Adjournment of General Meeting: 7 May 2009

Receipt of alternative proposals and adjournment of General Meeting

Panmure Gordon posted a circular to shareholders on 21 April 2009 setting out the terms of a subscription for new shares in the Company by BlueGem Water Holding B.V. at a price of 24p per share and convening a general meeting (the “General Meeting”) to seek shareholder consent to such subscription.

The Board of Panmure Gordon announces that it has received alternative proposals regarding a subscription for new shares representing a minority stake in the Company, certain of which it considers has sufficient merit to warrant further consideration.

Accordingly, at the General Meeting (which is due to be held on Friday 8 May at 11.00 a.m. at the offices of Panmure Gordon, Moorgate Hall, 155 Moorgate, London EC2M 6XB) the Chairman of the Board intends to propose an adjournment of that meeting until 11.00 a.m. on 20 May 2009.

A further announcement will be made in due course.

Advisers to Panmure Gordon: ING Corporate Finance as corporate finance advisor; Berwin Leighton Paisner LLP as legal advisor; Grant Thornton as Nominated Advisor.

Enquiries:

Tim Linacre, Chief Executive: 020 7459 3600

Mark Garrood/William Marle, ING Corporate Finance: 020 7767 1000

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