(BCP.L) Boundary Capital PLC Buy/Sell

Movement in the period
Unquoted investments EUR0.00
Quoted investments (EUR0.01)
Sterling FX EUR0.03
Administration costs (EUR0.02)
Taxation (EUR0.01)

30 June 2009 NAV (EUR0.13) per share

Net Asset Value The NAV per share at 30 June 2009 was minus EUR0.13 versus minus EUR0.12 per share at 31 December 2008.

Investments
Net Realised gain on - - 271 0.01

Investments
Loss Before Tax (488) (0.01) (4,106) (0.08)

Investments Fair Value 32,628 0.61 80,135 1.50
Cash Balance at Bank 116 - 1,952 0.04
(Debt) (38,377) (0.72) (36,737) (0.69)
Net (Liability)/Asset Value (6,850) (0.13) 44,422 0.83

During the six months ended 30 June 2009 a loss of EUR0.8 million was incurred compared to a loss of EUR4.1 million for the six months ended 30 June 2008. The revaluation of investments denominated in sterling (Club Company and ODC) resulted in an unrealised gain of EUR1.7 million due to Sterling / Euro movements in the period. The MTM revaluation of our quoted investments (Veris plc, Siteserv plc) as at 30 June 2009 resulted in an unrealised loss of EUR0.7 million. We have not revalued our investments in Arnotts, CJ Fallon and ODC at 30 June 2009 as the level of provisions made at 31 December 2008 are considered to remain appropriate. Administration, interest costs and interest receivable, management fees and share based payments charge amounted to EUR1.5 million in the period. The payment of the last 9 months of the management fee has been deferred. A taxation expense resulting from the write down of the deferred tax asset to nil amounted to EUR0.3million. The net asset value of Boundary Capital was a deficit of EUR6.8 million as at 30 June 2009. The assets are represented by quoted investments of EUR1.5 million, unquoted equity investments of EUR28.6 million and a property investment of EUR2.5 million. The Company had a net debt position of EUR38.4 million at 30 June 2009. The summary consolidated financial results for the six months ended 30 June 2009 are attached to the announcement. This comprises of Boundary Capital financial results, Panther Group Acquisitions Limited and Synchrony Properties Limited financial results for the six months ended 30 June 2009. The basis of preparation of the financial results is outlined in note 1 of the announcement.

Quoted 2.2 (0.7) 1.5 (0.7) 4 (1) 3 (1) (32%)
Unquoted 29.5 1.7 31.2 1.7 55 3 58 3 6%

Invest-ments 31.7 (0.7) 1.7 32.7 1.0 59 (1) 3 61 2 3%
Debt (37.7) (0.7) (38.4) (0.7) (71) (1) (72) (1)
NWC* 0.0 (1.1) (1.1) (1.1) - (2) (2) (2)
NAV (6.0) (0.7) 1.7 (1.8) (6.8) (0.8) (12) (1) 3 (3) (13) (1)

Gerry O*Sullivan Q4PR Tel: + 353 1 475 1444 Davy Corporate Finance Des Carville, Director Tel: + 353 1 679 6363

COMPANY INCOME STATEMENT

UnauditedPeriod01 Jan 2009 to30 June UnauditedPeriod from01 Jan 2008 to30 June AuditedYear ended 31
2009EUR000*s 2008EUR000*s Dec 2008EUR000*s

Unrealised gains/(losses) on 966 (2,666) (50,682)

revaluation of investments
Realised gains on sale of - 271 271

investments
Investment Income - 457 -
966 (1,938) (50,411)

Investment managers fee (293) (728) (1,432)
Other expenses (219) (187) (242)

Net portfolio return 454 (2,853) (52,085)

Interest income 8 19 60
Interest expense (950) (1,272) (2,692)

Loss before taxation for the (488) (4,106) (54,717)

period
Income tax (318) - 280

Loss after taxation (806) (4,106) (54,437)

attributable to ordinary shareholders
Total recognised income and (806) (4,106) (54,437)

expense for the period

UnauditedAs at 30 UnauditedAs at 30 AuditedAs at 31
June2009EUR000*s June2008EUR000*s Dec2008EUR000*s

