_a.compat.flex.w16.gif)" skypeid="7" skypeaction="drop" skypesms="0"><skype:span class="skype_tb_imgFlag" id="skype_tb_img_f7" style="background-image: url(file://c:/DOCUME~1/amanda.C4L/LOCALS~1/Temp/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/famfamfam/GB.gif)"></skype:span></skype:span><skype:span class="skype_tb_imgS" id="skype_tb_img_s7" style="background-image: url(file://c:/DOCUME~1/amanda.C4L/LOCALS~1/Temp/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_s.flex.compat.gif)"></skype:span><skype:span class="skype_tb_injectionIn" id="skype_tb_text7" style="background-image: url(file://c:/DOCUME~1/amanda.C4L/LOCALS~1/Temp/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_m.compat.gif)"><skype:span class="skype_tb_innerText" id="skype_tb_innerText7">&nbsp;+44(0)207&nbsp;628&nbsp;2200&nbsp;</skype:span></skype:span><skype:span class="skype_tb_imgR" id="skype_tb_img_r7" style="background-image: url(file://c:/DOCUME~1/amanda.C4L/LOCALS~1/Temp/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_r.compat.gif)"></skype:span></skype:span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div> <div style="line-height: normal">&nbsp;</div> <div style="line-height: normal">&nbsp;</div><img src="http://feeds.feedburner.com/~r/Announcements-Baydonhill/~4/zrjCnNaN-bo" height="1" width="1"/>http://feedproxy.google.com/~r/Announcements-Baydonhill/~3/zrjCnNaN-bo/03/07/2009 00:00:00http://www.baydonhill.com/private-client/press,412,Total Voting Rights/<p> <meta content="text/html; 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color:teal;} span.msoDel { mso-style-name:""; text-decoration:line-through; color:red;} @page Section1 {size:612.0pt 792.0pt; margin:72.0pt 90.0pt 72.0pt 90.0pt;} div.Section1 {page:Section1;} /* List Definitions */ @list l0 {} @list l0:level1 { text-indent:-18.0pt;} ol {margin-bottom:0cm;} ul {margin-bottom:0cm;} --> </style><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";} </style> <![endif]--> </meta> </meta> </meta> </meta> </p> <div align="right">&nbsp;</div> <div align="right">&nbsp;</div> <div align="right"><span style="font-size: 10pt;">24 December 2008</span></div> <div><b>&nbsp;</b></div> <div align="center"><b>Baydonhill plc </b></div> <div align="center"><b><span style="font-size: 10pt;">(&ldquo;Baydonhill&rdquo; or &ldquo;the Company&rdquo;)</span></b></div> <div align="center"><b>&nbsp;</b></div> <p align="center"><b><span style="font-size: 10pt;">Interim results for the six month period ended 30 September 2008</span></b></p> <div><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></div> <div><b><font size="6"><span style="font-size: 11pt;">Key Points</span></font></b></div> <div>&nbsp;</div> <p style="margin-left: 36pt; text-align: justify; text-indent: -18pt;"><span style="font-size: 10pt;"><span>&middot;<span style="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><i><span style="font-size: 10pt;">Net loss for the period of &pound;658,451 (six month period to 30 September 2007: loss &pound;845,967)</span></i></p> <div style="margin-left: 36pt; text-align: justify; text-indent: -18pt;"><i>&nbsp;</i></div> <p style="margin-left: 36pt; text-align: justify; text-indent: -18pt;"><span style="font-size: 10pt;"><span>&middot;<span style="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><i><span style="font-size: 10pt;">Gross profit (foreign exchange commission) up 36 per cent. to &pound;1,366,256</span></i></p> <div style="text-align: justify; text-indent: -18pt;"><i>&nbsp;</i></div> <p style="margin-left: 36pt; text-align: justify; text-indent: -18pt;"><span style="font-size: 10pt;"><span>&middot;<span style="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><i><span style="font-size: 10pt;">Operating loss for the period down 32 per cent. to &pound;633,854 (2007: loss &pound;932,842)</span></i></p> <div style="margin-left: 36pt; text-align: justify; text-indent: -18pt;"><i>&nbsp;</i></div> <p style="margin-left: 36pt; text-align: justify; text-indent: -18pt;"><span style="font-size: 10pt;"><span>&middot;<span style="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><i><span style="font-size: 10pt;">&lsquo;BH Online&rsquo;, the Company&rsquo;s new corporate trading system, fully operational for the period</span></i></p> <div>&nbsp;</div> <div><b><font size="5"><span style="font-size: 10pt;">Contacts</span></font></b></div> <div>&nbsp;</div> <p><b><span style="font-size: 10pt;">Baydonhill plc</span></b><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tel: 020 7594 0584</span></p> <div><span style="font-size: 10pt;">Eric Peacock</span><span style="font-size: 10pt;">, Chairman</span></div> <div><span style="font-size: 10pt;">Wayne Mitchell</span><span style="font-size: 10pt;">, Chief Executive</span></div> <div>&nbsp;</div> <p><b><span style="font-size: 10pt;">John East &amp; Partners Limited</span></b><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tel: 0207 628 2200 </span></p> <div><span style="font-size: 10pt;">Bidhi Bhoma</span></div> <div>&nbsp;</div> <div>&nbsp;</div> <div><b><font size="5"><span style="font-size: 11pt; font-style: normal;">Chairman&rsquo;s Statement</span></font></b></div> <div>&nbsp;</div> <div><b><font size="4"><b><span style="font-size: 10pt;">Overview</span></b></font></b></div> <p><span style="font-size: 10pt;">For the six months ended 30 September 2008 the Company made a loss before tax of &pound;658,451 (2007: loss &pound;845,967) on gross turnover of &pound;220,720,675 (2007: &pound;131,669,000).</span></p> <div>&nbsp;</div> <p><span style="font-size: 10pt;">During the period, the Company announced that it had entered into a new &pound;500,000 loan facility with Wallich &amp; Matthes Holdings B.V., a wholly owned subsidiary of Ekwienox Limited (&quot;Ekwienox&quot;), the Company&rsquo;s largest shareholder.&nbsp;The Company remains dependent on Ekwienox to support its working capital requirements in the short to medium term and, when necessary, will enter into discussions with Ekwienox during 2009.</span></p> <div>&nbsp;</div> <div><b><font size="4"><b><span style="font-size: 10pt;">Review</span></b></font></b></div> <p><span style="font-size: 10pt;">The launch of the Corporate Division contributed &pound;136 million to gross turnover, helping to increase the Company&rsquo;s overall gross turnover to &pound;221 million (2007: &pound;132 million). Gross profit (representing foreign exchange commission earned) for the period increased by 36 per cent. to &pound;1,366,256.</span></p> <div>&nbsp;</div> <p><span style="font-size: 10pt;">The Private Client Division performed relatively well in difficult market conditions for foreign exchange providers, with gross revenues only 13 per cent. lower than those reported for the same period last year. We believe this is a reassuring performance in light of the market decline which has been widely reported in the financial press.&nbsp;</span></p> <div>&nbsp;</div> <p><span style="font-size: 10pt;">Having experienced a delay in the implementation of its online payment platform for its Corporate Division in the previous financial year, the Company benefited from having the platform fully operational during the period.&nbsp;The positive impact on the Company&rsquo;s revenue has been demonstrated by the results of the Corporate Division, which the Board expect to continue to improve, despite difficult market conditions.&nbsp;</span></p> <div>&nbsp;</div> <div><b><i><span style="font-size: 10pt;">Board</span></i></b></div> <p><span style="font-size: 10pt;">With the exception of Ian Collins, the composition of the Board remains unchanged. Mr Collins resigned on 11 August 2008.</span></p> <div><b><font size="4"><b>&nbsp;</b></font></b></div> <div><b><font size="4"><b><span style="font-size: 10pt;">Outlook</span></b></font></b></div> <p><span style="font-size: 10pt;">The Directors believe that 2009 will be a challenging year for the Private Client Division with limited growth opportunities in the current economic climate, but expect significant continued growth from the Corporate Division. </span></p> <div>&nbsp;</div> <p><span style="font-size: 10pt;">In light of the positive results from the Corporate Division, the Company recently expanded its sales force to take advantage of opportunities in the current climate. The Company expects to continue to increase its personnel base, when justified to do so by an increase in business.</span></p> <div>&nbsp;</div> <p><span style="font-size: 10pt;">Given the promising growth of the Corporate Division combined with the existing revenue stream from the Private Client Division, the Company is now better equipped to deliver revenue growth and make significant progress towards profitability.</span></p> <div>&nbsp;</div> <div><b><i>&nbsp;</i></b></div> <div><span style="font-size: 10pt;">Eric Peacock</span></div> <div><b><span style="font-size: 10pt;">Chairman</span></b></div> <div>&nbsp;</div> <p><span style="font-size: 10pt;">24 December 2008</span></p> <div>&nbsp;</div> <div><b>&nbsp;</b></div> <div><b><span style="font-size: 10pt;">&nbsp;PROFIT AND LOSS ACCOUNT</span></b></div> <div><b>&nbsp;</b></div> <table cellspacing="0" cellpadding="0" border="0" style="width: 510px; margin-left: 5.4pt; border-collapse: collapse; height: 488px;"> <tbody> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">Six months ended</span></b></div> <div align="right"><b><span style="font-size: 10pt;">30 September 2008</span></b></div> <div align="right"><b><span style="font-size: 10pt;">(unaudited)</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">Six months ended</span></b></div> <div align="right"><b><span style="font-size: 10pt;">30 September 2007</span></b></div> <div align="right"><b><span style="font-size: 10pt;">(unaudited)</span></b></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b><span style="font-size: 10pt;">Year </span></b></div> <div align="right"><b><span style="font-size: 10pt;">ended</span></b></div> <div align="right"><b><span style="font-size: 10pt;">31 March </span></b></div> <div align="right"><b><span style="font-size: 10pt;">2008</span></b></div> <div align="right"><b><span style="font-size: 10pt;">(audited)</span></b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b><span style="font-size: 10pt;">TURNOVER</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">220,720,675</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">131,668,803</span></b></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b><span style="font-size: 10pt;">293,792,374</span></b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <p><span style="font-size: 10pt;">Cost of sales</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">(219,354,419)</span></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><span style="font-size: 10pt;">(130,665,662)</span></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><span style="font-size: 10pt;">(291,647,277)</span></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b><span style="font-size: 10pt;">GROSS PROFIT</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">1,366,256</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">1,003,140</span></b></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b><span style="font-size: 10pt;">2,145,097</span></b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <p><span style="font-size: 10pt;">Administrative expenses</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">(2,000,110)</span></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><span style="font-size: 10pt;">(1,935,982)</span></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><span style="font-size: 10pt;">(3,737,519)</span></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b><span style="font-size: 10pt;">OPERATING LOSS</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(633,854)</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">(932,842)</span></b></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,592,422)</span></b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <p><span style="font-size: 10pt;">Interest receivable and similar income</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">59,187</span></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> <div align="right"><span style="font-size: 10pt;">97,364</span></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right">&nbsp;</div> <div align="right"><span style="font-size: 10pt;">177,863</span></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <p><span style="font-size: 10pt;">Interest payable and similar charges</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">(83,784)</span></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> <div align="right"><span style="font-size: 10pt;">(10,489)</span></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right">&nbsp;</div> <div align="right"><span style="font-size: 10pt;">(55,624)</span></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b><span style="font-size: 10pt;">(LOSS) / PROFIT BEFORE TAX</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(658,451)</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">(845,967)</span></b></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,470,183)</span></b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b><span style="font-size: 10pt;">TAXATION</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b><span style="font-size: 10pt;">(LOSS) / PROFIT FOR THE PERIOD</span></b></div> </td> <td width="104" valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1.5pt; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(658,451)</span></b></div> </td> <td width="113" valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1.5pt; padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">(845,967)</span></b></div> </td> <td width="102" valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1.5pt; padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,470,183)</span></b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="border: medium none ; padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="border: medium none ; padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="123" valign="bottom" style="padding: 0cm 5.4pt; width: 92.15pt;"> <div><b><span style="font-size: 10pt;">(Loss) / Earnings per share </span></b></div> </td> <td width="170" valign="bottom" style="padding: 0cm 5.4pt; width: 127.6pt;"> <div><b><span style="font-size: 10pt;">&ndash; basic</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(2.70p)</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">(3.79p)</span></b></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b><span style="font-size: 10pt;">(6.29p)</span></b></div> </td> </tr> <tr> <td width="293" valign="bottom" colspan="2" style="padding: 0cm 5.4pt; width: 219.75pt;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="123" valign="bottom" style="padding: 0cm 5.4pt; width: 92.15pt;"> <p><b><span style="font-size: 10pt;"><span>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></b></p> </td> <td width="170" valign="bottom" style="padding: 0cm 5.4pt; width: 127.6pt;"> <div><b><span style="font-size: 10pt;">&ndash; diluted</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(2.70p)</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">(3.00p)</span></b></div> </td> <td width="102" valign="bottom" style="padding: 0cm 5.4pt; width: 76.25pt;"> <div align="right"><b><span style="font-size: 10pt;">(6.29p)</span></b></div> </td> </tr> </tbody> </table> <div>&nbsp;</div> <div><b>&nbsp;</b></div> <div><b>&nbsp;</b></div> <div><b><span style="font-size: 10pt;">BALANCE SHEET</span></b></div> <div><b>&nbsp;</b></div> <table cellspacing="0" cellpadding="0" border="0" style="width: 531px; margin-left: 5.4pt; border-collapse: collapse; height: 606px;"> <tbody> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">At </span></b></div> <div align="right"><b><span style="font-size: 10pt;">30 September </span></b></div> <div align="right"><b><span style="font-size: 10pt;">2008</span></b></div> <div align="right"><b><span style="font-size: 10pt;">(unaudited)</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">At</span></b></div> <div align="right"><b><span style="font-size: 10pt;">&nbsp;30 September</span></b></div> <div align="right"><b><span style="font-size: 10pt;">&nbsp;2007</span></b></div> <div align="right"><b><span style="font-size: 10pt;">(unaudited)</span></b></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><b><span style="font-size: 10pt;">At </span></b></div> <div align="right"><b><span style="font-size: 10pt;">31 March </span></b></div> <div align="right"><b><span style="font-size: 10pt;">2008</span></b></div> <div align="right"><b><span style="font-size: 10pt;">(audited)</span></b></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">(as restated)</span></b></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><b><span style="font-size: 10pt;">FIXED ASSETS</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><span style="font-size: 10pt;">Tangible </span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">676,658</span></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><span style="font-size: 10pt;">421,398</span></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><span style="font-size: 10pt;">590,037</span></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><b><span style="font-size: 10pt;">CURRENT ASSETS</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><span style="font-size: 10pt;">Debtors</span></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">30,628,476</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><span style="font-size: 10pt;">12,915,384</span></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><span style="font-size: 10pt;">19,201,359</span></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <p><span style="font-size: 10pt;">Cash at Bank</span></p> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">2,111,983</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><span style="font-size: 10pt;">3,466,754</span></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><span style="font-size: 10pt;">3,892,481</span></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div>&nbsp;</div> </td> <td width="104" valign="top" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div>&nbsp;</div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">32,740,460</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">16,382,138</span></b></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><b><span style="font-size: 10pt;">23,093,840</span></b></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <p><b><span style="font-size: 10pt;">CREDITORS: Amounts falling due within one year</span></b></p> </td> <td width="104" valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(33,062,508)</span></b></div> </td> <td width="113" valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b>&nbsp;</b></div> <div align="right"><b><span style="font-size: 10pt;">(16,413,341)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></b></div> </td> <td width="91" valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><b><span style="font-size: 10pt;">(22,801,713)</span></b></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><b><span style="font-size: 10pt;">NET CURRENT (LIABILITIES) / ASSETS</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(322,048)</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b>&nbsp;</b></div> <div align="right"><b><span style="font-size: 10pt;">(31,203)</span></b></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><b><span style="font-size: 10pt;">292,127</span></b></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 28.8pt;"> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm; height: 28.8pt;"> <p><b><span style="font-size: 10pt;">TOTAL ASSETS LESS CURRENT LIABILITIES</span></b></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt; height: 28.8pt;"> <div align="right"><b><span style="font-size: 10pt;">354,610</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm; height: 28.8pt;"> <div align="right"><b><span style="font-size: 10pt;">390,195</span></b></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt; height: 28.8pt;"> <div align="right"><b><span style="font-size: 10pt;">882,164</span></b></div> </td> </tr> <tr style="height: 28.8pt;"> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm; height: 28.8pt;"> <p><b><span style="font-size: 10pt;">CREDITORS: Amounts falling due after more than one year</span></b></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt; height: 28.8pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,306,137)</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm; height: 28.8pt;"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt; height: 28.8pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,135,732)</span></b></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><b><span style="font-size: 10pt;">NET ASSETS</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(951,527)</span></b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b><span style="font-size: 10pt;">390,195</span></b></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><b><span style="font-size: 10pt;">(253,568)</span></b></div> </td> </tr> <tr style="height: 11.55pt;"> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm; height: 11.55pt;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="border-style: double none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1.5pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 11.55pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="border-style: double none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1.5pt medium medium; padding: 0cm 5.4pt; width: 3cm; height: 11.55pt;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="border-style: double none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1.5pt medium medium; padding: 0cm 5.4pt; width: 68.3pt; height: 11.55pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><b><span style="font-size: 10pt;">CAPITAL AND RESERVES</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right">&nbsp;</div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <p><span style="font-size: 10pt;">Called up share capital</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">243,841</span></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><span style="font-size: 10pt;">243,841</span></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><span style="font-size: 10pt;">243,841</span></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <p><span style="font-size: 10pt;">Share premium account</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">3,005,551</span></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><span style="font-size: 10pt;">3,005,551</span></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><span style="font-size: 10pt;">3,005,551</span></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <p><span style="font-size: 10pt;">Profit and loss account</span></p> <p><span style="font-size: 10pt;">Shares to be issued</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">(4,261,387)</span></div> <div align="right"><span style="font-size: 10pt;">60,468</span></div> </td> <td width="113" valign="bottom" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><span style="font-size: 10pt;">(2,859,197)</span></div> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="91" valign="bottom" style="padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><span style="font-size: 10pt;">(3,555,398)</span></div> <div align="right"><span