Result of EGM - Tender Offer Update

Elephant Capital plc

Result of EGM - Tender Offer Update

Elephant Capital plc (the "Company") today announces that the Extraordinary General Meeting ("EGM") of the Company announced on 27 May 2011 was held earlier today at the registered office of the Company, at which all of the proposed resolutions were duly passed. 

Tender Offer Update

The Company also announces the preliminary result of the tender offer which closed on 17 June 2011 (the "Tender Offer") following shareholder approval at the EGM held today. A total of 1,599,589 ordinary shares were tendered and the strike price (calculated in accordance with the circular to shareholders on 27 May 2011, the "Tender Offer Circular") was set at a price of 35 pence per share. The Tender Offer is still subject to a number of conditions as set out in the Tender Offer Circular, including amongst others:

·; the High Court of the Isle of Man confirming the required reduction of capital for the Tender Offer as set out in the Tender Offer Circular and such reduction becoming effective following the registration of the relevant court order and minute with the Isle of Man Government's Department of Economic Development; and

·; the passing of an extraordinary resolution of the warrantholders as set out in the Tender Offer Circular to proceed with the required reduction of capital at a meeting of warrantholders (and such warrantholder meeting was called for today but has now been adjourned until 10.30 a.m. on 28 June 2011 due to a lack of requisite quorum at today's meeting).

Assuming the various conditions are satisfied, 1,599,589 shares will be repurchased for cancellation by the Company at a price of 35 pence per share. The Tender Offer will therefore have absorbed £559,856.15 of the £5 million of capital allocated for the Tender Offer. Shareholders will be updated as to the results of the adjourned warrantholders meeting and the fulfilment or otherwise of the other conditions by announcement through a regulatory information service.

Enquiries

For further information please contact:

Gaurav Burman

Elephant Capital plc +44 (0) 20 7389 1770

Nandita Sahgal / Tom Sheldon - Corporate Finance

Richard Redmayne/ Leti McManus - Corporate Broking

Seymour Pierce Limited +44 (0) 20 7107 8000

Mark Edwards / Nicola Cronk

Buchanan Communications +44 (0) 20 7466 5000