Document:

<PAGE>

                                 Exhibit 4.1

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<PAGE>

STOCK ESCROW AGREEMENT dated as of July 12, 2006 (the "AGREEMENT"), by and
among:

(1) VICEROY ACQUISITION CORPORATION, a company organised under the laws of
the state of Delaware, USA (the "COMPANY");

(2) ST ALBANS GLOBAL MANAGEMENT, LIMITED PARTNERSHIP, LLLP, LEE E. MIKLES AS
TRUSTEE OF THE LEE E. MIKLES REVOCABLE TRUST DATED MARCH 26, 1996 AND THE
LEE E. MIKLES GIFT TRUST DATED OCTOBER 6, 1999, DOUGLAS D. HOMMERT AS
TRUSTEE OF THE DOUGLAS D. HOMMERT REVOCABLE TRUST, EDWIN A. LEVY IN HIS
INDIVIDUAL CAPACITY, JOE C. LEACH IN HIS INDIVIDUAL CAPACITY, RAS LLC, MARK
R. MILLER IN HIS INDIVIDUAL CAPACITY, EDWIN L. WAHL IN HIS INDIVIDUAL
CAPACITY, JEFFERY H. CALL IN HIS INDIVIDUAL CAPACITY AND KEN FENTON IN HIS
INDIVIDUAL CAPACITY (each a "FOUNDING SHAREHOLDER" and together the
"FOUNDING SHAREHOLDERS"); and

(3) CAPITA TRUST COMPANY (JERSEY) LIMITED, a company incorporated in and
registered under the laws of Jersey (the "ESCROW AGENT");

         WHEREAS, the Founding Shareholders subscribed for, and the Company
issued to such Founding Shareholders, in aggregate, 5,625,000 shares of
common stock, par value $0.0001 per share, in the capital of the Company
(the "SHARES"), such Shares being the "FOUNDING SHARES";

         WHEREAS, the Founding Shareholders have agreed to deposit such
Founding Shares as are set forth opposite their respective names in Exhibit
A attached hereto (collectively the "ESCROW SHARES"), in escrow as
hereinafter provided;

         WHEREAS, the Company and the Founding Shareholders desire that the
Escrow Agent hold the Escrow Shares, in escrow, to be held and disbursed as
hereinafter provided.

         IT IS AGREED:

         1. Appointment of Escrow Agent. The Company and the Founding
            ---------------------------
Shareholders hereby appoint the Escrow Agent to act in accordance with and
subject to the terms of this Agreement and the Escrow Agent hereby accepts
such appointment and agrees to act in accordance with and subject to such
terms.

         2. Deposit of Escrow Shares. On or before the Effective Date, each
            ------------------------
of the Founding Shareholders shall deliver to the Escrow Agent certificates
representing his or its respective Escrow Shares, to be held and disbursed
subject to the terms and conditions of this Agreement. For the purposes of
this Agreement, "EFFECTIVE DATE" means the date on which any of the common
stock or warrants of the Company are first admitted to trading on the
Alternative Investment Market ("AIM"), a market operated by the London Stock
Exchange plc. For the avoidance of doubt, all rights, title to and
indications of ownership of the Escrow Shares shall remain with the Founding
Shareholders.

                                    -1-

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         3.  Disbursement of the Escrow Shares. The Escrow Agent shall hold
             ---------------------------------
the Escrow Shares until the third anniversary of the Effective Date (the
"ESCROW PERIOD"). On the expiry of the Escrow Period, the Escrow Agent
shall, upon written instructions from the Company, disburse each of the
Founding Shareholder's Escrow Shares to such Founding Shareholder; provided,
however, that if the Escrow Agent is notified in writing by the Company that
the Company:

         (a) is being dissolved or liquidated at any time during the Escrow
             Period, then the Escrow Shares shall be forfeited and the
             Escrow Agent shall promptly return the certificates
             representing the Escrow Shares to the Company or the Company's
             registrar, upon the Company's order, for cancellation;

         (b) having consummated a Qualified Business Combination (as such
             term is used in the offering circular of the Company relating
             to the offering of units by the Company (the "OFFERING
             CIRCULAR")), intends to consummate a merger, amalgamation,
             share exchange or other similar transaction which results in
             (or would result in) all of the shareholders of such resulting
             entity having the right to exchange their Shares for cash,
             securities or other property, then the Escrow Agent will, upon
             receipt of a certificate executed by the chairman of the
             Company, in a form reasonably acceptable to the Escrow Agent,
             stating that such transaction is then being consummated,
             release the Escrow Shares to the Founding Shareholders upon
             consummation of the transaction so that they can similarly
             participate; or

         (c) is repurchasing any of the Escrow Shares in accordance with its
             bylaws or otherwise for cancellation, then the Escrow Agent
             will, upon receipt of a certificate stating that such
             repurchase is being undertaken, executed by the chairman of the
             Company and in a form reasonably acceptable to the Escrow Agent
             (the "REPURCHASE NOTICE"), release the Escrow Shares specified
             in the Repurchase Notice to the Company for repurchase and
             cancellation.