style="font-size: 10pt;">52,438</span></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="113" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="91" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="302" valign="bottom" style="padding: 0cm 5.4pt; width: 8cm;"> <div><b><span style="font-size: 10pt;">EQUITY SHAREHOLDERS FUNDS</span></b></div> </td> <td width="104" valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1.5pt; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(951,527)</span></b></div> </td> <td width="113" valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1.5pt; padding: 0cm 5.4pt; width: 3cm;"> <div align="right"><b>&nbsp;</b></div> <div align="right"><b><span style="font-size: 10pt;">390,195</span></b></div> </td> <td width="91" valign="bottom" style="border-style: none none double; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1.5pt; padding: 0cm 5.4pt; width: 68.3pt;"> <div align="right"><b>&nbsp;</b></div> <div align="right"><b><span style="font-size: 10pt;">(253,568)</span></b></div> </td> </tr> </tbody> </table> <div><b>&nbsp;</b></div> <div><b><span style="font-size: 10pt;">&nbsp;CASH FLOW STATEMENT</span></b></div> <div><b>&nbsp;</b></div> <table cellspacing="0" cellpadding="0" border="0" style="width: 542px; margin-left: 5.4pt; border-collapse: collapse; height: 663px;"> <tbody> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b><span style="font-size: 10pt;">Six months ended</span></b></div> <div align="right"><b><span style="font-size: 10pt;">30 September 2008</span></b></div> <div align="right"><b><span style="font-size: 10pt;">(unaudited)</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">Six months ended</span></b></div> <div align="right"><b><span style="font-size: 10pt;">30 September 2007</span></b></div> <div align="right"><b><span style="font-size: 10pt;">(unaudited)</span></b></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b><span style="font-size: 10pt;">Year </span></b></div> <div align="right"><b><span style="font-size: 10pt;">ended</span></b></div> <div align="right"><b><span style="font-size: 10pt;">31 March</span></b></div> <div align="right"><b><span style="font-size: 10pt;">&nbsp;2008</span></b></div> <div align="right"><b><span style="font-size: 10pt;">(audited)</span></b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right">&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><b><span style="font-size: 10pt;">Reconciliation of operating loss to net cash (outflow) from operating activities</span></b></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">Operating loss</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">(633,854)</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">(932,842)</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">(1,592,422)</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right">&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">Depreciation of tangible fixed assets</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">87,586</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">35,224</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">93,404</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">(Increase) in debtors</span></p> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">(11,427,117)</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">(3,668,711)</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">(9,954,686)</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">Increase in creditors</span></p> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">10,129,229</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">3,459,642</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">10,010,174</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div>&nbsp;</div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right">&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">Share-based payment (credit)</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">(47,538)</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">(10,201)</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">(82,186)</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div>&nbsp;</div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><b><span style="font-size: 10pt;">Net cash (outflow) from operating activities</span></b></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,891,694)</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,116,888)</span></b></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,525,716)</span></b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">Returns of investment &amp; servicing of finance</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">(24,597)</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">86,875</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">122,239</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><span style="font-size: 10pt;">Taxation</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">Capital expenditure</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">(174,207)</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">(113,440)</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">(340,249)</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><b><span style="font-size: 10pt;">Cash (outflow) before use of liquid resources</span></b></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b><span style="font-size: 10pt;">(2,090,498)</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,143,453)</span></b></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,743,726)</span></b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><span style="font-size: 10pt;">Financing:</span></div> <p><span style="font-size: 10pt;">Other Loans</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">160,000</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 11.75pt;"> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm; height: 11.75pt;"> <p><span style="font-size: 10pt;">Convertible Loans</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt; height: 11.75pt;"> <div align="right"><span style="font-size: 10pt;">150,000</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt; height: 11.75pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt; height: 11.75pt;"> <div align="right"><span style="font-size: 10pt;">1,026,000</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">Issue of shares</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">503,782</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">503,782</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 5.7pt;"> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm; height: 5.7pt;"> <div><b><span style="font-size: 10pt;">(Decrease) in cash for the period</span></b></div> </td> <td width="104" valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 78pt; height: 5.7pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,780,498)</span></b></div> </td> <td width="104" valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 5.7pt;"> <div align="right"><b><span style="font-size: 10pt;">(639,671)</span></b></div> </td> <td width="94" valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 5.7pt;"> <div align="right"><b><span style="font-size: 10pt;">(213,944)</span></b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border: medium none ; padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="border: medium none ; padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><b><span style="font-size: 10pt;">Reconciliation of net cash flow to movement in net funds</span></b></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">(Decrease) in cash in the year</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">(1,780,498)</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">(639,671)</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">(213,944)</span></div> </td> </tr> <tr style="height: 3.7pt;"> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm; height: 3.7pt;"> <p><span style="font-size: 10pt;">Convertible loan note</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt; height: 3.7pt;"> <div align="right"><span style="font-size: 10pt;">(141,970)</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt; height: 3.7pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt; height: 3.7pt;"> <div align="right"><span style="font-size: 10pt;">(973,562)</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <p><span style="font-size: 10pt;">Other Loan</span></p> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><span style="font-size: 10pt;">(160,000)</span></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="94" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><b><span style="font-size: 10pt;">Net funds at 1 April 2008</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b><span style="font-size: 10pt;">2,918,919</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">4,106,425</span></b></div> </td> <td width="94" valign="bottom" style="padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b><span style="font-size: 10pt;">4,106,425</span></b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right">&nbsp;</div> </td> <td width="94" valign="bottom" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="340" valign="bottom" style="padding: 0cm 5.4pt; width: 9cm;"> <div><b><span style="font-size: 10pt;">Net funds at 30 September 2008</span></b></div> </td> <td width="104" valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 78pt;"> <div align="right"><b><span style="font-size: 10pt;">836,451</span></b></div> </td> <td width="104" valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right"><b><span style="font-size: 10pt;">3,466,754</span></b></div> </td> <td width="94" valign="bottom" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 70.85pt;"> <div align="right"><b><span style="font-size: 10pt;">2,918,919</span></b></div> </td> </tr> </tbody> </table> <div><b>&nbsp;</b></div> <div><b><span style="font-size: 10pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nature of Information</span></b></div> <p style="margin-left: 1cm; text-align: justify; text-indent: -1cm;"><b><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></b><span style="font-size: 10pt;">The interim accounts for the six months ended 30 September 2008 and the comparative figures for the six months ended 30 September 2007 are unaudited.<span>&nbsp;&nbsp;&nbsp; </span>The comparative figures for the twelve months ended 31 March 2008 are not the Company&rsquo;s statutory accounts within the meaning of section 240 of the Companies Act 1985 but are abridged from such accounts which have been reported on by the Company&rsquo;s auditors and delivered to the Registrar of Companies.&nbsp;The report of the auditors on such accounts was unqualified and did not contain any statement under Sections 237(2) or 237(3) of the Companies Act 1985.</span></p> <div>&nbsp;</div> <p style="margin-left: 1cm;"><span style="font-size: 10pt;">The interim accounts and the comparative figures are prepared on the basis of the accounting policies set out in the accounts of the Company for the twelve months ended 31 March 2008.</span></p> <div>&nbsp;</div> <p><b><span style="font-size: 10pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Activities</span></b></p> <p style="margin-left: 1cm; text-align: justify; text-indent: -36pt;"><b><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></b><span style="font-size: 10pt;">The principal activities of the Company continue to be the provision of foreign currency exchange and related financial products and the arrangement of overseas mortgages.&nbsp;</span></p> <div style="margin-left: 36pt; text-align: justify; text-indent: -36pt;">&nbsp;</div> <div style="margin-left: 1cm; text-align: justify; text-indent: -1cm;"><b><span style="font-size: 10pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxation</span></b></div> <p style="margin-left: 1cm;"><span style="font-size: 10pt;">Based on the results of the period, the Company believe that no provision for taxation is required.</span></p> <div>&nbsp;</div> <div><b><span style="font-size: 10pt;">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends</span></b></div> <p style="margin-left: 1cm;"><span style="font-size: 10pt;">The Directors do not recommend the payment of a dividend.</span></p> <div>&nbsp;</div> <div><b><span style="font-size: 10pt;">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss per Share</span></b></div> <p style="margin-left: 1cm;"><span style="font-size: 10pt;">The loss per share is calculated on the loss for the period of &pound;658,451 (2007:&pound;845,967), based on the weighted average number of shares in issue at 30 September 2008 of 24,384,015 (2007:22,331,328). Diluted loss and earnings per share at 30 September 2008 and 31 March 2008 is calculated on the same basis as basic loss and earnings per share because the effect of the potential ordinary shares (share options and warrants) reduces the net loss and is therefore anti &ndash; dilutive.</span></p> <div>&nbsp;</div> <p style="margin: 0cm 1.3pt 0.0001pt 1cm; text-align: justify; text-indent: -1cm;"><b><span style="font-size: 10pt;">6.</span></b><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copies of this interim announcement will be available from the Company&rsquo;s website at <a href="http://www.baydonhill.com/">www.baydonhill.com</a>.</span></p> <p>&nbsp;</p><img src="http://feeds.feedburner.com/~r/Announcements-Baydonhill/~4/djBBwM7B_Wo" height="1" width="1"/>http://feedproxy.google.com/~r/Announcements-Baydonhill/~3/djBBwM7B_Wo/29/12/2008 00:00:00LOSSLIABILITIEShttp://www.baydonhill.com/private-client/press,283,Interim results for the six month period ended 30 September 2008/<p> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"> <meta name="ProgId" content="Word.Document"> <meta name="Generator" content="Microsoft Word 11"> <meta name="Originator" content="Microsoft Word 11"> <link rel="File-List" href="file:///C:\DOCUME~1\amanda\LOCALS~1\Temp\msohtml1\02\clip_filelist.xml" /><o:smarttagtype namespaceuri="urn:schemas-microsoft-com:office:smarttags" name="country-region"></o:smarttagtype><!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:PunctuationKerning /> <w:ValidateAgainstSchemas /> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:Compatibility> <w:BreakWrappedTables /> <w:SnapToGridInCell /> <w:WrapTextWithPunct /> <w:UseAsianBreakRules /> <w:DontGrowAutofit /> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" LatentStyleCount="156"> </w:LatentStyles> </xml><![endif]--><!--[if !mso]><object classid="clsid:38481807-CA0E-42D2-BF39-B33AF135CC4D" id=ieooui></object> <style> st1\:*{behavior:url(#ieooui) } </style> <![endif]--><style type="text/css"> <!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0cm; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman"; mso-ansi-language:EN-US; mso-fareast-language:EN-US;} pre {margin:0cm; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Courier New"; mso-fareast-font-family:"Times New Roman"; mso-ansi-language:EN-US; mso-fareast-language:EN-US;} @page Section1 {size:612.0pt 792.0pt; margin:72.0pt 90.0pt 72.0pt 90.0pt; mso-header-margin:36.0pt; mso-footer-margin:36.0pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> </style><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} </style> <![endif]--> </meta> </meta> </meta> </meta> </p> <p>&nbsp;</p> <pre style="text-align: center;"><b><span style="font-size: 16pt;">Baydonhill plc </span></b></pre> <pre style="text-align: center;"><b>(&ldquo;Baydonhill&rdquo; or the &quot;Company&quot;)</b></pre> <pre><b>&nbsp;</b></pre> <pre style="text-align: center;"><b>Director&rsquo;s Dealing </b></pre> <pre> &nbsp;</pre> <pre> The Company received notification yesterday that, following transactions on the same day, Charles McLeod, non-executive director, purchased 5,000 ordinary shares in the issued share capital of Baydonhill (the &ldquo;Ordinary Shares&rdquo;), equivalent to 0.02 per cent. of the issued voting share capital of the Company. The shares were purchased at a price of 2.25 pence per share.</pre> <pre> Following the purchase, Mr McLeod now holds a total of 2,865,662 Ordinary Shares, equivalent to 11.75 per cent. of the issued voting share capital of the Company.</pre> <pre> &nbsp;</pre> <pre> &nbsp;</pre> <pre> Enquiries:-</pre> <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse;"> <tbody> <tr> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;"> <pre> Wayne Mitchell / Sarah Collis</pre> <pre><b>Baydonhill Plc</b></pre> <pre> &nbsp;</pre> </td> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;"> <pre> Tel: +44 (0) 207 594 0515</pre> </td> </tr> <tr> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;"> <pre> Bidhi Bhoma</pre> <pre><b>John East &amp; Partners Limited</b></pre> <pre> &nbsp;</pre> </td> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;"> <pre> Tel: +44 (0) 207 628 2200</pre> </td> </tr> </tbody> </table> <table cellspacing="0" cellpadding="0" border="0" class="MsoNormalTable" style="border-collapse: collapse;"> <tbody> <tr style=""> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;">&nbsp;</td> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;">&nbsp;</td> </tr> <tr style=""> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;">&nbsp;</td> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;"> <pre><span lang="EN-US" style="font-family: Arial;"><o:p></o:p></span></pre> </td> </tr> </tbody> </table> <pre><span lang="EN-US" style="font-family: Arial;"><o:p>&nbsp;</o:p></span></pre> <p>&nbsp;</p><img src="http://feeds.feedburner.com/~r/Announcements-Baydonhill/~4/pJbcILkCnpg" height="1" width="1"/>http://feedproxy.google.com/~r/Announcements-Baydonhill/~3/pJbcILkCnpg/05/11/2008 00:00:00http://www.baydonhill.com/private-client/press,240,Director’s Dealing (14.10.08)/<p> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"> <meta name="ProgId" content="Word.Document"> <meta name="Generator" content="Microsoft Word 11"> <meta name="Originator" content="Microsoft Word 11"> <link rel="File-List" href="file:///C:%5CDOCUME%7E1%5Camanda%5CLOCALS%7E1%5CTemp%5Cmsohtml1%5C03%5Cclip_filelist.xml" /><!--[if gte mso 9]><xml> Normal 0 false false false MicrosoftInternetExplorer4 </xml><![endif]--><!--[if gte mso 9]><![endif]--><!--[if !mso]> <style> st1\:*{behavior:url(#ieooui) } </style> <![endif]--><style type="text/css"> <!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0cm; margin-bottom:.0001pt; font-size:12.0pt;"Times New Roman"; mso-fareast-"Times New Roman";} pre {margin:0cm; margin-bottom:.0001pt; font-size:10.0pt;"Courier New"; mso-fareast-"Times New Roman";} @page Section1 {size:612.0pt 792.0pt; margin:72.0pt 90.0pt 72.0pt 90.0pt;} div.Section1 {page:Section1;} --> </style><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";} </style> <![endif]--> </meta> </meta> </meta> </meta> </p> <pre style="text-align: center;"><b><span style="font-size: 16pt;">Baydonhill plc </span></b></pre> <pre style="text-align: center;"><b>(&ldquo;Baydonhill&rdquo; or the &quot;Company&quot;)</b></pre> <pre style="text-align: center;"><b>&nbsp;</b></pre> <pre style="text-align: center;"><b>Director&rsquo;s Dealing</b></pre> <pre> &nbsp;</pre> <pre> The Company has received notification today that, following transactions yesterday, Wayne Mitchell, Chief Executive Officer, purchased 1,000 ordinary shares in the issued share capital of Baydonhill (the &ldquo;Ordinary Shares&rdquo;), equivalent to 0.004 per cent. of the issued voting share capital of the Company. The shares were purchased at a price of 5 pence per share.</pre> <pre> &nbsp;</pre> <pre> Following the purchase, Mr Mitchell now holds a total of 934,137 Ordinary Shares, equivalent to 3.83 per cent. of the issued voting share capital of the Company.</pre> <pre> &nbsp;</pre> <pre> &nbsp;</pre> <pre> Enquiries:-</pre> <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse;"> <tbody> <tr> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;"> <pre> Wayne Mitchell / Sarah Collis</pre> <pre><b>Baydonhill Plc</b></pre> <pre> &nbsp;</pre> </td> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;"> <pre> Tel: +44 (0) 207 594 0515</pre> </td> </tr> <tr> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;"> <pre> Bidhi Bhoma</pre> <pre><b>John East &amp; Partners Limited</b></pre> <pre> &nbsp;</pre> </td> <td width="295" valign="top" style="padding: 0cm 5.4pt; width: 221.4pt;"> <pre> Tel: +44 (0) 207 628 2200</pre> </td> </tr> </tbody> </table> <p>&nbsp;</p><img src="http://feeds.feedburner.com/~r/Announcements-Baydonhill/~4/40TSldT4XI8" height="1" width="1"/>http://feedproxy.google.com/~r/Announcements-Baydonhill/~3/40TSldT4XI8/05/11/2008 00:00:00http://www.baydonhill.com/private-client/press,241,Director's Dealing (05.11.08)/<p> <meta content="text/html; 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mso-style-parent:""; font-size:10.0pt;"Times New Roman";} table.MsoTableGrid {mso-style-name:"Table Grid"; border:solid black 1.0pt; font-size:10.0pt; mso-bidi-"Times New Roman";} </style> <![endif]--> </meta> </meta> </meta> </meta> </p> <div align="right"><b>29 September 200</b><b>8</b></div> <div align="center"><b>&nbsp;</b></div> <div align="center"><b><span style="font-size: 14pt; line-height: 115%;">Baydonhill Plc</span></b></div> <div align="center"><b>&nbsp;</b></div> <div align="center"><b>(&ldquo;Baydonhill&rdquo; or the &ldquo;Company&rdquo;)</b></div> <div align="center"><b>&nbsp;</b></div> <div align="center"><b>Final results for the year ended </b><b>31 March 200</b><b>8</b></div> <div align="center"><b>&nbsp;</b></div> <p><span>Baydonhill (AIM: BHL), one of the UK's leading foreign exchange specialists, announces its final results for the year ended 31 March 2008.</span></p> <div><b>&nbsp;</b></div> <p><b>CHAIRMAN&rsquo;S AND CHIEF EXECUTIVE OFFICER&rsquo;S STATEMENT</b></p> <div><b>&nbsp;</b></div> <div><b>Introduction</b></div> <div>&nbsp;</div> <p>The year under review has been a challenging one for the Company, as the downturn in the market has had significant impact in the private client foreign exchange sector as a whole.&nbsp;Baydonhill plc is fortunate to have a large existing private client base, which has reduced the impact of the current economic conditions on its Private Client Division.&nbsp;</p> <div>&nbsp;</div> <p>The Company has made significant progress in developing its corporate business.&nbsp;The online payment platform was launched later than anticipated at the end of November 2007.&nbsp;While this delayed the generation of expected revenue from the Corporate Division, the positive response from corporate clients has resulted in steady growth within this division since.</p> <div>&nbsp;</div> <div><b>Financial Review</b></div> <div>&nbsp;</div> <p>The loss for the financial year was &pound;1,470,000, compared to &pound;878,000 in 2007.&nbsp;The &pound;1,470,000 loss included &pound;1,122,000 of costs incurred in the development of the Corporate Division&rsquo;s foreign exchange business. The losses reported for 2008 and 2007 include adjustments required under FRS 20 (relating to share based payments) amounting to a credit of &pound;82,186 in 2008 (2007: charge &pound;121,537).</p> <div>&nbsp;</div> <p>Gross turnover for the Company for the year under review was &pound;294 million, an increase from the previous year&rsquo;s figure of &pound;240 million.&nbsp;Gross profit (representing foreign exchange commissions earned) decreased to &pound;2.1 million from &pound;2.2 million in the previous year.