Introduction to the Company

BWA was formed in 1931. In 1998 it carried out the reverse acquisition of British World Airlines Limited and subsequently listed its shares on the Official List. In 2001, the Company’s shares were suspended from the Official List. In 2002 it was agreed to put the Company into a company voluntary arrangement as an alternative to liquidation. Following the settlement of claims the Company raised new capital and its shares were admitted to AIM in December 2003 as an Investing Company.

Since 2003, the directors of BWA have considered a number of potential reverse acquisitions but no transaction was completed. On 3 April 2006, trading in the Company’s shares on AIM was suspended and the shares were then de-listed six months later on 3 October 2006 in accordance with AIM Rule 41.

The Directors believe that there are currently a number of potentially attractive investment opportunities to be found amongst trading companies primarily within the UK, and believe that now was an appropriate time for BWA to raise capital and be admitted to trading on ISDX (formerly PLUS). The Directors intend to utilise BWA as either a reverse takeover vehicle and/or to make suitable investments in due course.