The Company has today received #275,000 representing the first tranche of a
#550,000 convertible loan note ("Convertible Loan Note") provided by Montgomery
Equity Partners, LP ("MEP"). The second tranche of #275,000 is to be advanced
to the Company on 15 December 2005.
The Convertible Loan Note carries a coupon of 7% per annum. Under the terms of
the agreement, after 90 days, MEP have the option to commence the conversion of
this loan into new Ordinary Shares in the Company. The conversion price will be
the lower of 115% of the volume-weighted average price on 19 September 2005 and
85% of the volume-weighted average price for the five consecutive trading days
prior to the date of the receipt by the Company of the notice of conversion from
MEP. This conversion will be capped at no more than #35,000, plus any
applicable coupon, per week. This cap shall continue until such time as the
weekly trading volume in the Company's Ordinary Shares exceeds #250,000 over a
seven-day period.
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