</p> <div>&nbsp;</div> <p>Shareholders funds at 31 March 2008 amounted to a deficit of &pound;254,000 compared to a surplus of &pound;743,000 at 31 March 2007.</p> <div>&nbsp;</div> <div><b>Sector Review</b></div> <div>&nbsp;</div> <p>The launch of the Corporate Division, which contributed &pound;67<span>million to gross turnover, helped to increase the Company&rsquo;s gross turnover to &pound;294 million (2007: &pound;240 million).</span></p> <div>&nbsp;</div> <p>The private client foreign exchange sector has experienced another challenging year, resulting in the Private Client Division&rsquo;s turnover dropping from just under &pound;240 million in 2007 to &pound;226 million in 2008. We believe this is a strong performance in comparison to the decline which has been widely reported in the financial press.&nbsp;</p> <div>&nbsp;</div> <p>Whilst recruitment of a new team for the Corporate Division was completed in April 2007, the implementation of the online payment platform was not completed until November 2007.&nbsp;This delay negatively impacted the forecasted revenue from the Corporate Division for the year.&nbsp;However, since the launch of the platform there has been a positive impact on the Company&rsquo;s revenue as expected. As a result, revenue generated by the Corporate Division in the last quarter to March 2008 exceeded that generated in the previous nine months.</p> <div><b>&nbsp;</b></div> <div><b>Fundraising</b></div> <div>&nbsp;</div> <p>In May 2007, the Ekwienox Group subscribed for &pound;500,000 of ordinary shares and entered into a convertible loan note providing a further &pound;476,000 of funding. In addition, certain Directors subscribed for a further &pound;24,000 of ordinary shares. In August 2007, a further convertible loan note of &pound;700,000 was provided by the Ekwienox Group, intended to provide funds for the period through to September 2008.&nbsp;However, due to the downturn experienced by the Private Client Division and the delay in the launch of the Corporate Division&rsquo;s online trading platform, a further facility of &pound;500,000 was provided on 30 June 2008 by Wallich &amp; Matthes BV, a wholly owned subsidiary of Ekwienox Limited.</p> <div>&nbsp;</div> <div><b>People</b></div> <div>&nbsp;</div> <p>There have been a number of changes to the Board, as outlined in the Directors&rsquo; Report.&nbsp;These changes reflect changes to the business profile and the addition of a corporate offering. Our thanks go to Directors who have left during the year.</p> <div>&nbsp;</div> <p>The staff have responded magnificently to the changes that they have encountered throughout the year and the Board would like to thank them for their continuing dedication and support.</p> <div><b>&nbsp;</b></div> <div><b>Outlook</b></div> <div>&nbsp;</div> <p>The Directors believe that 2009 will continue to be a challenging year for the Private Client Division, but expect significant growth from the Corporate Division.&nbsp;In the first quarter of the fiscal year 2009, revenues increased by 30% over the same period in 2008 whilst costs rose by 4%.</p> <div>&nbsp;</div> <p>The Company has recently invested in the redesign of its website, aimed at improving the Company&rsquo;s web presence.&nbsp;In addition, further investment will be made to add additional functionality to the online trading platform, aimed at attracting a wider spectrum of corporate clients.&nbsp;The Company also expects to increase head count during the year as a result of the forecasted increase in business.</p> <div>&nbsp;</div> <p>The core business in the forthcoming year will continue to be the provision of private client foreign exchange services, with the Corporate Division making an increasing contribution.&nbsp;This core business remains a focus for the Company and the sales and marketing strategies are being reviewed to reflect this.</p> <div>&nbsp;</div> <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse;"> <tbody> <tr> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div><b>Sir Eric Peacock KCMG</b></div> <div>Chairman</div> </td> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div><b>Wayne Mitchell</b></div> <div>Chief Executive</div> </td> </tr> </tbody> </table> <div>&nbsp;</div> <div>&nbsp;</div> <div><b>&nbsp;</b></div> <div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div> <div>&nbsp;</div> <div><b>&nbsp;</b></div> <div><b>&nbsp;FURTHER ENQUIRIES</b></div> <div><b>&nbsp;</b></div> <table cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse;"> <tbody> <tr> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div style="line-height: normal;"><b>Baydonhill Plc</b></div> </td> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <p style="line-height: normal;">Eric Peacock</p> </td> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div align="right" style="text-align: right; line-height: normal;">020 7594 0515</div> </td> </tr> <tr> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <p style="line-height: normal;">Wayne Mitchell</p> </td> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div style="line-height: normal;"><b>&nbsp;</b></div> </td> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div style="line-height: normal;"><b>John East &amp; Partners Limited</b></div> </td> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> </tr> <tr> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div style="line-height: normal;">Bidhi Bhoma</div> </td> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <p align="right" style="text-align: right; line-height: normal;">020 7628 2200</p> </td> </tr> <tr> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div style="line-height: normal;">&nbsp;</div> </td> <td width="319" valign="top" style="padding: 0cm 5.4pt; width: 239.4pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> </tbody> </table> <div><b>&nbsp;</b></div> <div><b>&nbsp;</b></div> <div style=""> <p><b>AUDITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED </b><b>31 MARCH 200</b><b>8</b></p> <div><b>&nbsp;</b></div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; margin-left: 0pt; border-collapse: collapse; height: 489px;"> <tbody> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;"><b>Note</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b><u>2008</u></b></div> <div align="right" style="text-align: right; line-height: normal;"><b>&pound;</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><u>2007</u></div> <div align="right" style="text-align: right; line-height: normal;">&pound;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt; text-align: left;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>Turnover</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">2(b)</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>293,792,374</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">239,767,768</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>Cost of sales</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>(291,647,277)</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">(237,559,748)</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div align="right" style="margin-left: 1.65pt; text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="border-style: solid none none; border-color: windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt medium medium; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>Gross profit</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>2,145,097</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">2,208,020</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <p style="margin-left: 1.65pt; line-height: normal;"><span>Administrative expenses</span></p> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>(3,737,519)</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">(3,269,712)</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>Operating loss</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">3</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>(1,592,422)</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">(1,061,692)</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <p style="margin-left: 1.65pt; line-height: normal;"><span>Interest receivable and similar income</span></p> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>177,863</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">184,541</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <p style="margin-left: 1.65pt; line-height: normal;"><span>Interest payable and similar charges</span></p> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>(55,624)</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">(1,082)</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>Loss on ordinary activities before taxation</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>(1,470,183)</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">(878,233)</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;">&nbsp;</div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>Taxation</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">4</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>-</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">-</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>Loss for the financial year</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>(1,470,183)</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">(878,233)</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <p style="margin-left: 1.65pt; line-height: normal;"><span>Basic earnings per share</span></p> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">5</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>(6.29p)</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">(6.06p)</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <div style="margin-left: 1.65pt; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">&nbsp;</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>&nbsp;</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">&nbsp;</div> </td> </tr> <tr> <td width="330" valign="top" style="padding: 0cm 5.4pt; width: 247.15pt;"> <p style="margin-left: 1.65pt; line-height: normal;"><span>Fully diluted earnings per share</span></p> </td> <td width="47" valign="top" style="padding: 0cm 5.4pt; width: 35pt;"> <div align="center" style="margin-left: 0.4pt; text-align: center; line-height: normal;">5</div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;"><b>(6.29p)</b></div> </td> <td width="131" valign="top" style="padding: 0cm 5.4pt; width: 98.45pt;"> <div align="right" style="text-align: right; line-height: normal;">(6.06p)</div> </td> </tr> </tbody> </table> </div> <div><b>&nbsp;</b></div> <div><b>&nbsp;</b></div> <p><b><span style="font-size: 10pt; line-height: 115%;"><br clear="all" /> </span></b></p> <p><b>AUDITED BALANCE SHEET AS AT </b><b>31 MARCH 2008</b></p> <div><b>&nbsp;</b></div> <div align="center"> <table cellspacing="5" cellpadding="0" style="text-align: left; margin-left: 0pt; border-collapse: collapse;"> <tbody> <tr> <td width="260">&nbsp;</td> <td width="30"><center>Note</center></td> <td><center> <div>-</div> <div>&pound;</div> </center></td> <td><center> <div><u>2008</u></div> <div>&pound;</div> </center></td> <td><center> <div>-</div> <div>&pound;</div> </center></td> <td style="width: 53px;"><center> <div><u>2007</u></div> <div>&pound;</div> </center></td> </tr> <tr> <td><span style="font-size: 10pt;"><strong>FIXED ASSETS</strong></span></td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="width: 53px;">&nbsp;</td> </tr> <tr> <td><span style="font-size: 10pt;">Tangible</span></td> <td><span style="font-size: 10pt;">6</span></td> <td>&nbsp;</td> <td><strong><span style="font-size: 10pt;">590,027</span></strong></td> <td>&nbsp;</td> <td style="width: 53px;"><span style="font-size: 10pt;">343,182</span></td> </tr> <tr> <td><span style="font-size: 10pt;">Investments</span></td> <td><span style="font-size: 10pt;">7</span></td> <td>&nbsp;</td> <td><strong><span style="font-size: 10pt;">10</span></strong></td> <td>&nbsp;</td> <td style="width: 53px;"><span style="font-size: 10pt;">10</span></td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="width: 53px;">&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td><strong><span style="font-size: 10pt;">590,037</span></strong></td> <td>&nbsp;</td> <td style="width: 53px;"><span style="font-size: 10pt;">343,192</span></td> </tr> <tr> <td><span style="font-size: 10pt;"><strong>CURRENT ASSETS</strong></span></td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="width: 53px;">&nbsp;</td> </tr> <tr> <td><span style="font-size: 10pt;">Debtors due within one year</span></td> <td>&nbsp;</td> <td><strong><span style="font-size: 10pt;">19,201,359</span></strong></td> <td>&nbsp;</td> <td><span style="font-size: 10pt;">9,246,673</span></td> <td style="width: 53px;">&nbsp;</td> </tr> <tr> <td><span style="font-size: 10pt;">Cash at bank and in hand</span></td> <td>&nbsp;</td> <td><strong><span style="font-size: 10pt;">3,892,481</span></strong></td> <td>&nbsp;</td> <td><span style="font-size: 10pt;">4,106,425</span></td> <td style="width: 53px;">&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="width: 53px;">&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td><strong><span style="font-size: 10pt;">23,093,840</span></strong></td> <td>&nbsp;</td> <td><span style="font-size: 10pt;">13,353,098</span></td> <td style="width: 53px;">&nbsp;</td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="width: 53px;">&nbsp;</td> </tr> <tr> <td style="height: 30px;"><strong><span style="font-size: 10pt;">CREDITORS: amounts falling due</span></strong> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">within one year</span></b></div> </td> <td style="height: 30px;"><span style="font-size: 10pt;">8</span></td> <td style="height: 30px;"><strong><span style="font-size: 10pt;">(22,801,713)</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><span style="font-size: 10pt;">(12,953,709)</span></td> <td style="width: 53px; height: 30px;">&nbsp;</td> </tr> <tr> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;">&nbsp;</td> </tr> <tr> <td style="height: 30px;"><strong><span style="font-size: 10pt;">NET CURRENT ASSETS</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><strong><span style="font-size: 10pt;">292,127</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;"><span style="font-size: 10pt;">399,389</span></td> </tr> <tr> <td style="height: 30px;"><strong><span style="font-size: 10pt;">TOTAL ASSETS LESS CURRENT LIABILITIES</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><strong><span style="font-size: 10pt;">882,164</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;"><span style="font-size: 10pt;">742,581</span></td> </tr> <tr> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;">&nbsp;</td> </tr> <tr> <td style="height: 30px;"><strong><span style="font-size: 10pt;">CREDITORS: amounts falling due</span></strong> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">after one year</span></b></div> </td> <td style="height: 30px;"><span style="font-size: 10pt;">8</span></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><strong><span style="font-size: 10pt;">(1,135,732</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;"><span style="font-size: 10pt;">-</span></td> </tr> <tr> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;">&nbsp;</td> </tr> <tr> <td style="height: 30px;"><strong><span style="font-size: 10pt;">NET ASSETS</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><strong><span style="font-size: 10pt;"><span style="color: rgb(51, 153, 102);">&nbsp;</span><b><span>(253,568)</span></b></span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;"><span style="font-size: 10pt;">742,581</span></td> </tr> <tr> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;">&nbsp;</td> </tr> <tr> <td style="height: 30px;"><strong><span style="font-size: 10pt;">CAPITAL AND RESERVES</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;">&nbsp;</td> </tr> <tr> <td style="height: 30px;"><span style="font-size: 10pt;">Called up share capital</span></td> <td style="height: 30px;"><span style="font-size: 10pt;">11</span></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><strong><span style="font-size: 10pt;">243,841</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;"><span style="font-size: 10pt;">144,987</span></td> </tr> <tr> <td style="height: 30px;"><span style="font-size: 10pt;">Share premium account</span></td> <td style="height: 30px;"><span style="font-size: 10pt;">12</span></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><strong><span style="font-size: 10pt;">3,005,551</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;"><span style="font-size: 10pt;">2,600,623</span></td> </tr> <tr> <td style="height: 30px;"><span style="font-size: 10pt;">Profit and loss account</span></td> <td style="height: 30px;"><span style="font-size: 10pt;">12</span></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><strong><span style="font-size: 10pt;">(3,555,398)</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;"><span style="font-size: 10pt;">(2,003,029)</span></td> </tr> <tr> <td style="height: 30px;"><span style="font-size: 10pt;">Shares to be issued</span></td> <td style="height: 30px;"><span style="font-size: 10pt;">12</span></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><strong><span style="font-size: 10pt;">52,438</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;"><span style="font-size: 10pt; color: rgb(51, 153, 102);">-</span></td> </tr> <tr> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;">&nbsp;</td> </tr> <tr> <td style="height: 30px;"><strong><span style="font-size: 10pt;">EQUITY SHAREHOLDERS&rsquo; (DEFICIT)/FUNDS</span></strong></td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;">&nbsp;</td> <td style="height: 30px;"><b><span style="font-size: 10pt;">(253,568)</span></b></td> <td style="height: 30px;">&nbsp;</td> <td style="width: 53px; height: 30px;"><span style="font-size: 10pt;">742,581</span></td> </tr> </tbody> </table> </div> <div style="line-height: normal;"><b>&nbsp;</b></div> <div><b>&nbsp;</b></div> <p><b><span style="font-size: 10pt; line-height: 115%;"><br clear="all" /> </span></b></p> <p><b>AUDITED CASH FLOW STATEMENT FOR THE YEAR ENDED </b><b>31 MARCH 200</b><b>8</b></p> <div><b>&nbsp;</b></div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; margin-left: 0pt; border-collapse: collapse; height: 759px;"> <tbody> <tr style="height: 25.6pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 25.6pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 25.6pt;"> <div align="right"><b><u><span style="font-size: 10pt;">2008</span></u></b></div> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 25.6pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><u><span style="font-size: 10pt;">2007</span></u></div> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">&pound;</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <p style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Reconciliation of operating loss to net cash flow from operating activities</span></b></p> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Operating loss</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,592,422)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">(1,061,692)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Depreciation of tangible fixed assets</span></p> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">93,404</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">131,648</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Increase in debtors</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(9,954,686)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">(5,408,283)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Increase in creditors</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">10,010,174</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">5,403,513</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Share &ndash; based (credit) / charge</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(82,186)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">121,537</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b>&nbsp;</b></div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b>&nbsp;</b></div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border: medium none ; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Net cash outflow from operating activities</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,525,716)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">(813,277)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border: medium none ; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">CASH FLOW STATEMENT (note14)</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Net cash outflow from operating activities</span></p> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,525,716)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">(813,277)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Returns on investments and servicing of finance</span></p> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">122,239</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">183,459</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Taxation</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">3,697</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Capital expenditure</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(340,249)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">(354,942)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border: medium none ; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Cash outflow before use of liquid resources and financing</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,743,726)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">(981,063)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 10.1pt;"><span style="font-size: 10pt;">Management of liquid resources</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">300,000</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 10.1pt;"><span style="font-size: 10pt;">Financing &ndash; Convertible Loans</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">1,026,000</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 10.1pt;"><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash; Issue of shares </span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">503,782</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 11pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 11pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.35pt; height: 11pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.4pt; height: 11pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border: medium none ; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Decrease in cash in the year</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(213,944)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">(681,063)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border: medium none ; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 23.05pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 23.05pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Reconciliation of net cash flow to movement in net funds (note 15)</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 23.05pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 23.05pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Decrease in cash in the period</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(213,944)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">(681,063)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Cash inflow from decrease in liquid resources</span></p> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">(300,000)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Convertible loan note</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(973,562)</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Net funds at 1 April 2007</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">4,106,425</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">5,087,488</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b>&nbsp;</b></div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border: medium none ; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Net funds at 31 March 2008</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">2,918,919</span></b></div> </td> <td width="117" style="padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">4,106,425</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="407" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 305.1pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b>&nbsp;</b></div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.35pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="117" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.4pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> </tbody> </table> </div> <div><b>&nbsp;</b></div> <div><b>&nbsp;</b></div> <div><b>&nbsp;</b></div> <p><b>NOTES TO THE PRELIMINARY RESULTS FOR THE YEAR ENDED </b><b>31 MARCH 200</b><b>8</b></p> <div><b>&nbsp;</b></div> <p style="margin: 0cm 0cm 0.0001pt; line-height: 97%;"><span style="font-size: 10pt; line-height: 97%;">1.