Result of EGM

GEM BIOFUELS PLC

("GEM BioFuels" or the "Company")

Result of Extraordinary General Meeting

Following receipt of consent from shareholders representing more than 95% of the nominal value of GEM BioFuels' (AIM: GBF) ordinary shares, and in accordance with the Company's Articles of Association, the Company is pleased to announce that at an Extraordinary General Meeting ("EGM"), which was convened yesterday and held today, all resolutions put to the meeting have been passed.

The Company has therefore received, approval from shareholders to:

i. disapply existing pre-emption rights over up to 50 million shares in the Company. Given the evolving nature of the biofuels industry and the recent volatility in the world financial markets, your Directors believed it was prudent to obtain the necessary shareholders consents for the issue of shares in advance of any transaction as this will allow them to capitalise on opportunities as they arise; and

ii. change the Company's name to TerraRossa Plantations Plc. The Company is in the business of establishing and managing plantations for the production of non-edible vegetable oil, however, the Company's name has led to some confusion. So as to clarify this situation and enable better communication of the Company's message, GEM BioFuels' Directors sought approval to change the name of the Company. Shareholders should note that all existing Share Certificates in the name of GEM BioFuels remain valid.

The change in the Company's name to TerraRossa Plantations Plc is expected to become effective in July 2010. A further announcement confirming the date of change will be made in due course.

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