AXU Abraxus Inv.

RNS Number:9895Z
Abraxus Investments PLC
17 March 2006

                                                                   17 March 2006


                            Abraxus Investments PLC
                                (the "Company")


                       Circular re Proposed sale - Update


Further to the announcement made yesterday regarding the proposed sale of the
Hungarian Subsidiary, the Company announces that the circular contains the
following revised statements in connection with its proposed investing strategy:

"If a satisfactory sale is achieved the Subsidiary sale proceeds will be held on
deposit pending discussions with major shareholders as to the Company's future
direction.  The Board hopes that these discussions will lead to a consensus that
will allow the Company to raise additional equity funds to continue its stated
strategy of actively identifying and pursuing international and UK commercial
property development and investment opportunities that show an expectation of
higher than average returns.  The spread of the Company's investments will
depend on the opportunities identified that fulfil this criteria and the level
of funding available. If an appropriate way forward cannot be agreed within 30
days of the sale then the Board is of the view that existing funds should be
returned to shareholders by way of a members' voluntary liquidation or
otherwise."

"The Directors believe that they possess the relevant strength and breadth of
experience and skills to implement the Company's investing strategy, evaluate
proposed investments and effect due diligence on such investments as
appropriate, whether personally or by utilising professional advisers."


Press enquiries:

Westport Communications         Tel: 020 7405 7777
Alan Frame


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