The Board continues to communicate where possible with the Hiranandani Family notwithstanding an opaque interfamilial legal dispute currently under arbitration. Because the arbitration by its nature is private, we have limited visibility into either its substance or current procedural posture - though we have been informed that it may be resolved this year. We are hopeful that resolution of this dispute will improve communication with our partners. We are also hopeful that surplus cash, as noted above, can be disbursed from the project companies. At the same time we are considering other ways of protecting our shareholders' investment, including enforcing our contractual rights in an appropriate forum.

I look forward to writing next when we release our mid-year results.

David Burton

The Annual Report will shortly be available on the Company's website in accordance with Rule 26 of the AIM Rules for Companies at: http://www.hircoplc.co.im/rule_26.html.

Hirco also announces that its Annual General Meeting will be held at 11.30 a.m. on 28th March at the offices of Cains Advocates Limited, Fort Anne, South Quay, Douglas, Isle of Man, IM1 5PD. Notice of the Annual General Meeting and proxy forms have been sent to all registered shareholders and will also shortly be available on the Hirco website (as set out above).

Contacts:

Nigel McGowan

Company Secretary

ir@hircoplc.co.im

Singer Capital Markets Limited

James Maxwell/Nick Donovan (Nominated Adviser)

James Waterlow (Sales)

+44 (0) 20 3205 7500

This information is provided by RNS

The company news service from the London Stock Exchange

END

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