Repurchase of Shares

In April 2001 the Company made an offer to all shareholders to repurchase a maximum total of 200,000 shares, with preference given to holders of less than 10,000 shares wishing to sell their total shareholding. Conditional acceptances were received from some 55 shareholders for a total of 290,080 shares, and a subsequent approval process and offer resulted in the total of 290,080 shares being repurchased by the Company.