Petards

Update re. Possible Offer or Refinancing

31 July 2008

Further to the announcement made on 25 June 2008, the Board confirms that detailed discussions concerning the various options outlined in that announcement are progressing and so it expects to be in a position to make proposals to shareholders in September. The Company continues to work to be in a position to publish its financial results for the year ended 31 December 2007 and for the suspension of trading in its shares to be lifted.|

Trading update

Trading continues to be in line with that previously announced with the Company having traded well in the year to date and with net debt below projected levels. The Company is also pleased to announce that it has been awarded a £1 million contract by BAE Systems for the supply of in-vehicle electronic control systems for the MoD. The majority of these systems are expected to be delivered in the first half of 2009.

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