</span><span style="font-size: 10pt; line-height: 97%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLICATION OF NON-STATUTORY ACCOUNTS</span></p> <div style="margin: 0cm 0cm 0.0001pt; line-height: 97%;">&nbsp;</div> <p><span>The financial information set out above does not constitute the Company&rsquo;s statutory accounts for the year<span style="letter-spacing: -0.1pt;">s ended 31 March 2007 and 2008, but is derived from those accounts. Statutory accounts for </span><span style="letter-spacing: 0.2pt;">2007 have been delivered to the Registrar of Companies and those for 2008 will be delivered </span><span style="letter-spacing: 0.1pt;">following the Company&rsquo;s Annual General Meeting. The Auditors have reported on those accounts; </span><span style="letter-spacing: -0.15pt;">their reports were unqualified and did not contain statements under the Companies Act 1985, sections </span>237(2) or (3).</span></p> <div style="margin: 0cm 0cm 0.0001pt; line-height: 97%;">&nbsp;</div> <div style="margin: 0cm 0cm 0.0001pt; line-height: 97%;"><span style="font-size: 10pt; line-height: 97%;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCOUNTING POLICIES</span></div> <div style="margin: 0cm 0cm 0.0001pt; line-height: 97%;">&nbsp;</div> <p style="margin-left: 0cm; line-height: 97%;"><span style="font-size: 10pt; line-height: 97%;">(a</span><span style="font-size: 10pt; line-height: 97%;">)&nbsp;&nbsp; Basis of preparation of financial statements</span></p> <div style="text-align: justify; line-height: 97%;">&nbsp;</div> <p style="text-align: justify; line-height: 97%;"><span style="line-height: 97%;">The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. A summary of the more important accounting policies, which have been consistently applied except where noted, is set out below.</span></p> <div style="margin-left: 0cm; line-height: 97%;"><span style="font-size: 10pt; line-height: 97%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></div> <div style="line-height: 97%;"><b><font size="6"><span style="font-size: 10pt; line-height: 97%;">(b)&nbsp;&nbsp; Turnover and revenue recognition</span></font></b></div> <div style="text-align: justify; line-height: 97%;">&nbsp;</div> <p style="text-align: justify; line-height: 97%;"><span style="line-height: 97%;">Turnover represents:</span></p> <p style="margin-left: 36pt; text-align: justify; text-indent: -36pt; line-height: 97%;"><span style="line-height: 97%;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The gross value of foreign exchange currency transactions undertaken by the Company&rsquo;s foreign currency business.&nbsp;Purchases of currency relating to such transactions are treated as cost of sales. Turnover is recognised after receiving the client&rsquo;s authorisation.&nbsp;Where the Company enters into contracts with its clients, it also enters into matched contracts with its bankers.</span></p> <div style="margin-left: 0pt; text-align: justify; line-height: 97%;">&nbsp;</div> <p style="margin-left: 36pt; text-align: justify; text-indent: -36pt; line-height: 97%;"><span style="line-height: 97%;">2. Commissions earned from arranging property finance.&nbsp;Such revenue is recognised when the client has entered into irrevocable arrangements with the loan provider or underwriter.</span></p> <div><b>&nbsp;</b></div> <div><b><span style="line-height: 115%;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPERATING LOSS</span></b></div> <div>&nbsp;</div> <p style="margin-left: 11.3pt;"><span style="line-height: 115%;">The operating loss is stated after charging:</span></p> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; margin-left: 0pt; border-collapse: collapse; height: 138px;"> <tbody> <tr style="height: 26.85pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.5pt; height: 26.85pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="131" style="padding: 0cm 5.4pt; width: 98.5pt; height: 26.85pt;"> <div align="right"><b><u><span style="font-size: 10pt;">2008</span></u></b></div> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="123" style="padding: 0cm 5.4pt; width: 91.95pt; height: 26.85pt;"> <div align="right"><u><span style="font-size: 10pt;">2007</span></u></div> <div align="right"><span style="font-size: 10pt;">&pound;</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.5pt; height: 3.5pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="131" style="padding: 0cm 5.4pt; width: 98.5pt; height: 3.5pt;"> <div align="right">&nbsp;</div> </td> <td width="123" style="padding: 0cm 5.4pt; width: 91.95pt; height: 3.5pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.5pt; height: 14.2pt;"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Depreciation of tangible fixed assets</span></p> </td> <td width="131" style="padding: 0cm 5.4pt; width: 98.5pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">93,404</span></b></div> </td> <td width="123" style="padding: 0cm 5.4pt; width: 91.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">131,648</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.5pt; height: 14.2pt;"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Operating lease rentals - land and buildings</span></p> </td> <td width="131" style="padding: 0cm 5.4pt; width: 98.5pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">142,500</span></b></div> </td> <td width="123" style="padding: 0cm 5.4pt; width: 91.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">142,500</span></div> </td> </tr> <tr style="height: 24.75pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.5pt; height: 24.75pt;"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Exceptional item &ndash; development of Corporate Foreign Exchange division</span></p> </td> <td width="131" style="padding: 0cm 5.4pt; width: 98.5pt; height: 24.75pt;"> <div align="right"><b><span style="font-size: 10pt;">1,122,000</span></b></div> </td> <td width="123" style="padding: 0cm 5.4pt; width: 91.95pt; height: 24.75pt;"> <div align="right"><span style="font-size: 10pt;">270,000</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="374" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 280.5pt; height: 3.5pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="131" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 98.5pt; height: 3.5pt;"> <div align="right">&nbsp;</div> </td> <td width="123" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> </tbody> </table> </div> <div><b>&nbsp;</b></div> <p><b><span style="font-size: 10pt; line-height: 115%;"><br clear="all" /> </span></b></p> <div><b>4.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>TAXATION</b></div> <div style="margin-left: 0cm;"><b>&nbsp;</b></div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; border-collapse: collapse; height: 854px;"> <tbody> <tr style="height: 24.7pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 24.7pt;" colspan="4"> <div align="center" style="margin-left: 21.9pt; text-align: center; text-indent: 0.75pt;">&nbsp;</div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 24.7pt;" colspan="2"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b><u><span style="font-size: 10pt;">2008</span></u></b></div> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 24.7pt;" colspan="3"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><u><span style="font-size: 10pt;">2007</span></u></div> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">&pound;</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 3.5pt;" colspan="4"> <div>&nbsp;</div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 3.5pt;" colspan="2"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 3.5pt;" colspan="3"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">a)&nbsp;Analysis for the year</span></b></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 5.45pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 5.45pt;" colspan="4"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 5.45pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 5.45pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <div style="margin-left: 32pt;"><span style="font-size: 10pt;">Current tax:</span></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 7.1pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 7.1pt;" colspan="4"> <div style="margin-left: 0pt;">&nbsp;</div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 7.1pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 7.1pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 13.7pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 13.7pt;" colspan="4"> <p style="margin-left: 31.4pt;"><span style="font-size: 10pt;">UK</span><span style="font-size: 10pt;"> corporation tax on loss for the year</span></p> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 13.7pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 13.7pt;" colspan="3"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr style="height: 13.9pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 13.9pt;" colspan="4"> <div style="margin-left: 31.4pt;"><span style="font-size: 10pt;">Adjustment in respect of previous years </span></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 13.9pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 13.9pt;" colspan="3"> <div align="right" style="margin-left: 0pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr style="height: 7.6pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 7.6pt;" colspan="4"> <div style="margin-left: 0pt;">&nbsp;</div> </td> <td width="132" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 99pt; height: 7.6pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.45pt; height: 7.6pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 7.55pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 200pt; height: 7.55pt;" colspan="4"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="132" style="border: medium none ; padding: 0cm 5.4pt; width: 99pt; height: 7.55pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.45pt; height: 7.55pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 13.9pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 13.9pt;" colspan="4"> <p style="margin-left: 31.4pt;"><b><span style="font-size: 10pt;">Total current tax (note 4(b)) </span></b></p> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 13.9pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 13.9pt;" colspan="3"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr style="height: 14.1pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.1pt;" colspan="4"> <div style="margin-left: 31.4pt;"><b><span style="font-size: 10pt;">Total deferred tax </span></b></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.1pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.1pt;" colspan="3"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr style="height: 6.85pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 6.85pt;" colspan="4"> <div style="margin-left: 31.4pt;">&nbsp;</div> </td> <td width="132" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 99pt; height: 6.85pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.45pt; height: 6.85pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 4pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 4pt;" colspan="4"> <div style="margin-left: 31.4pt;">&nbsp;</div> </td> <td width="132" style="border: medium none ; padding: 0cm 5.4pt; width: 99pt; height: 4pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.45pt; height: 4pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <p style="margin-left: 31.4pt;"><b><span style="font-size: 10pt;">Total tax for the year</span></b></p> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="374" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 280.45pt; height: 3.5pt;" colspan="4"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="132" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 99pt; height: 3.5pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.45pt; height: 3.5pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 6.35pt;"> <td width="374" style="border: medium none ; padding: 0cm 5.4pt; width: 280.45pt; height: 6.35pt;" colspan="4"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="132" style="border: medium none ; padding: 0cm 5.4pt; width: 99pt; height: 6.35pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.45pt; height: 6.35pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <p style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">b)&nbsp;Factors affecting tax for year</span></b></p> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 6.85pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 6.85pt;" colspan="4"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 6.85pt;" colspan="2"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 6.85pt;" colspan="3"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <div style="margin-left: 31.4pt;"><span style="font-size: 10pt;">Loss on ordinary activities before tax</span></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">(1,470,183)</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right"><span style="font-size: 10pt;">(878,233)</span></div> </td> </tr> <tr style="height: 6.4pt;"> <td width="374" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 280.45pt; height: 6.4pt;" colspan="4"> <div style="margin-left: 31.4pt;">&nbsp;</div> </td> <td width="132" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 99pt; height: 6.4pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.45pt; height: 6.4pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 7.75pt;"> <td width="374" style="border: medium none ; padding: 0cm 5.4pt; width: 280.45pt; height: 7.75pt;" colspan="4"> <div style="margin-left: 31.4pt;">&nbsp;</div> </td> <td width="132" style="border: medium none ; padding: 0cm 5.4pt; width: 99pt; height: 7.75pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.45pt; height: 7.75pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <div style="margin-left: 31.4pt;"><span style="font-size: 10pt;">Expected tax @ 30% (2007 : 30%)</span></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">(441,055)</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right"><span style="font-size: 10pt;">(263,470)</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 3.5pt;" colspan="4"> <div style="margin-left: 31.4pt;">&nbsp;</div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 3.5pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 3.5pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <div style="margin-left: 31.4pt;"><span style="font-size: 10pt;">Expenses not deductible for tax purposes</span></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">34,528</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right"><span style="font-size: 10pt;">28,179</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <div style="margin-left: 31.4pt;"><span style="font-size: 10pt;">Depreciation in excess of capital allowances</span></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">(37,514)</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right"><span style="font-size: 10pt;">40,121</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <div style="margin-left: 31.4pt;"><span style="font-size: 10pt;">Share-based payments not deductible for tax</span></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">(24,656)</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right"><span style="font-size: 10pt;">36,461</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <div style="margin-left: 31.4pt;"><span style="font-size: 10pt;">Losses arising in the period carried forward</span></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">468,697</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right"><span style="font-size: 10pt;">158,709</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 3.5pt;" colspan="4"> <div style="margin-left: 31.4pt;">&nbsp;</div> </td> <td width="132" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 99pt; height: 3.5pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.45pt; height: 3.5pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 6.15pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 6.15pt;" colspan="4"> <div style="margin-left: 31.4pt;">&nbsp;</div> </td> <td width="132" style="border: medium none ; padding: 0cm 5.4pt; width: 99pt; height: 6.15pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.45pt; height: 6.15pt;" colspan="3"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="374" style="padding: 0cm 5.4pt; width: 280.45pt; height: 14.2pt;" colspan="4"> <div style="margin-left: 31.4pt;"><b><span style="font-size: 10pt;">Actual tax </span></b></div> </td> <td width="132" style="padding: 0cm 5.4pt; width: 99pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.45pt; height: 14.2pt;" colspan="3"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr style="height: 5.95pt;"> <td width="374" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 280.45pt; height: 5.95pt;" colspan="4"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="132" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 99pt; height: 5.95pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.45pt; height: 5.95pt;" colspan="3"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 5.95pt;"> <td width="374" style="border: medium none ; padding: 0cm 5.4pt; width: 280.45pt; height: 5.95pt;" colspan="4"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="132" style="border: medium none ; padding: 0cm 5.4pt; width: 99pt; height: 5.95pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.45pt; height: 5.95pt;" colspan="3"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 16.85pt;"> <td width="628" style="padding: 0cm 5.4pt; width: 470.9pt; height: 16.85pt;" colspan="9"> <div style="margin-left: 21.9pt; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">c)&nbsp;Deferred tax </span></b></div> </td> </tr> <tr style="height: 6.1pt;"> <td width="150" style="padding: 0cm 5.4pt; text-align: left;">&nbsp;</td> <td width="85" style="padding: 0cm 5.4pt; width: 63.8pt; height: 6.1pt;"> <div align="right" style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="100" valign="top" style="padding: 0cm 5.4pt; width: 74.9pt; height: 6.1pt;"> <div align="right">&nbsp;</div> </td> <td width="99" style="padding: 0cm 5.4pt; width: 73.9pt; height: 6.1pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="100" style="padding: 0cm 5.4pt; width: 75.15pt; height: 6.1pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="110" style="padding: 0cm 5.4pt; width: 82.45pt; height: 6.1pt;" colspan="2"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 63.8pt;"> <td width="134" valign="bottom" style="padding: 0cm 5.4pt; width: 100.7pt; height: 63.8pt;"> <div style="margin-left: 22.6pt;"><b>&nbsp;</b></div> </td> <td width="85" valign="bottom" style="padding: 0cm 5.4pt; width: 63.8pt; height: 63.8pt;"> <div align="right" style="margin-left: 7.1pt;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 7.1pt;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Tax</span></b></div> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Losses</span></b></div> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="100" valign="bottom" style="padding: 0cm 5.4pt; width: 74.9pt; height: 63.8pt;"> <div align="right" style="margin-left: 7.1pt;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Short term timing differences</span></b></div> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="99" valign="bottom" style="padding: 0cm 5.4pt; width: 73.9pt; height: 63.8pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> <div align="right"><b><span style="font-size: 10pt;">Accelerated</span></b></div> <div align="right"><b><span style="font-size: 10pt;">capital</span></b></div> <div align="right"><b><span style="font-size: 10pt;">Allowances</span></b></div> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 78pt; height: 63.8pt;" colspan="3"> <div align="right"><b><span style="font-size: 10pt;">Potential deferred</span></b></div> <div align="right"><b><span style="font-size: 10pt;">tax not recognised </span></b></div> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="106" valign="bottom" style="padding: 0cm 5.4pt; width: 79.6pt; height: 63.8pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 30pt; text-align: right; text-indent: -7.35pt;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 3.4pt;"><b><span style="font-size: 10pt;">Total</span></b></div> <div align="right" style="margin-left: 3.4pt;"><b><span style="font-size: 10pt;">Recognised</span></b></div> <div align="right" style="margin-left: 30pt; text-align: right; text-indent: -7.35pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="134" style="padding: 0cm 5.4pt; width: 100.7pt; height: 3.5pt;"> <div style="margin-left: 22.6pt;">&nbsp;</div> </td> <td width="85" style="padding: 0cm 5.4pt; width: 63.8pt; height: 3.5pt;"> <div align="right" style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="100" valign="top" style="padding: 0cm 5.4pt; width: 74.9pt; height: 3.5pt;"> <div align="right">&nbsp;</div> </td> <td width="99" style="padding: 0cm 5.4pt; width: 73.9pt; height: 3.5pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 3.5pt;" colspan="3"> <div align="right">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.6pt; height: 3.5pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="134" style="padding: 0cm 5.4pt; width: 100.7pt; height: 14.2pt;"> <div style="margin-left: 22.6pt;"><span style="font-size: 10pt;">At 1 April 2007</span></div> </td> <td width="85" style="padding: 0cm 5.4pt; width: 63.8pt; height: 14.2pt;"> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">345,025</span></b></div> </td> <td width="100" valign="top" style="padding: 0cm 5.4pt; width: 74.9pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="99" style="padding: 0cm 5.4pt; width: 73.9pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">59,291</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 