Non-current Assets
Investments designated as 30,168 77,675 29,202

FVTPL*
Investment property 2,460 2,460 2,460
Deferred tax assets - 39 318

Total non-current assets 32,628 80,174 31,980

Current assets
Trade and other receivables 15 23 33
Current tax receivable 46 - 46
Cash and cash equivalents 70 1,952 587

Total current assets 131 1,975 666

TOTAL ASSETS 32,759 82,149 32,646

Equity share capital 13,347 13,347 13,347
Share premium account 37,657 37,657 37,657
Share based payment reserve 55 190 90
Retained earnings (57,909) (6,772) (57,103)
TOTAL EQUITY (6,850) 44,422 (6,009)

Current liabilities
Trade and other payables 1,232 990 931
Interest bearing loans and 38,377 36,737 37,724

borrowings
Total current liabilities 39,609 37,727 38,655

TOTAL LIABILITIES 39,609 37,727 38,655

TOTAL EQUITY AND LIABILITIES 32,759 82,149 32,646

NET (LIABILITY)/ASSET VALUE (13) cents 83 cents (12) cents

* Fair Value Through Profit or Loss

UnauditedPeriod UnauditedPeriod AuditedYear ended31
from01 Jan 09 to30 from01 Jan 08 to30 Dec 08EUR000*s
Jun 09EUR000*s Jun 08EUR000*s

Cash flows from operating activities
Loss before taxation (488) (4,106) (54,717)
Realised gains on sale of - (271) (271)

investments
Unrealised (gains)/losses on (966) 2,666 50,682

revaluation of investments
Share based payment (35) 42 (58)

(income)/expense
Investment income - (457) -
Interest received (8) (19) (60)
Interest expense 950 1,272 2,692
Working capital movement 319 184 497

Cash generated from operations (228) (689) (1,235)

Income taxes paid - - (47)

Net cash from operating (228) (689) (1,282)

activities Investing activities
Interest received 8 20 71
Interest paid (950) - (3,083)

Net cash (used)/earned in (942) 20 (3,012)

investment activities Acquisitions
Sale of investments - 812 813
Net cashflow from - 812 813

acquisitions Financing activities
Bank loan advances 653 - 2,259

Net cash from financing 653 - 2,259

activities
Net (decrease)/increase in (517) 143 (1,222)

cash and cash equivalents
Cash and cash equivalents at 587 1,809 1,809

beginning of the period
Cash and cash equivalents at 70 1,952 587

end of the period

CONSOLIDATED INCOME STATEMENT

UnauditedPeriod UnauditedPeriod AuditedYear ended31
from01 Jan 09 to30 from01 Jan 08 to30 Dec 08EUR000*s
Jun 09EUR000*s Jun 08EUR000*s

Revenue 13,002 14,097 31,389

Cost of sales (3,709) (3,079) (7,376)
Gross Profit 9,293 11,018 24,013

Operating expenses (9,233) (10,269) (25,050)
Operating profit/(loss) 60 749 (1,037)

Net unrealised losses on the (129) (1,523) (44,592)

revaluation of investments
Net realised gain on - 271 271

investments
Investment Income - 457 -
Portfolio return before (69) (46) (45,358)

interest
Interest income 10 70 181
Interest expense (2,248) (2,855) (5,916)

Loss before taxation (2,307) (2,831) (51,093)

Income tax (343) (239) 325

Loss after taxation (2,650) (3,070) (50,768)

attributable to ordinary shareholders
Attributable to:Equity (2,356) (3,034) (49,913)

holders of the company
Minority interest (294) (36) (855)
Loss after taxation (2,650) (3,070) (50,768)

Earnings per share * basic (4) (6) (93)

(cents)
Diluted earnings per share (4) (6) (93)

(cents) Consolidated statement of recognised incomeand expense
Loss for the financial period (2,650) (3,070) (50,768)
Currency translation reserve (2,162) (149) (2,538)

movement
Total recognised income and (4,812) (3,219) (53,306)

expense for the period Attributable to:
Equity holders of the company (4,518) (3,183) (52,451)
Minority interest (294) (36) (855)

Total recognised income and (4,812) (3,219) (53,306)

expense for the period

CONSOLIDATED BALANCE SHEET

UnauditedAs at 30 June2009EUR000*s UnauditedAs at 30 June2008EUR000*s AuditedAs at 31
Dec2008EUR000*s

