Alpha Board Changes

Whilst the Special Committee’s investigations into the concerns raised in the Group's announcement of 10 May 2006 continue, Kevin Abbott, Chief Executive, and Heather McRae, Finance Director, have today resigned as Directors of the Group.

The Group has today appointed Peter Williams as Chief Executive and Tim Redburn as Finance Director. Mr Redburn will be assuming the role on an interim basis for a minimum period of three months during which time a search will be conducted for a permanent Finance Director.

Peter Williams, 52, was previously Chief Executive of Selfridges plc until February 2004. Mr Williams, who joined Selfridges in 1991 as Finance Director, led the company’s demerger from Sears in 1998 and remained as Finance Director of Selfridges plc until his appointment as Chief Executive. Mr Williams qualified as a Chartered Accountant with Arthur Andersen and subsequently worked as a management consultant at Accenture. He brings a valuable combination of retail, finance and commercial experience, and since leaving Selfridges has acquired a portfolio of senior non-executive positions.

Timothy Redburn, 52, is a Chartered Accountant with extensive experience in both public and private companies in finance roles including in the aviation sector. Recently he has been Group Finance Director and then Chief Executive of Simon Group plc and Chief Restructuring Officer of Henlys Group plc. He is currently Chairman of Nightfreight Holdings Limited.

Peter Williams and Tim Redburn will be joining the Special Committee, which continues to be in constructive discussion with PricewaterhouseCoopers, the Group’s auditors, on the process for completing the audit of the Group’s financial statements.