14.2pt;" colspan="3"> <div align="right"><b><span style="font-size: 10pt;">(404,316)</span></b></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.6pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="134" style="padding: 0cm 5.4pt; width: 100.7pt; height: 14.2pt;"> <div style="margin-left: 22.6pt;"><span style="font-size: 10pt;">For the year</span></div> </td> <td width="85" style="padding: 0cm 5.4pt; width: 63.8pt; height: 14.2pt;"> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">486,546</span></b></div> </td> <td width="100" valign="top" style="padding: 0cm 5.4pt; width: 74.9pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">10,720</span></b></div> </td> <td width="99" style="padding: 0cm 5.4pt; width: 73.9pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">(39,600)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 14.2pt;" colspan="3"> <div align="right"><b><span style="font-size: 10pt;">(457,666)</span></b></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.6pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr style="height: 3.9pt;"> <td width="134" style="padding: 0cm 5.4pt; width: 100.7pt; height: 3.9pt;"> <div style="margin-left: 22.6pt;">&nbsp;</div> </td> <td width="85" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 63.8pt; height: 3.9pt;"> <div align="right" style="margin-left: 7.1pt;"><b>&nbsp;</b></div> </td> <td width="100" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 74.9pt; height: 3.9pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="99" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 73.9pt; height: 3.9pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 78pt; height: 3.9pt;" colspan="3"> <div align="right"><b>&nbsp;</b></div> </td> <td width="106" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 79.6pt; height: 3.9pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 7.3pt;"> <td width="134" style="padding: 0cm 5.4pt; width: 100.7pt; height: 7.3pt;"> <div style="margin-left: 22.6pt;"><b>&nbsp;</b></div> </td> <td width="85" style="padding: 0cm 5.4pt; width: 63.8pt; height: 7.3pt;"> <div align="right" style="margin-left: 7.1pt;"><b>&nbsp;</b></div> </td> <td width="100" valign="top" style="padding: 0cm 5.4pt; width: 74.9pt; height: 7.3pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="99" style="padding: 0cm 5.4pt; width: 73.9pt; height: 7.3pt;" colspan="2"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 7.3pt;" colspan="3"> <div align="right"><b>&nbsp;</b></div> </td> <td width="106" style="border: medium none ; padding: 0cm 5.4pt; width: 79.6pt; height: 7.3pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 27.6pt;"> <td width="134" style="padding: 0cm 5.4pt; width: 100.7pt; height: 27.6pt;"> <div style="margin-left: 22.6pt;"><b><span style="font-size: 10pt;">At 31 March 2008</span></b></div> </td> <td width="85" style="padding: 0cm 5.4pt; width: 63.8pt; height: 27.6pt;"> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">831,571</span></b></div> </td> <td width="100" valign="top" style="padding: 0cm 5.4pt; width: 74.9pt; height: 27.6pt;"> <div align="right"><b><span style="font-size: 10pt;">10,720</span></b></div> </td> <td width="99" style="padding: 0cm 5.4pt; width: 73.9pt; height: 27.6pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">19,691</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 27.6pt;" colspan="3"> <div align="right"><b><span style="font-size: 10pt;">(861,982)</span></b></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.6pt; height: 27.6pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">-</span></b></div> </td> </tr> <tr style="height: 6.4pt;"> <td width="134" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 100.7pt; height: 6.4pt;"> <div style="margin-left: 7.1pt;"><b>&nbsp;</b></div> </td> <td width="85" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 63.8pt; height: 6.4pt;"> <div align="right" style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="100" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 74.9pt; height: 6.4pt;"> <div align="right">&nbsp;</div> </td> <td width="99" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 73.9pt; height: 6.4pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 78pt; height: 6.4pt;" colspan="3"> <div align="right">&nbsp;</div> </td> <td width="106" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 79.6pt; height: 6.4pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> </tbody> </table> </div> <div style="margin-left: 0pt;"><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></div> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">As at 31 March 2008, trading losses of approximately &pound;2,970,000 (2007: &pound;1,404,000) are available to carry forward against future profits of the same trade. These tax losses will reduce the corporation tax charge in future years until they have been utilised. No deferred tax asset in respect of these losses has been recognised as there is currently uncertainty as to the precise timing over which the asset will be recovered.</span></p> <div><b>&nbsp;</b></div> <p><b><span style="font-size: 10pt;"><br clear="all" /> </span></b></p> <div style="margin: 0cm 0cm 0.0001pt; text-align: justify; line-height: normal;"><b><font size="4"><span style="font-size: 10pt;">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EARNINGS PER SHARE</span></font></b></div> <div style="margin-left: 0cm;">&nbsp;</div> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">Both basic earnings per share and diluted earnings per share are based on a loss after tax of &pound;1,470,183 (2007 : &pound;878,233).&nbsp;The basic earnings per share has been calculated on a weighted average of 23,354,859 (2007 : 14,498,705) ordinary shares in issue.&nbsp;Diluted loss and earnings per share is calculated on the same basis as basic loss and earnings per share because the effect of the potential ordinary shares (share options and warrants) reduces the net loss per share and is therefore anti-dilutive.</span></p> <div><b>&nbsp;</b></div> <p style="margin-left: 0cm; line-height: 90%;"><b><span style="font-size: 10pt; line-height: 90%;">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TANGIBLE FIXED ASSETS</span></b></p> <div style="margin-left: 0cm; line-height: 90%;">&nbsp;</div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="margin-left: 0pt; border-collapse: collapse;"> <tbody> <tr style="height: 30.35pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 30.35pt;"> <div style="margin-left: 10.15pt;"><b>&nbsp;</b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 30.35pt;"> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">On-line</span></b></div> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">system</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 30.35pt;"> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Leasehold</span></b></div> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">improvements</span></b></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 30.35pt;"> <div align="right"><b><span style="font-size: 10pt;">Office</span></b></div> <div align="right"><b><span style="font-size: 10pt;">equipment</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 30.35pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">Total</span></b></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 7.1pt;"><b>&nbsp;</b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><b><span style="font-size: 10pt;">Cost</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><span style="font-size: 10pt;">At 1 April 2007</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">244,566</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">165,358</span></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">582,346</span></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">992,270</span></div> </td> </tr> <tr style="height: 17.45pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 17.45pt;"> <div style="margin-left: 10.15pt;"><span style="font-size: 10pt;">Additions</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 17.45pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">322,220</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 17.45pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">-</span></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 17.45pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">18,029</span></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 17.45pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">340,249</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 3.5pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 83.1pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.35pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 4pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 4pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.2pt; height: 4pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.2pt; height: 4pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="border: medium none ; padding: 0cm 5.4pt; width: 83.1pt; height: 4pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.35pt; height: 4pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><b><span style="font-size: 10pt;">At 31 March 2008</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">566,786</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">165,358</span></b></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">600,375</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">1,332,519</span></b></div> </td> </tr> <tr style="height: 8.4pt;"> <td width="162" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 121.85pt; height: 8.4pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 8.4pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 8.4pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 83.1pt; height: 8.4pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.35pt; height: 8.4pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 7.65pt;"> <td width="162" style="border: medium none ; padding: 0cm 5.4pt; width: 121.85pt; height: 7.65pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.2pt; height: 7.65pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.2pt; height: 7.65pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="border: medium none ; padding: 0cm 5.4pt; width: 83.1pt; height: 7.65pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.35pt; height: 7.65pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><b><span style="font-size: 10pt;">Depreciation</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><span style="font-size: 10pt;">At 1 April 2007</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">11,528</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">165,223</span></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">472,337</span></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">649,088</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><span style="font-size: 10pt;">Charge for period</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">30,081</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">104</span></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">63,219</span></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">93,404</span></div> </td> </tr> <tr style="height: 5.75pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 5.75pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 5.75pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 5.75pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 83.1pt; height: 5.75pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.35pt; height: 5.75pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 7.75pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 7.75pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.2pt; height: 7.75pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.2pt; height: 7.75pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="border: medium none ; padding: 0cm 5.4pt; width: 83.1pt; height: 7.75pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.35pt; height: 7.75pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><b><span style="font-size: 10pt;">At 31 March 2008</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">41,609</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">165,327</span></b></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">535,556</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">742,492</span></b></div> </td> </tr> <tr style="height: 6.15pt;"> <td width="162" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 121.85pt; height: 6.15pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 6.15pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 6.15pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 83.1pt; height: 6.15pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.35pt; height: 6.15pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 7.45pt;"> <td width="162" style="border: medium none ; padding: 0cm 5.4pt; width: 121.85pt; height: 7.45pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.2pt; height: 7.45pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="border: medium none ; padding: 0cm 5.4pt; width: 87.2pt; height: 7.45pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="border: medium none ; padding: 0cm 5.4pt; width: 83.1pt; height: 7.45pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="border: medium none ; padding: 0cm 5.4pt; width: 91.35pt; height: 7.45pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><b><span style="font-size: 10pt;">Net book amount</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><b><span style="font-size: 10pt;">At 31 March 2008</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">525,177</span></b></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">31</span></b></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">64,819</span></b></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">590,027</span></b></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="162" style="padding: 0cm 5.4pt; width: 121.85pt; height: 14.2pt;"> <div style="margin-left: 10.15pt;"><span style="font-size: 10pt;">At 31 March 2007</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">233,038</span></div> </td> <td width="116" style="padding: 0cm 5.4pt; width: 87.2pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">135</span></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.1pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">110,009</span></div> </td> <td width="122" style="padding: 0cm 5.4pt; width: 91.35pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;"><span style="font-size: 10pt;">343,182</span></div> </td> </tr> <tr style="height: 6.25pt;"> <td width="162" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 121.85pt; height: 6.25pt;"> <div style="margin-left: 10.15pt;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 6.25pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="116" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 87.2pt; height: 6.25pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="111" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 83.1pt; height: 6.25pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="122" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 91.35pt; height: 6.25pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> </tbody> </table> </div> <div style="line-height: normal;"><b>&nbsp;</b></div> <div style="margin: 0cm 0cm 0.0001pt 35.45pt; text-indent: -33.35pt; line-height: normal;"><b><font size="4"><span style="font-size: 10pt;">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIXED ASSET INVESTMENTS</span></font></b></div> <div style="line-height: normal;">&nbsp;</div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="margin-left: 0pt; border-collapse: collapse;"> <tbody> <tr style="height: 3.5pt;"> <td width="246" valign="top" style="padding: 0cm 5.4pt; width: 184.3pt; height: 3.5pt;"> <div style="margin-left: 21.3pt;"><b>&nbsp;</b></div> </td> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt; height: 3.5pt;"> <div>&nbsp;</div> </td> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt; height: 3.5pt;"> <div>&nbsp;</div> </td> </tr> <tr style="page-break-inside: avoid; height: 15.65pt;"> <td width="246" valign="top" style="padding: 0cm 5.4pt; width: 184.3pt; height: 15.65pt;" rowspan="2"> <div style="margin-left: 21.3pt;">&nbsp;</div> </td> <td width="383" valign="top" style="padding: 0cm 5.4pt; width: 286.9pt; height: 15.65pt;" colspan="2"> <p align="center"><b><span style="line-height: 115%;">Shares in subsidiary undertakings</span></b></p> </td> </tr> <tr style="page-break-inside: avoid; height: 15.65pt;"> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt; height: 15.65pt;"> <div align="right"><b><u><span style="line-height: 115%;">2008</span></u></b></div> </td> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt; height: 15.65pt;"> <div align="right"><u><span style="line-height: 115%;">2007</span></u></div> </td> </tr> <tr> <td width="246" valign="top" style="padding: 0cm 5.4pt; width: 184.3pt;"> <div style="margin-left: 21.3pt;">&nbsp;</div> </td> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt;"> <div align="right"><b><span style="line-height: 115%;">&pound;</span></b></div> </td> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt;"> <div align="right"><span style="line-height: 115%;">&pound;</span></div> </td> </tr> <tr> <td width="246" valign="top" style="padding: 0cm 5.4pt; width: 184.3pt;"> <div style="margin-left: 1.7pt;"><b><span style="line-height: 115%;">Cost</span></b></div> </td> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt;"> <div>&nbsp;</div> </td> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt;"> <div>&nbsp;</div> </td> </tr> <tr> <td width="246" valign="top" style="padding: 0cm 5.4pt; width: 184.3pt;"> <div style="margin-left: 1.7pt;"><b><span style="line-height: 115%;">At 1 April 2007 and 31 March 2008</span></b></div> </td> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt;"> <div align="right"><b><span style="line-height: 115%;">10</span></b></div> </td> <td width="191" valign="top" style="padding: 0cm 5.4pt; width: 143.45pt;"> <div align="right"><span style="line-height: 115%;">10</span></div> </td> </tr> <tr> <td width="246" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 184.3pt;"> <div style="margin-left: 1.7pt;"><b>&nbsp;</b></div> </td> <td width="191" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 143.45pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="191" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 143.45pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr> <td width="246" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 184.3pt;"> <div style="margin-left: 1.7pt;"><b>&nbsp;</b></div> </td> <td width="191" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 143.45pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="191" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 143.45pt;"> <div align="right">&nbsp;</div> </td> </tr> </tbody> </table> </div> <p><span style="line-height: 115%;">The Company holds 100% of the ordinary share capital of Baydonhill International Mortgages Limited and FLG Insurance Brokers Limited.&nbsp;The net assets and trade of these subsidiaries were transferred to Baydonhill plc on 31 March 2007 and, since that date, the two companies have remained dormant.</span></p> <div>&nbsp;</div> <p><span style="line-height: 115%;">The Company also holds 100% of the ordinary share capital of www.fx4less.com Limited, Boatfinance4less Limited, Currencies4less Limited and FLG Corporate Services Limited, all of which are dormant.&nbsp;All subsidiaries are registered in England and Wales.</span></p> <div>&nbsp;</div> <p><span style="line-height: 115%;">The company has taken advantage of section 229(2) of the Companies Act 1985 and not prepared consolidated accounts incorporating the above investments as the Directors&rsquo; consider their inclusion is not material for the purpose of giving a true and fair view.