Adjournment of General Meeting: 2 June 2009

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Adjournment of General Meeting: 2 June 2009

Adjournment of General Meeting

Panmure Gordon announced on 20 May 2009 that the General Meeting (the “BlueGem
Meeting”) called to consider and, if thought fit, approve the proposed
subscription for shares in the Company by BlueGem Water Holding B.V. originally
scheduled for 08 May 2009 and adjourned to 20 May 2009 had been further
adjourned until 03 June 2009 to allow the Company to consider alternative
proposals regarding a subscription for new shares representing a minority stake
in the Company. On 21 May 2009 the Company announced that it had entered into a
conditional agreement with QInvest LLC in respect of such a subscription.As announced earlier today, the Company has called a new General Meeting for
2.00 p.m. on 18 June 2009 to consider and, if thought fit, approve the
subscription by QInvest LLC. Accordingly, at the adjourned BlueGem Meeting
(which is due to be held on Wednesday 3 June 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 indefinite adjournment of that meeting.

A further announcement will be made in due course.

Enquiries:
Tim Linacre, Chief Executive: 020 7459 3600
Mark Garrood/William Marle, ING Corporate Finance: 020 7767 1000

London

Panmure Gordon & Co
One New Change
(Entrance on Watling Street)
London
EC4M 9AF
UK
+44 (0)20 7886 2500

Leeds

Panmure Gordon & Co
Park House,
Park Square West
Leeds
LS1 2PW
UK
+44 (0)113 357 1150

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Adjournment of General Meeting: 20 May 2009

Adjournment of General Meeting

Panmure Gordon announced on 08 May 2009 that the General Meeting scheduled for
08 May 2009 was to be adjourned until 20 May 2009 due to the receipt of
alternative proposals regarding a subscription for new shares representing a
minority stake in the Company, certain of which it considered had sufficient
merit to warrant further consideration.The Company subsequently solicited and received revised proposals which the
Company is currently considering.

Accordingly, at the adjourned General Meeting (which is due to be held on
Wednesday 20 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 03 June 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

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