The Listing Committee of the Exchange (the "Listing Committee") recently concluded a disciplinary hearing into the conduct of the Company and the Relevant Directors, being executive directors of the Company, in connection with the failure of the Company to observe the requirements of the then paragraph 8(1) of the Listing Agreement in failing to publish the audited results of the Company for the 15 months ended 30th June 1999 within the time frame required by the Listing Agreement.

The Listing Committee noted that in the earlier announcements made "By Order of the Board of Directors" dated 29th November 1999 and 18th February 2000 the Company conceded a breach had occurred. The Company attributed the breach to the inability of the Company to settle outstanding audit fees and the tight cashflow position of the Company. The Listing Committee also noted a further announcement made by the Company on 28th April 2000 which disclosed a further delay in the publication of the accounts for the period identified.

The Listing Committee concluded that there was a breach of the then paragraph 8 (1) of the Listing Agreement.

The Listing Committee also concluded, as a result of the above breach, the Relevant Directors collectively and individually acted in breach of their respective Directors Undertaking, under which they undertook to use their best endeavours to procure that the Company would comply with the Exchange Listing Rules.

Accordingly, the Company and each of the Relevant Directors are hereby publicly criticised by the Listing Committee for:

1. the Companys breach of the then paragraph 8(1) of the Listing Agreement; and

2. the Relevant Directors breach of the Directors Undertaking.

For the avoidance of doubt the Exchange confirms that in relation to this matter it is not publicly criticising any present or former member of the Board of Directors of the Company, save for those named herein.