Petards

Update on refinancing and trading

03 November 2008

Further to the announcement made on 29 September 2008, the Board wishes to update the market on progress on its refinancing, accounts and trading.

The Board is continuing its discussions concerning the Company's refinancing options.|

While the Board had hoped that discussions would have progressed such that the Company would be able to publish its final results for the year ended 31 December 2007, and its interim results for the 6 months ended 30 June 2008, in October, these discussions have taken longer than originally envisaged. The Board expects to be able to give an update announcement in relation to its financial statements shortly.

Trading continues to be in line with that previously announced with the Company having traded well in the 9 months to 30 September 2008, with net debt well below projected levels.

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