COC Cobra Cap

RNS Number:6233F
Cobra Capital Limited
25 November 2004


For release                     07.00 am                     25 November 2004


                             COBRA CAPITAL LIMITED

                                TRADING UPDATE


Cobra Capital Limited ("Cobra"), the AIM-quoted strategic investment company,
announces a trading update on the investments made and their performance to date
since going public at the end of March 2004. Cobra is pleased to announce an
aggregate rate of return on realised holdings over the period of 26.0%. This
return has been achieved on investments that have been held for a maximum of 6
months, with the realised funds being re-invested in further investment
opportunities, primarily in the UK and the Netherlands.


Set out below is a list of all the realised investments made by Cobra since the
Company started trading in April 2004 and which have together produced a
realised return on invested funds of 26.0%. Cobra has to date raised #3.3
million and its broker is Canaccord Capital (Europe) Ltd.


Realised Investments:

---------------- ----------          --------          ---------          --------
   Company       Exchange             No of        Value Realised    Realised Return 
                                                                      on Investment
                                 Months Invested         (#)
----------------  ----------         --------          ---------          --------

McGregor         EuroNext                  6        106,116.47             18.6%
Fashion          ----------           --------         ---------          --------
----------------
Accell Group     EuroNext                  6        144,993.76             41.3%
---------------- ----------           --------         ---------          --------
Eriks Group      EuroNext                  5         50,085.24             19.9 %
---------------- ----------           --------         ---------          --------
Grontmij         EuroNext                  5        217,849.17             32.2%
---------------- ----------           --------         ---------          --------
IDOX             AIM                       4        130,980.07             19.1%
---------------- ----------           --------         ---------          --------
Homebuy Group    AIM                       3        162,756.23             17.5%
---------------- ----------           --------         =========          ========
                                                    812,780.94             25.6%
                                                       =========          ========

These returns have been calculated using the total purchase cost and sale
revenue of the investments after brokers commissions and, where relevant, stamp
duty. These returns also take into account the impact of exchange rate movements
between Sterling and the Euro, where relevant.


Cobra continues to actively review its on-going investments and to search for
additional new investments. Cobra currently has an invested portfolio of nine
companies (five on AIM, three on EuroNext and one on the Frankfurt Exchange) and
are in the process of investing into a further four new investments (two on AIM
and two on EuroNext). The maximum holding period for its current portfolio is
six months.


Cobra intends to raise additional funds in one or several tranches over the next
few months in order to allow it to continue to expand its portfolio and to
increase the investment size for each company, if it is appropriate.


Peter Griffin, Director, Cobra Capital, commented: "We are very pleased with the
returns we have so far generated from our investment activities. The funds
realised are being re-invested into new opportunities which we hope will mean
that the funds available will be invested at least twice in a 12 month period."









For further information, please contact:

Peter Griffin, Director, Cobra Capital Limited     Tel: + 44 (0) 1481 714 161

Jonathan Freeman, Non-Executive Director
Cobra Capital Limited                              Tel: +44 (0) 1600 750432

Jacqui Graves, Binns & Co PR Limited               Tel: + 44 (0) 20 7786 9600

Editor's Notes

Cobra Capital invests primarily in smaller capitalised companies, which are, or
which are expected shortly to be, quoted on recognised investment exchanges in
Europe.

Investments made by Cobra Capital may be passive or active in nature, with
active investments being where the Directors will seek to influence the board
and management of an investee company in order to maximise the value of its
investment returns.

Cobra Capital will typically seek to make investments and realise gains on a
regular basis by only investing when an exit appears likely to be achievable
over a period of months rather than years; however, it will not engage in day
trading.







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

END
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