</span></p> <div style="line-height: normal;"><b>&nbsp;</b></div> <div style="margin-left: 0pt;"><b><span style="font-size: 10pt;">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CREDITORS</span></b></div> <div style="line-height: normal;">&nbsp;</div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; border-collapse: collapse;"> <tbody> <tr style="height: 26.5pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 26.5pt;"> <div style="margin-left: 1cm;">&nbsp;</div> </td> <td width="128" valign="bottom" style="padding: 0cm 5.4pt; width: 95.7pt; height: 26.5pt;"> <div align="right" style="margin-left: 7.1pt;"><b><u><span style="font-size: 10pt;">2008</span></u></b></div> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="128" valign="bottom" style="padding: 0cm 5.4pt; width: 95.7pt; height: 26.5pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><u><span style="font-size: 10pt;">2007</span></u></div> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><span style="font-size: 10pt;">&pound;</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;"><b><span style="font-size: 10pt;">Amounts falling due within one year</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;"><span style="font-size: 10pt;">Trade creditors </span></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">21,947,213</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="font-size: 10pt;">12,163,572</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;"><span style="font-size: 10pt;">Amounts owed to Group undertakings</span></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">588,146</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="font-size: 10pt;">565,795</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;"><span style="font-size: 10pt;">Other tax and social security</span></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">54,151</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="font-size: 10pt;">59,619</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;"><span style="font-size: 10pt;">Accruals and deferred income </span></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">212,203</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="font-size: 10pt;">164,723</span></div> </td> </tr> <tr style="height: 6.45pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 6.45pt;"> <div style="margin-left: 12.45pt;">&nbsp;</div> </td> <td width="128" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 95.7pt; height: 6.45pt;"> <div align="right" style="margin-left: 5.35pt;"><b>&nbsp;</b></div> </td> <td width="128" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 95.7pt; height: 6.45pt;"> <div align="right" style="margin-left: 5.4pt;">&nbsp;</div> </td> </tr> <tr style="height: 4pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 4pt;"> <div style="margin-left: 12.45pt;">&nbsp;</div> </td> <td width="128" style="border: medium none ; padding: 0cm 5.4pt; width: 95.7pt; height: 4pt;"> <div align="right" style="margin-left: 5.35pt;"><b>&nbsp;</b></div> </td> <td width="128" style="border: medium none ; padding: 0cm 5.4pt; width: 95.7pt; height: 4pt;"> <div align="right" style="margin-left: 5.4pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;">&nbsp;</div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b>22,801,713</b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;">12,953,709</div> </td> </tr> <tr style="height: 3.5pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 3.5pt;"> <div style="margin-left: 12.45pt;">&nbsp;</div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 3.5pt;"> <div align="right" style="margin-left: 5.35pt;">&nbsp;</div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;"><b><span style="font-size: 10pt;">Amounts falling due after one year</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <p style="margin-left: 12.45pt;"><span style="font-size: 10pt;">Convertible Loan Note dated 8 May 2007</span></p> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">476,000</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <p style="margin-left: 12.45pt;"><span style="font-size: 10pt;">Convertible Loan Note dated 23 August 2007</span></p> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">550,000</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <p style="margin-left: 12.45pt;"><span style="font-size: 10pt;">Less: Equity element transferred to reserves</span></p> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">(52,438)</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 4.95pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 4.95pt;" rowspan="2"> <div style="margin-left: 12.45pt;">&nbsp;</div> </td> <td width="128" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 95.7pt; height: 4.95pt;"> <div><b>&nbsp;</b></div> </td> <td width="128" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 95.7pt; height: 4.95pt;"> <div align="right" style="margin-left: 5.4pt;">&nbsp;</div> </td> </tr> <tr style="height: 3.5pt;"> <td width="128" style="border: medium none ; padding: 0cm 5.4pt; width: 95.7pt; height: 3.5pt;"> <div align="right" style="margin-left: 5.35pt;"><b>&nbsp;</b></div> </td> <td width="128" style="border: medium none ; padding: 0cm 5.4pt; width: 95.7pt; height: 3.5pt;"> <div align="right" style="margin-left: 5.4pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;"><span style="font-size: 10pt;">Net debt element</span></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">973,562</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;"><span style="font-size: 10pt;">Amounts due to Group undertakings</span></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">162,170</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="color: rgb(51, 153, 102);">-</span></div> </td> </tr> <tr style="height: 6.15pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 6.15pt;"> <div style="margin-left: 12.45pt;">&nbsp;</div> </td> <td width="128" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 95.7pt; height: 6.15pt;"> <div align="right" style="margin-left: 5.35pt;"><b>&nbsp;</b></div> </td> <td width="128" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 95.7pt; height: 6.15pt;"> <div align="right" style="margin-left: 5.4pt;">&nbsp;</div> </td> </tr> <tr style="height: 6.15pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 6.15pt;"> <div style="margin-left: 12.45pt;">&nbsp;</div> </td> <td width="128" style="border: medium none ; padding: 0cm 5.4pt; width: 95.7pt; height: 6.15pt;"> <div align="right" style="margin-left: 5.35pt;"><b>&nbsp;</b></div> </td> <td width="128" style="border: medium none ; padding: 0cm 5.4pt; width: 95.7pt; height: 6.15pt;"> <div align="right" style="margin-left: 5.4pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="373" style="padding: 0cm 5.4pt; width: 280.1pt; height: 14.2pt;"> <div style="margin-left: 12.45pt;">&nbsp;</div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.35pt;"><b><span style="font-size: 10pt;">1,135,732</span></b></div> </td> <td width="128" style="padding: 0cm 5.4pt; width: 95.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.4pt;"><span style="color: rgb(51, 153, 102);">-</span></div> </td> </tr> </tbody> </table> </div> <div style="margin-left: 0pt; text-align: justify; text-indent: -42.55pt; line-height: 97%;"><s>&nbsp;</s></div> <p style="text-align: justify; line-height: 97%;"><span style="line-height: 97%;">In May 2007 the Company entered into a Convertible Loan with the Ekwienox Group in the sum of &pound;476,000, and in August 2007 it entered into a second Convertible Loan with the Ekwienox Group in the sum of &pound;700,000, both at rates of interest based on LIBOR.&nbsp;At 31 March 2008 the first loan had been fully drawn down and the second to the extent of &pound;550,000.</span></p> <div><b>&nbsp;</b></div> <p style="margin-left: 36pt; text-align: justify; text-indent: -35.45pt; line-height: 95%;"><b><span style="font-size: 10pt; line-height: 95%;">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL INSTRUMENTS</span></b></p> <div style="text-align: justify; line-height: 95%;">&nbsp;</div> <p style="margin-left: 0cm; text-align: justify; line-height: 95%;"><span style="font-size: 10pt; line-height: 95%;">Treasury activities take place under procedures and policies monitored by the Board.&nbsp;They are designed to minimise the financial risks faced by the Company which primarily arise from interest rate, currency, and liquidity risks and information is given below.&nbsp;As permitted by FRS13 Derivatives and other financial instruments, no further details are set out in respect of short-term debtors and creditors.</span></p> <div style="margin-left: 0pt; text-align: justify; line-height: 95%;"><b>&nbsp;</b></div> <p style="margin-left: 0cm; text-align: justify; line-height: 95%;"><b><span style="font-size: 10pt; line-height: 95%;">Interest rate risks</span></b></p> <p style="margin-left: 0cm; text-align: justify; line-height: 95%;"><span style="font-size: 10pt; line-height: 95%;">The Company has financed its operations primarily through both the issue of equity shares and the provision of convertible loans.&nbsp;Floating rate assets comprise cash at bank and the Company receives interest on cash balances at rates linked to the Company&rsquo;s banker&rsquo;s base rate.&nbsp;At the year end, the Company had borrowings as a result of drawdowns from the loan notes amounting to &pound;1,026,000 at rates of interest based on LIBOR.&nbsp;At the year end the Company owed ASPone Limited, the sum of &pound;416,557 which bears interest at rates based on LIBOR.&nbsp;The Company has no other assets or liabilities that are subject to interest rate fluctuations.</span></p> <div style="margin-left: 35.45pt; text-align: justify; line-height: 95%;">&nbsp;</div> <p style="margin-left: 0cm; text-align: justify; line-height: 95%;"><b><span style="font-size: 10pt; line-height: 95%;">Liquidity risk</span></b></p> <p style="margin-left: 0cm; text-align: justify; line-height: 95%;"><span style="font-size: 10pt; line-height: 95%;">The Company&rsquo;s treasury management policies are designed to ensure the continuity of funding.&nbsp;The Company has surplus cash at the year end. </span></p> <div style="margin-left: 35.45pt; text-align: justify; line-height: 95%;">&nbsp;</div> <div style="margin-left: 35.45pt; text-align: justify; line-height: 95%;">&nbsp;</div> <div style="margin-left: 0cm; text-align: justify; line-height: 95%;"><b>&nbsp;</b></div> <div style="margin-left: 0cm; text-align: justify; line-height: 95%;"><b>&nbsp;</b></div> <p style="margin-left: 0cm; text-align: justify; line-height: 95%;"><b><span style="font-size: 10pt; line-height: 95%;">Foreign currency risk</span></b></p> <p style="margin-left: 0cm; text-align: justify; line-height: 95%;"><span style="font-size: 10pt; line-height: 95%;">The Company does not have any significant foreign currency exposure as all foreign currency is acquired under matched contracts to fulfil contracts with clients and therefore no further analysis is required under FRS 13.</span></p> <div style="margin-left: 0cm; text-align: justify; line-height: 95%;">&nbsp;</div> <div style="margin-left: 35.45pt; text-indent: -35.45pt; line-height: 97%;"><b><font size="6"><span style="font-size: 10pt; line-height: 97%;">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FORWARD DELIVERY CONTRACTS AND MONIES DUE FROM CLIENTS</span></font></b></div> <div>&nbsp;</div> <p style="text-align: justify; line-height: 97%;"><span style="line-height: 97%;">At the year end, the amount due from clients in respect of open contracts was &pound;18,975,201 (2007 : &pound;9,030,733).</span></p> <div style="margin-left: 35.45pt; text-align: justify; line-height: 97%;">&nbsp;</div> <p style="text-align: justify; line-height: 97%;"><span style="line-height: 97%;">At the year end, the Company had committed to purchase currency at fixed rates from its bankers, in respect of clients, amounting to &pound;18,586,041 (2007 : &pound;9,851,306).&nbsp;The fair value of these forward foreign currency exchange contracts at the year end amounted to an additional liability of &pound;41,000 (2007 : &pound;77,000).</span></p> <div style="text-align: justify; line-height: 97%;">&nbsp;</div> <div style="margin-left: 35.45pt; text-align: justify; text-indent: -35.45pt;"><b><span style="font-size: 10pt;">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARE CAPITAL</span></b></div> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></b></div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="margin-left: 0pt; border-collapse: collapse; height: 296px;"> <tbody> <tr style="height: 19.85pt;"> <td width="632" style="padding: 0cm 5.4pt; width: 473.95pt; height: 19.85pt;" colspan="5"> <div style="margin-left: 7.45pt;"><span style="font-size: 10pt;">Ordinary shares of 1p each</span></div> </td> </tr> <tr style="height: 7.6pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 7.6pt;"> <div style="margin-left: 7.45pt;">&nbsp;</div> </td> <td width="213" style="padding: 0cm 5.4pt; width: 159.7pt; height: 7.6pt;" colspan="2"> <div align="center"><b><u>&nbsp;</u></b></div> </td> <td width="217" style="padding: 0cm 5.4pt; width: 162.4pt; height: 7.6pt;" colspan="2"> <div align="center" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 26.25pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 26.25pt;"> <div style="margin-left: 7.45pt;">&nbsp;</div> </td> <td width="213" style="padding: 0cm 5.4pt; width: 159.7pt; height: 26.25pt;" colspan="2"> <div align="center"><b><u><span style="font-size: 10pt;">Authorised</span></u></b></div> </td> <td width="217" style="padding: 0cm 5.4pt; width: 162.4pt; height: 26.25pt;" colspan="2"> <div align="center" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">Allotted, called up and</span></b></div> <div align="center" style="margin-left: 1cm;"><b><u><span style="font-size: 10pt;">fully paid</span></u></b></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 14.2pt;"> <div style="margin-left: 7.45pt;">&nbsp;</div> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 14.2pt;"> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">No.</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 14.2pt;"> <div align="right" style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">No.</span></b></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 14.2pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 3.5pt;"> <div style="margin-left: 7.45pt;"><b>&nbsp;</b></div> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> </tr> <tr style="height: 16.45pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 16.45pt;"> <div style="margin-left: 7.45pt;"><b><span style="font-size: 10pt;">At 31 March 2007</span></b></div> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 16.45pt;"> <div align="right" style="margin-left: 7.6pt;"><b><span style="font-size: 10pt;">50,000,000</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 16.45pt;"> <div align="right" style="margin-left: 1.7pt;"><b><span style="font-size: 10pt;">500,000</span></b></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 16.45pt;"> <div align="right"><b><span style="font-size: 10pt;">14,498,705</span></b></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 16.45pt;"> <div align="right" style="margin-left: 1cm;"><b><span style="font-size: 10pt;">144,987</span></b></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 3.5pt;"> <div style="margin-left: 7.45pt;">&nbsp;</div> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 3.5pt;"> <div align="right" style="margin-left: 7.6pt;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 3.5pt;"> <div align="right" style="margin-left: 1.7pt;"><b>&nbsp;</b></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 19.7pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 19.7pt;"> <div style="margin-left: 7.45pt;"><span style="font-size: 10pt;">Increase approved at AGM</span></div> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 19.7pt;"> <div align="right" style="margin-left: 7.6pt;"><b><span style="font-size: 10pt;">25,000,000</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 19.7pt;"> <div align="right" style="margin-left: 1.7pt;"><b><span style="font-size: 10pt;">250,000</span></b></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 19.7pt;"> <div align="right" style="margin-left: 5.75pt;">&nbsp;</div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 19.7pt;"> <div align="right" style="margin-left: 9.9pt;">&nbsp;</div> </td> </tr> <tr style="height: 27.45pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 27.45pt;"> <p style="margin-left: 7.45pt;"><span style="font-size: 10pt;">Issued pursuant to Placing Agreement dated 8 May 2007</span></p> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 27.45pt;"> <div align="right" style="margin-left: 7.6pt;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 27.45pt;"> <div align="right" style="margin-left: 1.7pt;">&nbsp;</div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 27.45pt;"> <div align="right" style="margin-left: 5.75pt;"><span style="font-size: 10pt;">9,113,042</span></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 27.45pt;"> <div align="right" style="margin-left: 9.9pt;"><span style="font-size: 10pt;">91,131</span></div> </td> </tr> <tr style="height: 16.45pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 16.45pt;"> <div style="margin-left: 7.45pt;"><span style="font-size: 10pt;">Issued to directors and staff</span></div> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 16.45pt;"> <div align="right" style="margin-left: 7.6pt;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 16.45pt;"> <div align="right" style="margin-left: 1.7pt;">&nbsp;</div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 16.45pt;"> <div align="right" style="margin-left: 5.75pt;"><span style="font-size: 10pt;">772,268</span></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 16.45pt;"> <div align="right" style="margin-left: 9.9pt;"><span style="font-size: 10pt;">7,723</span></div> </td> </tr> <tr style="height: 4.85pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 4.85pt;"> <div style="margin-left: 7.45pt;">&nbsp;</div> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 4.85pt;"> <div align="right" style="margin-left: 7.6pt;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 4.85pt;"> <div align="right" style="margin-left: 1.7pt;"><b>&nbsp;</b></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 4.85pt;"> <div align="right" style="margin-left: 5.75pt;"><b>&nbsp;</b></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 4.85pt;"> <div align="right" style="margin-left: 9.9pt;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 16.45pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 16.45pt;"> <div style="margin-left: 7.45pt;"><b><span style="font-size: 10pt;">At 31 March 2008</span></b></div> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 16.45pt;"> <div align="right" style="margin-left: 7.6pt;"><b><span style="font-size: 10pt;">75,000,000</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 16.45pt;"> <div align="right" style="margin-left: 1.7pt;"><b><span style="font-size: 10pt;">750,000</span></b></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 16.45pt;"> <div align="right" style="margin-left: 5.75pt;"><b><span style="font-size: 10pt;">24,384,015</span></b></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 16.45pt;"> <div align="right" style="margin-left: 9.9pt;"><b><span style="font-size: 10pt;">243,841</span></b></div> </td> </tr> <tr style="height: 3.75pt;"> <td width="202" style="padding: 0cm 5.4pt; width: 151.85pt; height: 3.75pt;"> <div style="margin-left: 7.45pt;"><b>&nbsp;</b></div> </td> <td width="109" style="padding: 0cm 5.4pt; width: 81.7pt; height: 3.75pt;"> <div align="right" style="margin-left: 7.6pt;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 78pt; height: 3.75pt;"> <div align="right" style="margin-left: 1.7pt;"><b>&nbsp;</b></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 3.75pt;"> <div align="right" style="margin-left: 5.75pt;"><b>&nbsp;</b></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 3.75pt;"> <div align="right" style="margin-left: 9.9pt;"><b>&nbsp;</b></div> </td> </tr> </tbody> </table> </div> <div style="margin-left: 0pt;">&nbsp;</div> <p style="margin-left: 0pt;"><span style="font-size: 10pt;">At theend of the year the Company had granted the following warrants in respect of Ordinary shares:</span></p> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="margin-left: 0pt; border-collapse: collapse;"> <tbody> <tr style="height: 5.4pt;"> <td width="201" style="padding: 0cm 5.4pt; width: 150.55pt; height: 5.4pt;"> <div style="margin-left: 7.45pt;">&nbsp;</div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.35pt; height: 5.4pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.65pt; height: 5.4pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 5.4pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 5.4pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 22.25pt;"> <td width="201" style="padding: 0cm 5.4pt; width: 150.55pt; height: 22.25pt;"> <div style="margin-left: 7.45pt;"><b>&nbsp;</b></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.35pt; height: 22.25pt;"> <div align="right" style="margin-left: 1.65pt;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.65pt; height: 22.25pt;"> <div align="right" style="margin-left: 1.65pt;"><b><span style="font-size: 10pt;">Number of warrants granted</span></b></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 22.25pt;"> <div align="right" style="margin-left: 7.55pt;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 7.55pt;"><b><span style="font-size: 10pt;">Exercise price</span></b></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 22.25pt;"> <div align="right" style="margin-left: 0.5pt;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 0.5pt;"><b><span style="font-size: 10pt;">Exercise period</span></b></div> </td> </tr> <tr style="height: 16.45pt;"> <td width="201" style="padding: 0cm 5.4pt; width: 150.55pt; height: 16.45pt;"> <div style="margin-left: 7.45pt;"><span style="font-size: 10pt;">Blue Oar Securities Limited</span></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.35pt; height: 16.45pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.65pt; height: 16.45pt;"> <div align="right" style="margin-left: 4.7pt;"><span style="font-size: 10pt;">79,762</span></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 16.45pt;"> <div align="right" style="margin-left: 7.55pt;"><span style="font-size: 10pt;">23p</span></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 16.45pt;"> <p align="right" style="margin-left: 0.5pt;"><span style="font-size: 10pt;">4 April 2009</span></p> </td> </tr> <tr style="height: 16.45pt;"> <td width="201" style="padding: 0cm 5.4pt; width: 150.55pt; height: 16.45pt;"> <div style="margin-left: 7.45pt;"><span style="font-size: 10pt;">Ekwienox FX Limited</span></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.35pt; height: 16.45pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.65pt; height: 16.45pt;"> <div align="right" style="margin-left: 4.7pt;"><span style="font-size: 10pt;">5,552,295</span></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 16.45pt;"> <div align="right" style="margin-left: 7.55pt;"><span style="font-size: 10pt;">5.75p</span></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 16.45pt;"> <p align="right" style="margin-left: 0.5pt;"><span style="font-size: 10pt;">31 March 2011</span></p> </td> </tr> <tr style="height: 16.45pt;"> <td width="201" style="padding: 0cm 5.4pt; width: 150.55pt; height: 16.45pt;"> <div style="margin-left: 7.45pt;"><span style="font-size: 10pt;">Ekwienox FX Limited</span></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.35pt; height: 16.45pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.65pt; height: 16.45pt;"> <div align="right" style="margin-left: 4.7pt;"><span style="font-size: 10pt;">1,780,905</span></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 16.45pt;"> <div align="right" style="margin-left: 7.55pt;"><span style="font-size: 10pt;">5.75p</span></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 16.45pt;"> <p align="right" style="margin-left: 0.5pt;"><span style="font-size: 10pt;">31 March 2011</span></p> </td> </tr> <tr style="height: 16.45pt;"> <td width="201" style="padding: 0cm 5.4pt; width: 150.55pt; height: 16.45pt;"> <div style="margin-left: 7.45pt;"><span style="font-size: 10pt;">Ekwienox FX Limited</span></div> </td> <td width="111" style="padding: 0cm 5.4pt; width: 83.35pt; height: 16.45pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.65pt; height: 16.45pt;"> <div align="right" style="margin-left: 4.7pt;"><span style="font-size: 10pt;">560,000</span></div> </td> <td width="102" style="padding: 0cm 5.4pt; width: 76.75pt; height: 16.45pt;"> <div align="right" style="margin-left: 7.55pt;"><span style="font-size: 10pt;">6.25p</span></div> </td> <td width="114" style="padding: 0cm 5.4pt; width: 85.65pt; height: 16.45pt;"> <p align="right" style="margin-left: 0.5pt;"><span style="font-size: 10pt;">30 April 2010</span></p> </td> </tr> <tr style="height: 3.5pt;"> <td width="201" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 150.55pt; height: 3.5pt;"> <div style="margin-left: 7.45pt;">&nbsp;</div> </td> <td width="111" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 83.35pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;"><b>&nbsp;</b></div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.65pt; height: 3.5pt;"> <div align="right" style="margin-left: 1cm;">&nbsp;</div> </td> <td width="102" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 76.75pt; height: 3.5pt;"> <div align="right" style="margin-left: 7.55pt;">&nbsp;</div> </td> <td width="114" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 85.65pt; height: 3.5pt;"> <div align="right" style="margin-left: 0.5pt;">&nbsp;</div> </td> </tr> </tbody> </table> </div> <div>&nbsp;</div> <p><span style="font-size: 10pt;">On 8 May 2007 Ekwienox FX Limited entered into an investment agreement with Baydonhill plc whereby Ekwienox FX Limited acquired 8,695,652 shares at a price of 5.75p.&nbsp;Additionally, the existing warrants and additional subscription rights held by Ekwienox FX Limited were re-priced from 23p per share to 5.75p per share.</span></p> <div style="margin-left: 0.5pt;">&nbsp;</div> <p style="margin-left: 0.5pt;"><span style="font-size: 10pt;">On the same date Ekwienox FX Limited entered into a Convertible Loan Agreement with Baydonhill plc whereby it agreed to extend to Baydonhill plc a convertible loan of &pound;476,000 bearing interest at the rate of 3.75% above LIBOR and with conversion rights at a price of 5.75p per share.</span></p> <div style="margin-left: 0.5pt;">&nbsp;</div> <p><span style="font-size: 10pt;"><br clear="all" /> </span></p> <p style="margin-left: 0.5pt;"><span style="font-size: 10pt;">In an investment agreement dated 8 May 2007, Wayne Mitchell subscribed for 260,869 shares, Tim Sullivan 86,956 shares and Ian Collins 69,565 shares, all at a price of 5.75p per share.