Non-current assets
Intangible assets 54,285 59,804 51,755
Property, plant and equipment 1,467 1,092 1,706
Investments designated as FVTPL*Quoted Equity 1,48518,2992,460- 7,46251,0662,4604,911 2,14017,7722,460-

InvestmentsUnquoted Equity InvestmentsInvestment PropertyLoans and receivables
Deferred tax assets 518 1,918 838
Total non-current assets 78,514 128,713 76,671

Current Assets
Inventories 1,843 1,768 953
Trade and other receivables 8,765 7,147 3,993
Current tax receivable 440 22 870
Cash and cash equivalents 1,173 4,269 3,367
Total current assets 12,221 13,206 9,183
TOTAL ASSETS 90,735 141,919 85,854

Equity share capital 13,347 13,347 13,347
Share premium account 37,657 37,657 37,657
Share based payment reserve 55 190 90
Foreign currency translation reserve (2,311) (1,081) (3,470)
Retained earnings (57,860) (8,948) (55,941)
Equity attributable to equity holders of the parent (9,112) 41,165 (8,317)
Minority interest 1,189 4,305 1,012
TOTAL EQUITY (7,923) 45,470 (7,305)

Non-current liabilities
Interest-bearing loans and borrowings 38,657 41,211 37,534
Trade and other payables - - 51
Deferred tax liabilities 7,454 8,446 6,996
Deferred consideration 792 - 709
Other provisions and charges 946 283 956
Total non-current liabilities 47,849 49,940 46,246

Current Liabilities
Interest bearing loans and borrowings 40,563 39,301 40,320
Trade and other payables 9,584 6,926 6,068
Current tax liabilities 73 282 -
Deferred consideration 589 - 525
Total current liabilities 50,809 46,509 46,913
TOTAL LIABILITIES 98,658 96,449 93,159
TOTAL EQUITY AND LIABILITIES 90,735 141,919 85,854

*Fair Value Through Profit or loss

CONSOLIDATED CASH FLOW STATEMENT

UnauditedPeriod UnauditedPeriod AuditedYear ended31
from01 Jan 09 to30 from01 Jan 08 to30 Dec 08EUR000*s
Jun 09EUR000*s Jun 08EUR000*s

Cash flows from operating activities
Loss before tax (2,307) (2,831) (51,093)

Realised gains on investments - (271) (271)
Unrealised losses on 129 1,523 44,592

revaluation of investments
Depreciation of property, 264 208 447

plant & equipment
Amortisation of intangible 1,253 1,218 2,615

assets
Share based payment (35) 42 (58)

(credit)/expense
Investment Income - (457) -
Interest received (10) (70) (181)
Interest expense 2,248 2,855 5,916
Net movement on provisions (10) (23) 720
Working capital movement (2,403) (3,666) 1,310

Cash generated from operations (871) (1,472) 3,997

Income taxes received/(paid) 503 (181) (972)

Net cash from operating (368) (1,653) 3,025

activities Investing activities
Interest received 10 70 174
Interest paid (1,934) (1,739) (6,474)
Purchase of property, plant (25) (266) (497)

and equipment
Net cash used in investing (1,949) (1,935) (6,797)

activities Acquisitions
Acquisition of undertakings - - (1,485)

and subsidiaries
Sale of investments - 812 813
Net cash used in acquisition - 812 (672)

activities Financing activities
Bank loan advances 653 - 3,693
Bank loan repayments (529) (1,034) (3,961)

Net cash from/(used in) 124 (1,034) (268)

financing activities
Net (decrease) in cash and (2,193) (3,810) (4,712)

cash equivalents
Cash & cash equivalents at 3,366 8,079 8,079

beginning of period
Cash & cash equivalents at end 1,173 4,269 3,367

of period

Notes
1. Accounting Policies and Basis of Preparation

The financial information included in this document has been prepared on a consistent basis and using the same accounting policies as those used in the preparation of the audited financial statements contained in the 2008 annual report. The financial information has been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU. The Group*s consolidated financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for the foreseeable future. However, as a result of the current difficult credit markets, to date the Group has been unable to extend the debt facility loaned by Anglo Irish Bank plc to Boundary Capital plc which matured on 30 June 2009. The Group currently does not have sufficient financial headroom available under its existing facilities in order to meet this maturity and service its debt obligations. The Directors have given careful and detailed consideration to this issue and while they are hopeful of a positive outcome to the current negotiation, the timing and materiality of the issue is such as to indicate the existence of a material uncertainty which may cast significant doubt on the Group*s and Company*s ability to continue as a going concern. If this is the case, the Group and Company may be unable to continue to realise assets and discharge liabilities in the normal course of business. Consequently, having made due enquiries and considering the material uncertainty described above and the timing of its resolution which is outside the control of the Board, the Directors have decided to continue to adopt the going concern basis in preparing the financial statements and these financial statements do not include any adjustments that would result from the absence of the support of Anglo Irish Bank plc in extending or renewing the debt facilities of the Group.
2. Earnings per Share
01 Jan 09 to30 Jun 01 Jan 08 to30 Jun
09UnauditedEUR000*s 08UnauditedEUR000*s
Loss attributable to ordinary (2,356) (3,034)

shareholders
Weighted and diluted average 53,387,204 53,387,204

number of ordinary shares
Basic and diluted loss per (4) (6)

ordinary share (cents) Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period, excluding ordinary share options. For diluted earnings per share, the weighted average number of ordinary shares outstanding is adjusted to assume conversion of all potential dilutive options over ordinary shares once the adjustment does not reduce a loss per share.
3. Statement of changes in Equity

(a) Company

Equity share Share Retained Share Based Payment Total
capitalEUR000*s PremiumEUR000*s EarningsEUR000*s ReservesEUR000*s EquityEUR000*s
At 1 January 2009 13,347 37,657 (57,103) 90 (6,009)
Loss for the period - - (806) - (806)
Total income and expense in the period 13,347 37,657 (57,909) 90 (6,815)
Share based payments - - - (35) (35)

At 30 June 2009 13,347 37,657 (57,909) 55 (6,850)

Company
Equity share Share Retained Share Based Payment Total
capitalEUR000*s PremiumEUR000*s EarningsEUR000*s ReservesEUR000*s EquityEUR000*s
At 01 January 2008 13,347 37,657 (2,666) 148 48,486
Loss for the period - - (4,106) - (4,106)
Total income and expense in the period 13,347 37,657 (6,772) 148 44,380
Share based payments - - - 42 42

At 30 June 2008 13,347 37,657 (6,772) 190 44,442

(b) Group

Equity Share Capital EUR*000 Share PremiumEUR*000 Foreign Currency Translation Reserve Retained Earnings EUR*000 Share Based Payment Reserve EUR*000 Equity interest of parent EUR*000 Minority interests EUR*000 Total EUR*000
EUR*000

At 1 January 2009 13,347 37,657 (3,470) (55,941) 90 (8,317) 1,012 (7,305)
Loss for the period - - - (2,356) - (2,356) (294) (2,650)
______ ______ ______ ______ ______ ______ ______ ______
Total income and expense for the period 13,347 37,657 (3,470) (58,297) 90 (10,673) 718 (9,955)
Share based payment - - - - (35) (35) - (35)
Foreign currency translation - - 1,159 437 - 1,596 471 2,067
______ ______ ______ ______ ______ ______ ______ ______
At 30 June 2009 13,347 37,657 (2,311) (57,860) 55 (9,112) 1,189 (7,923)

3. Statement of changes in Equity (continued)
Group Equity Share Capital EUR*000 Share PremiumEUR*000 Foreign Currency Translation Reserve Retained Earnings EUR*000 Share Based Payment Reserve EUR*000 Equity interest of parent EUR*000 Minority interests EUR*000 Total EUR*000
EUR*000

At 01 January 2008 13,347 37,657 (932) (5,913) 148 44,307 4,806 49,113
Loss for the period - - - (3,034) - (3,034) (36) (3,070)
______ ______ ______ ______ ______ ______ ______ ______
Total income and expense for 13,347 37,657 (932) (8,947) 148 41,273 4,770 46,043

the period
Share based payments - - - - 42 42 - 42
Foreign currency translation - - (150) - - (150) (465) (615)
______ ______ ______ ______ ______ ______ ______ ______
At 30 June 2008 13,347 37,657 (1,082) (8,947) 190 41,165 4,305 45,470

30 September 2009

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