Half Yearly Report

COBURG GROUP PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2014

CHAIRMAN'S STATEMENT

Results for Coburg Group Plc ("Coburg or the "Company") for the six months ended 31 October 2014 show a loss of £67,370 (2013 £40,352) which relates principally to operating costs and costs associated with maintaining the company's AIM listing of £37,611, interest costs of £11,068, unrealised losses of £26,780 from write down of Trade Investments during the period offset by realised gains of £8,089 from sale of Trade Investments.

Coburg's Non-Current Investment as at 31 October 2014 was £169,160 (average cost of 0.170 pence per share) representing a strategic interest of 11.4% in AIM listed African Eagle Resources ("AE"); this investment is shown on the balance sheet at historic cost.

On 11 August 2014, the shares in AE were temporarily suspended from trading on AIM as a result of AE not having completed an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules, or otherwise implementing its investing policy in accordance with Rule 15.

AE announced on 20 November 2014 that, "through its newly incorporated South African wholly-owned subsidiary, it had entered into a conditional agreement to acquire the entire issued and to be issued share capital of Lime-Chem Resources (Proprietary) Limited, a company that operates an iron ore mine located in the Northern Cape province of South Africa. Following Completion, the consideration is to be satisfied partly by the issue of ordinary shares in the capital of AE at 0.275 pence per share and the balance by way of a cash payment. The AE Acquisition is subject a number of conditions and is anticipated to be closed on or before 31 March 2015."

The unrealised losses of £26,780 from the write down of Trade Investments referred to above reflects the depressed state of prices in the minerals market.

In light of the perceived continuation of this trend for the foreseeable future, while the Coburg Board continues to invest in companies in the Natural Resources Sector, it is increasing its focus on identifying aReverse Takeover in any sector which will benefit Coburg shareholders.

Chris Ells

Chairman

16 January 2015

ENQUIRIES:

COBURG GROUP PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2014

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

COBURG GROUP PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2014

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

COBURG GROUP PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2014

CONSOLIDATED STATEMENT OF CASH FLOWS

COBURG GROUP PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2014

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

COBURG GROUP PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2014

NOTES TO INTERIM FINANCIAL STATEMENTS

1. BASIS OF ACCOUNTING

These interim financial statements for the period ended 31 October 2014 have been prepared in accordance with International Financial Reporting Standards (IFRS).

The information presented within these financial statements is in compliance with IAS34 'Interim Financial Reporting'. This requires the use of certain accounting estimates and requires that management exercise judgment in the process of applying the Company's accounting policies. The areas involving a high degree of judgment or complexity, or areas where the assumptions and estimates are significant to the interim statements are disclosed below.

The financial information contained in the report, which has not been audited, does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006 and has been prepared on the same basis and using the same accounting policies as used in the financial statements for the year ended 30 April 2014. The interim financial statements have not been audited.

The Company's statutory financial statements for the year ended 30 April 2014, prepared under IFRS have been filed with the Registrar of Companies. The auditors' report for the 2014 financial statements is unqualified.

2. CRITICAL ACCOUNTING ESTIMATES

In order to prepare these consolidated financial statements in accordance with the accounting policies set out in note 1, management has used estimates and judgments to establish the amounts at which certain items are recorded. Critical accounting estimates are those that have the greatest impact on the financial statements and require the most difficult, subjective and complex judgments about matters that are inherently uncertain. Estimates are based on factors including historical experience and expectations of future events that management believe to be reasonable. However, given the judgmental nature of such estimates, actual results could be different from the assumptions used. The critical accounting policies are set out below:

Going concern

In assessing going concern the directors have prepared forecasts. The forecasts are based on factors including historical experience and expectations of future events which directors believe to be reasonable. However, given the judgmental nature of such estimates, actual results could be different from the forecasts used.

COBURG GROUP PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED

31 OCTOBER 2014

NOTES TO INTERIM FINANCIALSTATEMENTS (cont…)

3. Earnings per share

Basic earnings per share is calculated by dividingthe earnings attributable to shareholders by the weighted average number of ordinary shares outstanding in the period.

4. Investments

From the proceeds of the share issue in May 2014, the following investments were made during the period:

5. Share capital

During the period the Company raised £199,950 after expenses through the issue of 315,000 ordinary 10p shares. As at the end of the reporting period the issued share capital in the company was as follows: