Dear Shareholder

Pursuant to an agreement made between the Company, Toby Parker and others on 1 July 2013 to reconcile the differences between them referred to in my letters to shareholders of 11 and  20 June 2013, Toby Parker has agreed to resign as a Director of the Company at the forthcoming General Meeting.  An announcement regarding the details will be posted in the next few days on the website. 

In wishing each other well for the future, Toby Parker has agreed to work and cooperate with the Company on dealing with various administrative matters, including ensuring the completion of the accounts and other matters pertaining to the future of the Company.  It was also agreed that the dispute regarding the engagement of Sir Jeremy Hanley and David Buchler was a misunderstanding and all allegations regarding Sir Jeremy’s incapacity have been withdrawn.

David Buchler
Chairman
London Asia Capital plc