&nbsp;Additionally, and under the terms of their Contracts of Employment, Wayne Mitchell was granted 672,268 shares and another employee 100,000 shares all at par.</span></p> <div style="margin-left: 0.5pt;">&nbsp;</div> <p style="margin-left: 0.5pt;"><span style="font-size: 10pt;">On 23 August 2007 Ekwienox FX Limited entered into a Convertible Loan agreement with Baydonhill plc whereby it agreed to extend to Baydonhill plc a Convertible Loan of &pound;700,000 bearing interest at the rate of 4.00% above LIBOR and with conversion rights at a price of 6.00p per share.&nbsp;In addition, the Company granted a warrant to Ekwienox FX Limited to subscribe for 560,000 Ordinary Shares at a subscription price of 6.25p exercisable at any time prior to 30 April 2010.</span></p> <div style="margin-left: 0.5pt;">&nbsp;</div> <p style="margin-left: 0.5pt;"><span style="font-size: 10pt;">None of the warrants noted above are deemed to have a material equity component.</span></p> <div style="text-align: justify; line-height: 97%;">&nbsp;</div> <div style="margin-left: 35.45pt; text-align: justify; text-indent: -35.45pt;"><b><span style="font-size: 10pt;">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RESERVES</span></b></div> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></b></div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; border-collapse: collapse;"> <tbody> <tr style="height: 23.15pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 23.15pt;"> <div align="center" style="margin-left: 21.9pt; text-align: center; text-indent: 0.75pt;">&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt; height: 23.15pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt; height: 23.15pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">2008</span></b></div> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> </tr> <tr style="height: 7.6pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 7.6pt;" colspan="2"> <div>&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 7.6pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 14.2pt;" colspan="2"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Share premium account</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 6.55pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 6.55pt;" colspan="2"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 6.55pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 14.2pt;" colspan="2"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">At 31 March 2007 </span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">2,600,623</span></b></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 3.5pt;" colspan="2"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 24.15pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 24.15pt;" colspan="2"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Shares issued pursuant to Placing Agreement dated 8 May 2007 at a premium of 4.75p</span></p> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 24.15pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">432,870</span></b></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 14.2pt;" colspan="2"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Less : costs of placing net of any related tax benefit</span></p> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">(27,942)</span></b></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 3.5pt;" colspan="2"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 7.1pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 7.1pt;" colspan="2"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.1pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;"><b>&nbsp;</b></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="532" style="padding: 0cm 5.4pt; width: 398.85pt; height: 14.2pt;" colspan="2"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">At 31 March 2008</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;"><b><span style="font-size: 10pt;">3,005,551</span></b></div> </td> </tr> <tr style="height: 6.25pt;"> <td width="532" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 398.85pt; height: 6.25pt;" colspan="2"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.25pt;"> <div align="right" style="margin-left: 1.7pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 7.55pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 7.55pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 7.55pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt; height: 7.55pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> <tr style="height: 21.25pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 21.25pt;"> <div style="margin-left: 7.1pt;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 21.25pt;"> <div align="right"><b><span style="font-size: 10pt;">2008</span></b></div> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt; height: 21.25pt;"> <div align="right" style="margin-left: 4.15pt;"><span style="font-size: 10pt;">2007</span></div> <div align="right" style="margin-left: 4.15pt;"><span style="font-size: 10pt;">&pound;</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Profit and loss account</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right">&nbsp;</div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> <tr style="height: 3.5pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 3.5pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right">&nbsp;</div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">At beginning of year</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(2,003,029)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 4.15pt;"><span style="font-size: 10pt;">(1,246,333)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">(Loss) for year </span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(1,470,183)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 4.15pt;"><span style="font-size: 10pt;">(878,233)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Share-based payments</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(82,186)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 4.15pt;"><span style="font-size: 10pt;">121,537</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 3.5pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> <tr style="height: 6.85pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 6.85pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 6.85pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 6.85pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">At end of year</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(3,555,398)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 4.15pt;"><span style="font-size: 10pt;">(2,003,029)</span></div> </td> </tr> <tr style="height: 6.6pt;"> <td width="428" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 320.9pt; height: 6.6pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.6pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.6pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> <tr style="height: 4pt;"> <td width="428" style="border: medium none ; padding: 0cm 5.4pt; width: 320.9pt; height: 4pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 4pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 4pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">Shares to be issued</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> <tr style="height: 3.5pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 3.5pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><span style="font-size: 10pt;">At 31 March 2007 </span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 4.15pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 14.2pt;"> <p style="margin-left: 7.1pt;"><span style="font-size: 10pt;">Equity element of convertible loans</span></p> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">52,438</span></div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 4.15pt;"><s><span style="font-size: 10pt;">-</span></s></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 14.2pt;"> <div style="margin-left: 7.1pt;"><b><span style="font-size: 10pt;">At 31 March 2008</span></b></div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">52,438</span></b></div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 4.15pt;"><s><span style="font-size: 10pt;">-</span></s></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="428" style="padding: 0cm 5.4pt; width: 320.9pt; height: 3.5pt;"> <div style="margin-left: 7.1pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 4.15pt;">&nbsp;</div> </td> </tr> </tbody> </table> </div> <div style="margin-left: 0pt; text-indent: 0.75pt;">&nbsp;</div> <p style="margin-left: 0pt; text-indent: 0.75pt;"><span style="font-size: 10pt;">The &ldquo;Shares to be issued&rdquo; reserve above represents the equity elements of the convertible loans entered into during the year and is calculated in accordance with FRS 25.</span></p> <div style="margin-left: 0cm;"><u>&nbsp;</u></div> <p><b><span style="font-size: 10pt;"><br clear="all" /> </span></b></p> <div style="margin-left: 35.45pt; text-align: justify; text-indent: -35.45pt;"><b><span style="font-size: 10pt;">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHAREHOLDERS&rsquo; FUNDS</span></b></div> <div style="margin-left: 0cm;"><b>&nbsp;</b></div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; border-collapse: collapse;"> <tbody> <tr style="height: 24.45pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 24.45pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt; height: 24.45pt;"> <div align="right"><b><u><span style="font-size: 10pt;">2008</span></u></b></div> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="104" valign="bottom" style="padding: 0cm 5.4pt; width: 77.95pt; height: 24.45pt;"> <div align="right"><u><span style="font-size: 10pt;">2007</span></u></div> <div align="right"><span style="font-size: 10pt;">&pound;</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 3.5pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 21.9pt; text-align: right; text-indent: 0.75pt;">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">At beginning of year</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><b><span style="font-size: 10pt;">742,581</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><span style="font-size: 10pt;">1,499,277</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">(Loss) for the year</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><b><span style="font-size: 10pt;">(1,470,183)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><span style="font-size: 10pt;">(878,233)</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">New shares issued</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><b><span style="font-size: 10pt;">531,724</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 14.2pt;"> <p style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Costs incurred in respect of Placing</span></p> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><b><span style="font-size: 10pt;">(27,942)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Share-based payments</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><b><span style="font-size: 10pt;">(82,186)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><span style="font-size: 10pt;">121,537</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Shares to be issued</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><b><span style="font-size: 10pt;">52,438</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right" style="margin-left: 5.1pt;"><span style="font-size: 10pt; color: rgb(51, 153, 102);">-</span></div> </td> </tr> <tr style="height: 3.9pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 3.9pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.9pt;"> <div align="right" style="margin-left: 5.1pt;"><b>&nbsp;</b></div> </td> <td width="104" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.9pt;"> <div align="right" style="margin-left: 5.1pt;">&nbsp;</div> </td> </tr> <tr style="height: 7.3pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 7.3pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.3pt;"> <div align="right" style="margin-left: 5.1pt;"><b>&nbsp;</b></div> </td> <td width="104" valign="top" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.3pt;"> <div align="right" style="margin-left: 5.1pt;">&nbsp;</div> </td> </tr> <tr style="height: 13.3pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.05pt; height: 13.3pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">At end of year</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 13.3pt;"> <div align="right" style="margin-left: 5.1pt;"><b><span style="font-size: 10pt;">(253,568)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 13.3pt;"> <div align="right" style="margin-left: 5.1pt;"><span style="font-size: 10pt;">742,581</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="425" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 319.05pt; height: 3.5pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 5.1pt;">&nbsp;</div> </td> <td width="104" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right" style="margin-left: 5.1pt;">&nbsp;</div> </td> </tr> </tbody> </table> </div> <div style="margin-left: 0cm;">&nbsp;</div> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">14.&nbsp;&nbsp; GROSS CASH FLOWS</span></b></div> <div style="margin: 0cm 0cm 0.0001pt; page-break-after: auto;">&nbsp;</div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; margin-left: 0pt; border-collapse: collapse;"> <tbody> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><u><span style="font-size: 10pt;">2008</span></u></b></div> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><u><span style="font-size: 10pt;">2007</span></u></div> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 6.15pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 6.15pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 6.15pt;"> <div align="right">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 6.15pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><b><span style="font-size: 10pt;">Returns on investments and servicing of finance</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Interest received</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">177,863</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">184,541</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Interest paid</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(55,624)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">(1,082)</span></div> </td> </tr> <tr style="height: 6.15pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 6.15pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.15pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.15pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 7.4pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 7.4pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.4pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.4pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">122,239</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">183,459</span></div> </td> </tr> <tr style="height: 6.55pt;"> <td width="425" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 319.1pt; height: 6.55pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.55pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.55pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 7.15pt;"> <td width="425" style="border: medium none ; padding: 0cm 5.4pt; width: 319.1pt; height: 7.15pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.15pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.15pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><b><span style="font-size: 10pt;">Capital expenditure</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <p style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Payments to acquire tangible fixed assets</span></p> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(340,249)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">(354,942)</span></div> </td> </tr> <tr style="height: 6.4pt;"> <td width="425" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 319.1pt; height: 6.4pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.4pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.4pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 7.05pt;"> <td width="425" style="border: medium none ; padding: 0cm 5.4pt; width: 319.1pt; height: 7.05pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.05pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.05pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><b><span style="font-size: 10pt;">Financing</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Issue of share capital</span></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">531,724</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <p style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Expenses paid in connection with share issues</span></p> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">(27,942)</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 5.8pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 5.8pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 5.8pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 5.8pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 7.8pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 7.8pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.8pt;"> <div align="right"><b>&nbsp;</b></div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.8pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">503,782</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> </tr> <tr style="height: 6.2pt;"> <td width="425" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 319.1pt; height: 6.2pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.2pt;"> <div align="right">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 6.2pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 7.5pt;"> <td width="425" style="border: medium none ; padding: 0cm 5.4pt; width: 319.1pt; height: 7.5pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.5pt;"> <div align="right">&nbsp;</div> </td> <td width="104" style="border: medium none ; padding: 0cm 5.4pt; width: 77.95pt; height: 7.5pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><b><span style="font-size: 10pt;">Management of liquid resources</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right">&nbsp;</div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="425" style="padding: 0cm 5.4pt; width: 319.1pt; height: 14.2pt;"> <p style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Cash withdrawn from secured deposit</span></p> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">-</span></b></div> </td> <td width="104" style="padding: 0cm 5.4pt; width: 77.95pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">300,000</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="425" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 319.1pt; height: 3.5pt;"> <div style="margin-left: 8.8pt;">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right">&nbsp;</div> </td> <td width="104" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 77.95pt; height: 3.5pt;"> <div align="right">&nbsp;</div> </td> </tr> </tbody> </table> </div> <div style="margin-left: 0cm;">&nbsp;</div> <p style="margin-left: 35.45pt; text-align: justify; text-indent: -35.45pt;"><b><span style="font-size: 10pt;">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANALYSIS OF CHANGES IN NET FUNDS</span></b></p> <div style="margin-left: 18pt;"><b>&nbsp;</b></div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; border-collapse: collapse;"> <tbody> <tr style="height: 33.5pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 33.5pt;"> <div style="margin-left: 1cm;">&nbsp;</div> </td> <td width="106" valign="bottom" style="padding: 0cm 5.4pt; width: 79.7pt; height: 33.5pt;"> <div align="right"><span style="font-size: 10pt;">At 1 April</span></div> <div align="right"><u><span style="font-size: 10pt;">2007</span></u></div> </td> <td width="106" valign="bottom" style="padding: 0cm 5.4pt; width: 79.75pt; height: 33.5pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">Cash <u>Flows</u></span></b></div> </td> <td width="106" valign="bottom" style="padding: 0cm 5.4pt; width: 79.7pt; height: 33.5pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">Other non-cash movements</span></b></div> </td> <td width="106" valign="bottom" style="padding: 0cm 5.4pt; width: 79.75pt; height: 33.5pt;"> <div align="right"><b><span style="font-size: 10pt;">At 31 March</span></b></div> <div align="right"><b><u><span style="font-size: 10pt;">2008</span></u></b></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 14.2pt;"> <div style="margin-left: 1cm;">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">&pound;</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 14.2pt;" colspan="2"> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 14.2pt;"> <div align="right"><b><span style="font-size: 10pt;">&pound;</span></b></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 3.5pt;"> <div style="margin-left: 1cm;">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 3.5pt;"> <div align="right">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 3.5pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 3.5pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 3.5pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 14.2pt;"> <div style="margin-left: 8.8pt;"><span style="font-size: 10pt;">Cash at bank and in hand</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">3,656,425</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 14.2pt;" colspan="2"> <div align="right"><span style="font-size: 10pt;">(213,944)</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 14.2pt;" colspan="2"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">3,442,481</span></div> </td> </tr> <tr style="height: 14.2pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 14.2pt;"> <div style="margin-left: 14.7pt; text-indent: -7.05pt;"><span style="font-size: 10pt;">Liquid resources</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">450,000</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 14.2pt;" colspan="2"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 14.2pt;" colspan="2"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">450,000</span></div> </td> </tr> <tr style="height: 5.8pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 5.8pt;"> <div style="margin-left: 14.7pt; text-indent: -7.05pt;">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 5.8pt;"> <div align="right">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 5.8pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 5.8pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 5.8pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 14.2pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 14.2pt;"> <p style="margin-left: 14.7pt; text-indent: -7.05pt;"><span style="font-size: 10pt;">Debt due after one year</span></p> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">-</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 14.2pt;" colspan="2"> <div align="right"><span style="font-size: 10pt;">(1,026,000)</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 14.2pt;" colspan="2"> <div align="right"><span style="font-size: 10pt;">52,438</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 14.2pt;"> <div align="right"><span style="font-size: 10pt;">(973,562)</span></div> </td> </tr> <tr style="height: 7.55pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 7.55pt;"> <div style="margin-left: 1cm;">&nbsp;</div> </td> <td width="106" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 79.7pt; height: 7.55pt;"> <div align="right">&nbsp;</div> </td> <td width="106" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 79.75pt; height: 7.55pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="106" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 79.7pt; height: 7.55pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="106" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 79.75pt; height: 7.55pt;"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 7.4pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 7.4pt;"> <div style="margin-left: 1cm;">&nbsp;</div> </td> <td width="142" style="border: medium none ; padding: 0cm 5.4pt; width: 106.3pt; height: 7.4pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="142" style="border: medium none ; padding: 0cm 5.4pt; width: 106.3pt; height: 7.4pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="142" style="border: medium none ; padding: 0cm 5.4pt; width: 106.3pt; height: 7.4pt;" colspan="2"> <div align="right">&nbsp;</div> </td> </tr> <tr style="height: 19.65pt;"> <td width="211" style="padding: 0cm 5.4pt; width: 157.9pt; height: 19.65pt;"> <div style="margin-left: 1cm; text-indent: -20.7pt;"><span style="font-size: 10pt;">Total </span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 19.65pt;"> <div align="right"><span style="font-size: 10pt;">4,106,425</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 19.65pt;" colspan="2"> <div align="right"><span style="font-size: 10pt;">(1,239,944)</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.7pt; height: 19.65pt;" colspan="2"> <div align="right"><span style="font-size: 10pt;">52,438</span></div> </td> <td width="106" style="padding: 0cm 5.4pt; width: 79.75pt; height: 19.65pt;"> <div align="right"><span style="font-size: 10pt;">2,918,919</span></div> </td> </tr> <tr style="height: 3.5pt;"> <td width="211" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 157.9pt; height: 3.5pt;"> <div style="margin-left: 1cm; text-indent: -20.7pt;">&nbsp;</div> </td> <td width="142" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 106.3pt; height: 3.5pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="142" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 106.3pt; height: 3.5pt;" colspan="2"> <div align="right">&nbsp;</div> </td> <td width="142" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 106.3pt; height: 3.5pt;" colspan="2"> <div align="right">&nbsp;</div> </td> </tr> </tbody> </table> </div> <div style="line-height: 92%;">&nbsp;</div> <p style="line-height: 92%;"><b><span style="line-height: 92%;">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSACTIONS WITH RELATED PARTIES</span></b></p> <div style="margin-left: 0pt;">&nbsp;</div> <p style="margin-left: 0pt;"><span style="font-size: 10pt;">During the year the Company entered into contracts to purchase foreign exchange on an arms length basis on behalf of the following related parties.