20 May 2011

Dear Sirs,

Ex-entitlement Trading and Shareholder Approval

We enclose reprinted pages of the GEM Listing Rules and the filing instructions.  The reprinted pages incorporate amendments to implement proposals in the Consultation Conclusions on Ex-entitlement Trading and Shareholder Approval published on 20 May 2011.

We have amended the GEM Listing Rules to:-

	Prevent a share from trading ex-entitlement before shareholder approval;
	Require the record date to be set at least 3 business days after the date of shareholder approval (i.e. at least one cum-trading day will be provided);
	Apply the proposed changes to all conditional entitlements that are subject to general meeting approval.
	Prevent a share from trading ex-entitlement before shareholder approval;

Coming into effect

The amendments will come into effect on 20 June 2011.

Please click HERE to see the amendments to the GEM Listing Rules relating to Ex-entitlement Trading and Shareholder Approval.