Mercury House, Triton Court, 14 Finsbury Square, London EC2A ...

INTERIM STATEMENT CONTINUED
Since period end, COLG has subscribed £100,000 for an effective 49.9p.c. stake in
Glasgow-based Fundamental Tracker Investment Management Limited and will have a
seat on that company’s Board. FTIM has launched its first product, The Munro Fund,
based on the FTSE 350 and which is aimed at cautious investors taking the longer view.
The fund makes low management charges and is weighted to total forecast dividend
payouts. Cash dividend generation is what this fund is all about.
Final Iron Mountain payment
In September, as planned, a final advance royalty payment of US$500,000 was received
from Iron Mountain in connection with the sale of the Archive-it software business.
Portfolio investments
We took slightly lower profits in total on the sale of investments over the period compared
with the corresponding six months of 2006-07. The major contribution of £128,071 to the
first half total of £175,000 came from a further sale of Tullow Oil shares (30,000 shares) at
around seven times our cost price. We continue to retain a balance of 40,000 shares.
A sale of 10,000 shares in BAE Systems chipped in a realised profit of £20,322, leaving a
balance of 85,808 shares. The only other realised profit of any note was from the disposal
of half our Intel shares.
Net assets
Net assets at end-September amounted to £8.1m (equivalent to 79.5p per share)
boosted by the placing of 627,935 shares at 78p each to an institutional investor and
non-executive Board members David Walton Masters and Henry Lafferty.
Total voting rights
For the purposes of the transitional provisions of the Financial Services Authority's
Disclosure and Transparency Rules, the total number of ordinary shares in issue as at the
date of this announcement is 10,186,635, with each share carrying the right to one vote.
There are no shares held in Treasury. The total number of voting rights in the Company is
therefore 10,186,635.
The above figure may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in, or a change to
their interest in, COLG under the FSA's Disclosure and Transparency Rules.
Prospects
The first bricks have been laid in the foundation work of building our financial services
business but there is much more to do before we bring together and complete a
springboard for a major move forward. Successful outcomes to one or more of the
situations being examined would speed up the process but will not be entered into by
the Board unless the terms for such investment are right for our shareholders.
The portfolio should hold up well against the vagaries in the stock market and, hopefully,
at least one of our ‘special situations’ should begin to blossom. In the absence of a
dramatic change in market and trading conditions, the Board plans to pursue a
progressive dividend policy.
John Greenhalgh, Chairman 19 November, 2007