Radicle Projects plc
("Radicle Projects" or the "Company")

Radicle Projects sale of interests in Grains Co-Production Project 

Radicle Projects, the AIM quoted UK company which owns and operates Australian agribusiness assets, is pleased to announce that it has completed the sale of its interest in the Grains Co-Production Project 2008 (the "Grain Project").

The Grain Project is an established Managed Investment Scheme.  Radicle acquired 1,500 units in the Grain Project in July 2008.  Radicle has now sold all units to Australian Agricultural Contracts Ltd ("AACL"), the Grain Project management company, at a net price of $2,333.33 per unit, for a total consideration of AU$3,500,000 (GBP 2,092,175). The consideration comprises AU$3,000,000 in cash and 2.0 million new shares in AACL at AU$0.25 per share.  AACL recently raised AU$9.0 million through a placing of new ordinary shares at AU$0.25 per share in connection with its initial public offering on the Australian Stock Exchange ("ASX") and trading in AACL shares commenced on the ASX on 9 April  2010.  Radicle has no present intention to sell its shareholding in AACL.

Radicle acquired the Grain Project units in July 2008 for a total consideration of AU$6.6 million (GBP 3.2 million) and immediately received income of AU$900,000 (GBP 549,048) in revenues.  Radicle's interests in the Grain Project units generated a loss for the Company of AU$0.6 million (GBP 0.3 million) in the year to 30 June 2009.  The stated fair value of the Grain Project units as at 30 June 2009 in the Company's 2009 accounts was AU$6.090 million (GBP 3.0 million).

The cash proceeds of the disposal will be used to meet the next interest payment on the Company's Series A Convertible Note and to supplement the Company's working capital facilities.

Chief Executive Tim Bennett commented "This sale gives Radicle cash and an equity interest in AACL, which we expect will perform well in the relatively buoyant Australian equity market. Cash will be applied to operational costs of Radicle's farm assets and to payment of the deferred interest coupon on Radicle's convertible note. It is another step forward for Radicle after the renegotiation of the terms of the convertible note earlier this year.

Despite increasing global grain demand, the combination of a very strong Australian Dollar and a disappointing grain harvest, as well as a relatively depressed global market for Australian grains compared to recent years, lead us to conclude that selling this asset now, albeit at a discount to previous valuations, is very much in the interests of shareholders. We continue to look for full value on all of our asset sales."

Enquires: