Statement re possible transaction

Further to the announcement of 8th December the Boards of Ambrian Capital plc and Panmure Gordon & Co. plc announce that discussions between the two parties have now ceased.

Under Rule 2.8 of the City Code on Takeovers and Mergers, and except with the consent of the Takeover Panel, the statement above regarding the cessation of discussions with Ambrian Capital plc will prevent Panmure Gordon or anyone acting in concert with it from announcing an offer or possible offer for Ambrian Capital plc or taking certain other action within the next six months unless there has occurred an event, as set out below, which enables the statement to be set aside.Accordingly, for the purposes of Rule 2.8 of the City Code, Panmure Gordon reserves the right (on behalf of itself and anyone acting in concert with it) to announce an offer or possible offer for Ambrian Capital plc and/or to take any other action which would otherwise be restricted under Rule 2.8 of the City Code within the next six months in the event that:

(i) the agreement or recommendation of the board of Ambrian Capital plc is given to the making of such an announcement or the taking of any such other action; or

(ii) a third party announces an offer or possible offer for Ambrian Capital plc; or

(iii) if any announcement is made by or on behalf of Ambrian Capital plc that it is in discussions which may or may not lead to an offer (or partial offer), or formally or informally invites an offer (or partial offer) for Ambrian Capital plc; or

(iv) Ambrian Capital plc announces a ‘whitewash proposal’ or a ‘reverse takeover’ (each as defined in the City Code on Takeovers and Mergers).

23 December 2008

Enquiries:

ING Bank N.V. (Financial Adviser) +44 (0) 20 7767 1000
Dr. Mark Garrood

Grant Thornton UK LLP (NOMAD) +44 (0) 20 7383 5100
Gerry Beaney/Fiona Kindness

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