&nbsp;The total value of the transactions during the year were: </span></p> <div style="margin-left: 1.7pt;">&nbsp;</div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; border-collapse: collapse;"> <tbody> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Sail Croatia Limited, a company controlled by Mr A. Hughes</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">&pound;408,208</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;33,278)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Hidden Croatia Limited, a company controlled by Mr A. Hughes&nbsp;&nbsp;&nbsp; </span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;645,535</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;341,160)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Ekwienox Limited, the ultimate parent Company</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;2,337,680</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;1,159,119)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Sarah Collis</span><span style="font-size: 10pt;">, a director of the Company</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 7.3pt;"><span style="font-size: 10pt;">&pound;345,686</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;167,949)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Arthur Hughes, the ultimate controlling party</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">&pound;824,168</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;44,486)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Charles McLeod, a director of the Company</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">&pound;583,686</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;527,852)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">Ian Collins</span><span style="font-size: 10pt;">, a director of the Company (until 11 August 2008)</span></p> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">&pound;53,547</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound; Nil)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0cm;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0cm;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">During the year the Company incurred the following costs from related parties:</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Ekwienox Limited, in respect of non-executive fees and insurance recharges</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;46,000</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;51,250)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Ekwienox FX Limited, fees in connection with the 2008 Placing</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 7.3pt;"><span style="font-size: 10pt;">&pound;30,000</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound; Nil)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">ASPone Limited, a company controlled by Ekwienox Limited, in respect of the development of an online trading system and associated hosting and consultancy charges</span></p> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;483,959</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;267,311)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Ekwienox FX Limited, interest payable on convertible loan notes</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;29,363</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound; Nil)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">At the end of the year the following amounts were owed to related parties:</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;">&nbsp;</div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;">&nbsp;</div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Ekwienox Limited</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;333,759</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;369,132)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">ASPone Limited</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;416,557</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;196,664)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Sail Croatia Limited</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound; Nil</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;338)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Hidden Croatia Limited</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;27,883</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <p align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound;37,625)</span></p> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Charles McLeod</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;62,179</span></div> </td> <td width="130" valign="top" style="padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound; Nil)</span></div> </td> </tr> <tr> <td width="373" valign="top" style="padding: 0cm 5.4pt; width: 279.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Ekwienox FX Limited</span></div> </td> <td width="130" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 97.5pt;"> <div align="right" style="margin-left: 0.2pt;"><span style="font-size: 10pt;">&pound;1,026,000</span></div> </td> <td width="130" valign="top" style="border-style: none none solid; border-color: -moz-use-text-color -moz-use-text-color windowtext; border-width: medium medium 1pt; padding: 0cm 5.4pt; width: 97.55pt;"> <div align="right" style="margin-left: -1.5pt;"><span style="font-size: 10pt;">(2007 : &pound; Nil)</span></div> </td> </tr> </tbody> </table> </div> <div style="margin-left: 0pt;">&nbsp;</div> <p style="margin-left: 0pt; text-align: justify; text-indent: -35.45pt;"><b><span style="font-size: 10pt;">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMMITMENTS AND GUARANTEES</span></b></p> <div style="margin-left: 35.45pt;">&nbsp;</div> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">The Company has a facility with its bankers for spot and forward foreign exchange trading up to a maximum contingent risk amount outstanding (as determined by the bank) of &pound;450,000 (2007 : &pound;450,000).&nbsp;The contingent risk at the year end amounted to &pound;41,000 (2007 : &pound;77,000).</span></p> <div style="margin-left: 0cm;">&nbsp;</div> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">The Company had no capital commitments not provided for at the year end (2007 : &pound;166,125 committed to ASPone Limited, a company controlled by Ekwienox Limited). Subsequent to the year end, the company entered into a further capital commitment of &pound;200,000 with ASPone Limited in relation to the final phase of the online trading system.</span></p> <div style="margin-left: 0cm;">&nbsp;</div> <p><b><span style="font-size: 10pt;"><br clear="all" /> </span></b></p> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARE BASED PAYMENT</span></b></div> <div style="margin-left: 0cm;"><b>&nbsp;</b></div> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">At the end of the year the Company had an Enterprise Management Incentive Plan that had granted options in April 2004 and February 2005 and an Unapproved Share Option Scheme that granted options in July and August 2005.</span></p> <div style="margin-left: 0cm;">&nbsp;</div> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">All options are settled by the issue of shares.&nbsp;The principle terms and conditions of the options outstanding at the year end are as follows:</span></p> <div style="margin-left: 35.45pt;">&nbsp;</div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="margin-left: 0pt; border-collapse: collapse; height: 149px;"> <tbody> <tr> <td width="110" valign="top" style="padding: 0cm 5.4pt; width: 82.45pt;"> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">Date of grant</span></b></div> </td> <td width="117" valign="top" style="padding: 0cm 5.4pt; width: 87.65pt;"> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">Entitled </span></b></div> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">employees</span></b></div> </td> <td width="77" valign="top" style="padding: 0cm 5.4pt; width: 58pt;"> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">Number of </span></b></div> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">options</span></b></div> </td> <td width="79" valign="top" style="padding: 0cm 5.4pt; width: 58.9pt;"> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">Exercise </span></b></div> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">price</span></b></div> </td> <td width="101" valign="top" style="padding: 0cm 5.4pt; width: 75.5pt;"> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">Vesting period </span></b></div> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">from grant</span></b></div> </td> <td width="150" valign="top" style="padding: 0cm 5.4pt; width: 112.45pt;"> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">Exercise</span></b></div> <div style="margin-left: 0cm;"><b><span style="font-size: 10pt;">Period</span></b></div> </td> </tr> <tr> <td width="110" valign="top" style="padding: 0cm 5.4pt; width: 82.45pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">April 2004</span></div> </td> <td width="117" valign="top" style="padding: 0cm 5.4pt; width: 87.65pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Employees and certain directors</span></div> </td> <td width="77" valign="top" style="padding: 0cm 5.4pt; width: 58pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">78,333</span></div> </td> <td width="79" valign="top" style="padding: 0cm 5.4pt; width: 58.9pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">60p</span></div> </td> <td width="101" valign="top" style="padding: 0cm 5.4pt; width: 75.5pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">3 years</span></div> </td> <td width="150" valign="top" style="padding: 0cm 5.4pt; width: 112.45pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">April 2007 &ndash; April 2014</span></div> </td> </tr> <tr> <td width="110" valign="top" style="padding: 0cm 5.4pt; width: 82.45pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">February 2005</span></div> </td> <td width="117" valign="top" style="padding: 0cm 5.4pt; width: 87.65pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Director</span></div> </td> <td width="77" valign="top" style="padding: 0cm 5.4pt; width: 58pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">50,000</span></div> </td> <td width="79" valign="top" style="padding: 0cm 5.4pt; width: 58.9pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">55p</span></div> </td> <td width="101" valign="top" style="padding: 0cm 5.4pt; width: 75.5pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">3 years</span></div> </td> <td width="150" valign="top" style="padding: 0cm 5.4pt; width: 112.45pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">February 2008 &ndash; February 2015</span></div> </td> </tr> <tr> <td width="110" valign="top" style="padding: 0cm 5.4pt; width: 82.45pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">July 2005</span></div> </td> <td width="117" valign="top" style="padding: 0cm 5.4pt; width: 87.65pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Directors</span></div> </td> <td width="77" valign="top" style="padding: 0cm 5.4pt; width: 58pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">750,000</span></div> </td> <td width="79" valign="top" style="padding: 0cm 5.4pt; width: 58.9pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">28 &ndash; 60p</span></div> </td> <td width="101" valign="top" style="padding: 0cm 5.4pt; width: 75.5pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">0 &ndash; 2 years</span></div> </td> <td width="150" valign="top" style="padding: 0cm 5.4pt; width: 112.45pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">July 2005 &ndash; July 2017</span></div> </td> </tr> </tbody> </table> </div> <div style="margin-left: 35.45pt;">&nbsp;</div> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">In addition by virtue of contract of employments entered into in September 2006, the Company undertook to issue to a director and another employee 672,268 and 100,000 ordinary shares of 1p each respectively, at par.&nbsp;These shares were to be issued in four equal instalments in six monthly intervals over a period of two years.&nbsp;Following the investment agreement entered into by Ekwienox FX Limited on 8 May 2007, all of the shares due under this agreement were issued in May 2007.&nbsp;The fair value of these instalments has been valued using the Black Scholes model using the assumptions shown below.&nbsp;The weighted average fair value of these equity instalments was 10p.</span></p> <div style="margin-left: 35.45pt;">&nbsp;</div> <div> <table cellspacing="0" cellpadding="0" border="0" style="margin-left: 0pt; border-collapse: collapse;"> <tbody> <tr> <td width="204" valign="top" style="padding: 0cm 5.4pt; width: 153.3pt;"> <div style="margin-left: 0cm;"><b>&nbsp;</b></div> </td> <td width="212" valign="top" style="padding: 0cm 5.4pt; width: 158.65pt;" colspan="2"> <div align="center" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">2008</span></b></div> </td> <td width="217" valign="top" style="padding: 0cm 5.4pt; width: 163pt;" colspan="2"> <div align="center" style="margin-left: 0cm;"><span style="font-size: 10pt;">2007</span></div> </td> </tr> <tr> <td width="204" valign="top" style="padding: 0cm 5.4pt; width: 153.3pt;"> <div style="margin-left: 0cm;">&nbsp;</div> </td> <td width="108" valign="top" style="padding: 0cm 5.4pt; width: 80.7pt;"> <div align="right" style="margin-left: 0cm;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">Number</span></b></div> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">of&nbsp;options</span></b></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">Weighted</span></b></div> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">average</span></b></div> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">exercise price</span></b></div> </td> <td width="113" valign="top" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right" style="margin-left: 0cm;">&nbsp;</div> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">Number</span></div> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">of&nbsp;options</span></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">Weighted</span></div> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">average</span></div> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">exercise price</span></div> </td> </tr> <tr> <td width="204" valign="top" style="padding: 0cm 5.4pt; width: 153.3pt;"> <div style="margin-left: 0cm;">&nbsp;</div> </td> <td width="108" valign="top" style="padding: 0cm 5.4pt; width: 80.7pt;"> <div align="right" style="margin-left: 0cm;"><b>&nbsp;</b></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;"><b>&nbsp;</b></div> </td> <td width="113" valign="top" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right" style="margin-left: 0cm;">&nbsp;</div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;">&nbsp;</div> </td> </tr> <tr> <td width="204" valign="top" style="padding: 0cm 5.4pt; width: 153.3pt;"> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">Outstanding at the beginning of the year</span></p> </td> <td width="108" valign="top" style="padding: 0cm 5.4pt; width: 80.7pt;"> <div align="right" style="margin-left: 0cm;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">2,881,833</span></b></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">45p</span></b></div> </td> <td width="113" valign="top" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right" style="margin-left: 0cm;">&nbsp;</div> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">3,183,833</span></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;">&nbsp;</div> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">44p</span></div> </td> </tr> <tr> <td width="204" valign="top" style="padding: 0cm 5.4pt; width: 153.3pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Forfeited during the year</span></div> </td> <td width="108" valign="top" style="padding: 0cm 5.4pt; width: 80.7pt;"> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">(2,003,500)</span></b></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">49p</span></b></div> </td> <td width="113" valign="top" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">(302,000)</span></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">38p</span></div> </td> </tr> <tr> <td width="204" valign="top" style="padding: 0cm 5.4pt; width: 153.3pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Outstanding at the year end</span></div> </td> <td width="108" valign="top" style="padding: 0cm 5.4pt; width: 80.7pt;"> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">878,333</span></b></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">33p</span></b></div> </td> <td width="113" valign="top" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">2,881,833</span></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">45p</span></div> </td> </tr> <tr> <td width="204" valign="top" style="padding: 0cm 5.4pt; width: 153.3pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Exercisable at the end of the year</span></div> </td> <td width="108" valign="top" style="padding: 0cm 5.4pt; width: 80.7pt;"> <div align="right" style="margin-left: 0cm;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">878,333</span></b></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;"><b>&nbsp;</b></div> <div align="right" style="margin-left: 0cm;"><b><span style="font-size: 10pt;">33p</span></b></div> </td> <td width="113" valign="top" style="padding: 0cm 5.4pt; width: 3cm;"> <div align="right" style="margin-left: 0cm;">&nbsp;</div> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">2,477,779</span></div> </td> <td width="104" valign="top" style="padding: 0cm 5.4pt; width: 77.95pt;"> <div align="right" style="margin-left: 0cm;">&nbsp;</div> <div align="right" style="margin-left: 0cm;"><span style="font-size: 10pt;">47p</span></div> </td> </tr> </tbody> </table> </div> <div style="margin-left: 0pt;">&nbsp;</div> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">The options outstanding at 31 March 2008 had exercise prices ranging from 28p to 60p and the weighted average remaining contractual life was 8 years.</span></p> <div style="margin-left: 0pt;">&nbsp;</div> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">The fair value of the options and shares granted have been measured using the Black Scholes valuation model.&nbsp;In arriving at the fair value, each option grant has been valued separately<span style="color: rgb(51, 153, 102);">,</span> with the exception of certain options which were issued simultaneously on identical terms which have been aggregated.&nbsp;Volatility has been estimated by reference to the historical volatility in the Company&rsquo;s share price over a period of one year prior to each grant date.</span></p> <div style="margin-left: 35.45pt;">&nbsp;</div> <p><span style="font-size: 10pt;"><br clear="all" /> </span></p> <p style="margin-left: 0cm;"><span style="font-size: 10pt;">The following table list<span style="color: rgb(51, 153, 102);">s</span> the mainassumptions used in the models:</span></p> <div style="margin-left: 35.45pt;">&nbsp;</div> <div align="center"> <table cellspacing="0" cellpadding="0" border="0" style="text-align: left; margin-left: 0pt; border-collapse: collapse;"> <tbody> <tr> <td width="348" valign="top" style="padding: 0cm 5.4pt; width: 260.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Volatility (%)</span></div> </td> <td width="281" valign="top" style="padding: 0cm 5.4pt; width: 210.45pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">18.0 &ndash; 113.7</span></div> </td> </tr> <tr> <td width="348" valign="top" style="padding: 0cm 5.4pt; width: 260.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Risk-free interest rate (%)</span></div> </td> <td width="281" valign="top" style="padding: 0cm 5.4pt; width: 210.45pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">4.22 &ndash; 4.86</span></div> </td> </tr> <tr> <td width="348" valign="top" style="padding: 0cm 5.4pt; width: 260.95pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">Expected life of options (years)</span></div> </td> <td width="281" valign="top" style="padding: 0cm 5.4pt; width: 210.45pt;"> <div style="margin-left: 0cm;"><span style="font-size: 10pt;">10</span></div> </td> </tr> <tr> <td width="348" valign="top" style="padding: 0cm 5.4pt; width: 260.95pt;"> <p style="margin-left: 0cm;"><span style="