Press Releases

Result of Geely Automobile Holdings Limited extraordinary general meeting

19th April 2007

Manganese Bronze Holdings plc, the leading manufacturer of the distinctive London black taxi, is pleased to announce that, at yesterday’s Geely Automobile Holdings Limited (‘Geely’) Extraordinary General Meeting (EGM), the proposed resolution to approve the joint venture with Manganese Bronze was passed.

In addition to the shareholder approval obtained at yesterday’s Geely EGM, and previously at Manganese Bronze’s own EGM on 10 January, the establishment of the joint venture is also reliant, inter alia, on the necessary regulatory approvals in the People’s Republic of China.

The total investment in the joint venture of £53 million will be funded from shareholders equity of £29 million and bank loans of £24 million. Manganese Bronze will satisfy its 48% share of the joint venture by issuing 5.7 million new ordinary shares to Geely (representing just over 23% of Manganese Bronze’s enlarged issued ordinary share capital) based on a valuation of £2.50 a share (with £14 million being invested by Geely in the joint venture). Geely and Maple will respectively own 51% and 1% of the joint venture and will fund the balance of the shareholders equity of £15 million.

Application will be made for the New Ordinary Shares to be admitted to the Official List of the UK Listing Authority and to be admitted to trading on the London Stock Exchange’s main market for listed securities. It is expected that such admissions will become effective and that dealings in the New Ordinary Shares will commence no later than the end of June 2007.

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