Petards

Update on refinancing and trading

29 September 2008

Further to the announcement made on 31 July 2008, the Board confirms that the detailed discussions concerning a refinancing are continuing. The Board is also continuing its discussions on alternative options for the Company and now hopes to be in a position to make proposals to shareholders in October.|

The Company believes it will be in a position 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, whereupon it expects that the suspension of trading in its shares would be lifted.

Trading continues to be in line with that previously announced with the Company having traded well in the 8 months to 31 August 2008, with net debt well below projected levels.

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