Amendment to RAB Convertible Loan Agreement

7 February 2014

Verdes Management PLC

("Verdes" or the "Company")

Amendment to RAB Capital Convertible Loan Agreement

("Verdes" or the "Company")

Further to the announcement dated 26 November 2013 concerning the convertible loan agreement ("Agreement") entered into between the Company and RAB Capital Limited ("RAB"), under which RAB agreed to provide up to £275,000 of loan capital to the Company, the Company has agreed with RAB to make an amendment to the Agreement (in the form of a deed of amendment ("Deed of Amendment")).

Details of the original Agreement are set out in an RNS dated 26 November 2013. As previously announced, in the event that the conversion of the convertible loan with Newick Developments Limited ("Newick") ("Newick Convertible Loan") into shares has not occurred by 15 February 2014, then the outstanding balance of the RAB Convertible Loan (currently £155,000) will become immediately due and repayable. The sole effect of the Deed of Amendment is to amend this date to 15 March 2014, all other terms of the original Agreement remain unchanged.

As also announced previously, the Company remains in discussions with Newick's representatives to obtain the overdue £500,000 which the Company has formally requested from Newick under the Newick Convertible Loan. 

For further information, please contact:

Verdes Management PLC

Daan van den Noort - Chairman 00 31 6 10 89 65 81

SPARK Advisory Partners Limited (Nominated Adviser)

Neil Baldwin 0113 370 8974

ENDS