ERN Epic Recon

RNS Number:8984U
EPIC Reconstruction PLC
16 April 2007


                              COMPANY ANNOUNCEMENT


16 April 2007

                            EPIC Reconstruction plc



The Directors of EPIC Reconstruction plc wish to announce that the NAV for the
end of March 2007 was 61.94p per share.


The Manager continues to encourage a conservative valuation policy due to the
inherent volatility of distressed investments. This NAV estimate reflects
material adjustments to the valuations placed on Abbseal (NAV at 28 February
2007: #1.90m).


Abbseal has continued to underperform, despite the restructuring in progress at
year end, and as a consequence has now been put into administration. The
contributory factors include:


- Continued difficult trading conditions within the industry

-         Increasing glass prices

-         High levels of competition

-         Glass demand from the Continent affecting supply

- Sales underperformance

- Withdrawal of bank funding

- Cash calls from the business that, in the context of the prospective
performance of the business, could not be justified

The Manager has therefore recommended that provisions be put in place in respect
of the investment, associated costs and guarantees to third parties.

Enquiries:
Numis Securities                              Charles Farquhar
                                              +44 (0) 20 7776 1500
EPIC Specialist Investments                   Giles Brand
                                              +44 (0) 207 553 2341
Northern Trust                                Paul Keltie
                                              +44 (0) 1481 745375
Cardew Group                                  Richard Spiegelberg
                                              +44 (0)20 7930 0777



Disclaimer: This valuation, which has been prepared in good faith by the
Company's investment adviser, is for information purposes only. It is derived
from unaudited estimated valuations of the Company's underlying investments
based on information received by the investment adviser which may relate to
dates or periods some time before the date of this valuation. Such estimates may
be subject to little verification or other due diligence and may not comply with
generally accepted accounting practices or other generally accepted valuation
principles. If a valuation estimate subsequently proves to be incorrect, no
adjustment is expected to be made to any previously published estimated net
asset value.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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