Highbury - Game for growth

ap

From interims

'The Board has received confirmation from the Group's bankers that they will work
with management to refinance the existing facilities by 30 November 2005. It is
likely that any refinancing will include some form of debt to equity conversion
which will inevitably result in a dilution to existing shareholders. I am also
aware that Highbury's capital structure could be improved with the injection of
additional equity and the Board is currently in discussions with its advisers
about the most appropriate method of fund-raising.'