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31 December 2009

Radicle Projects PLC

("Radicle" or the "Company")

Result of Annual General Meeting

Publication of 2009 Report and Accounts

Radicle confirms that all the resolutions put to shareholders at the Company's Annual General Meeting held earlier today were duly passed.  

The Company also announces that the Report and Accounts for the year to 30 June 2009, which were not available in time for the AGM, have now been approved and will be published and sent to shareholders later today. A shareholders meeting to approve the accounts has been convened for 25 January 2010, details of which have been published with the accounts.

The audited accounts will be as presented in the preliminary results statement of 14 December save that the value of the Timbercorp assets has been further reduced following the first formal notification from the liquidators of Timbercorp's forestry schemes, received on 21 December 2009, as to the "minimum" and "expected" returns that Radicle would receive from its investments into these schemes.

The Directors had estimated the value of the Timbercorp assets, for the purposes of the audited accounts, with a carrying value of 50% of the 30 June 2008 valuation as a result of the liquidation of the Timbercorp assets. Following receipt of this information, the Directors have reduced the carrying value from their initial estimate to 33% of the 2008 valuation in the case of Eucalypts and 16% in the case of almonds. 

The total value of the Timbercorp assets after making this new provision is approximately £42,458 for the forestry scheme assets and £278,176 for the almond assets which represents a reduction of £744,328.  The audited accounts will therefore show that the Company's net assets at 30 June 2009 were £3,753,722 rather than £4,452,353 as previously stated.

As a result the loss on ordinary activities before taxation will be £6.13 million rather than the loss of £5.60 million as previously announced.  

There are no other material changes in the audited accounts to the preliminary statement of 14 December 2009.

For further information please contact:

Radicle Projects PLC	020 7016 5300
Tim Bennett	+61 (0) 3 8611 6711
Charles Stanley Securities	020 7149 6000
Nominated Advisor and Broker
Russell Cook / Ben Johnston

ENDRAGFDFFEFSUSEIE