         The Escrow Agent shall have no further duties hereunder in respect
of any Escrow Shares which have been disbursed or destroyed in accordance
with this Section 3 and shall have no further duties under this Agreement
once all Escrow Shares have been disbursed or destroyed in accordance with
this Section 3.

         4.  Rights of Founding Shareholders in Escrow Shares.
             ------------------------------------------------

         4.1 Voting Rights as a Shareholder. Subject to the terms of the
             ------------------------------
Insider Letters (as defined in Section 4.4 hereof) and except as herein
provided, the Founding Shareholders shall retain all of their rights as
holders of Shares in the Company during the Escrow Period, including,
without limitation, the right to vote in respect of such Shares.

         4.2 Dividends and Other Distributions in Respect of the Escrow
             ----------------------------------------------------------
Shares. During the Escrow Period, all dividends or other distributions
------
payable in cash with respect to the Escrow Shares shall be paid to the
Founding Shareholders, but all dividends payable in shares or other non-cash
property ("NON-CASH DIVIDENDS") shall be delivered to the Escrow Agent to
hold in

                                    -2-

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accordance with the terms hereof. As used herein, the term "ESCROW SHARES"
shall be deemed to include the Non-Cash Dividends distributed thereon, if
any.

         4.3 Restrictions on Transfer. During the Escrow Period, no sale,
             ------------------------
transfer or other disposition may be made of any or all of the Escrow Shares
except (i) at a time at least one year following the Effective Date, by gift
to a member of a Founding Shareholder's immediate family or to a trust, the
beneficiary of which is a Founding Shareholder or a member of a Founding
Shareholder's immediate family, (ii) by virtue of the laws of descent and
distribution upon the death of any Founding Shareholder, (iii) pursuant to a
qualified domestic relations order; or (iv) to any company which is wholly
owned by that Founding Shareholder; provided, however, that such permissive
transfers may be implemented only if they are permitted pursuant to the
terms of the Lock-in Deed and the Insider Letter (both as defined in Section
4.4 hereof) and only upon the respective transferee's written agreement to
be bound by the terms and conditions of this Agreement and each of the
Lock-in Deed and the Insider Letter signed by the Founding Shareholder
transferring the Escrow Shares and, in the case of permissive transfer (iv),
to transfer the Escrow Shares back to the Founding Shareholder in the event
that the Founding Shareholder disposes of a majority of the shares of the
transferee company. During the Escrow Period, the Founding Shareholders
shall not pledge or grant a security interest in the Escrow Shares or grant
a security interest in their rights under this Agreement.

         4.4 Insider Letters and Lock-in Deeds. Each of the Founding
             ---------------------------------
Shareholders has executed (i) a letter agreement with CRT Capital Group LLC,
("CRT"), KBC Peel Hunt Ltd ("KBC") and the Company, dated as indicated on
Exhibit A hereto (the "INSIDER LETTER") and (ii) a Rule 7 lock-in deed with
KBC and the Company, dated as indicated on Exhibit A hereto (the "LOCK-IN
DEED") in connection with the rights and obligations of such Founding
Shareholder in certain events, including but not limited to the liquidation
of the Company.

         5.  Concerning the Escrow Agent.
             ---------------------------

         5.1 Good Faith Reliance. The Escrow Agent shall not be liable for
             -------------------
any action taken or omitted by it in good faith and in the exercise of its
own best judgment, and may rely conclusively and shall be protected in
acting upon any order, notice, demand, certificate, opinion or advice of
counsel (including counsel chosen by the Escrow Agent), statement,
instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as
to the truth and acceptability of any information therein contained) which
is reasonably believed by the Escrow Agent to be genuine after appropriate
due diligence and to be signed or presented by the proper person or persons.
The Escrow Agent shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement unless evidenced
in writing delivered to the Escrow Agent signed by the proper party or
parties and, if the duties or rights of the Escrow Agent are affected,
unless it shall have given its prior written consent thereto.

         5.2 Indemnification. The Escrow Agent shall be indemnified and
             ---------------
held harmless by the Company from and against any expenses, including
counsel fees and disbursements, or loss suffered by the Escrow Agent in
connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this
Agreement, the

                                    -3-

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services of the Escrow Agent hereunder, or the Escrow Shares held by it
hereunder, other than expenses or losses arising from the gross negligence,
fraud, bad faith, willful default or willful misconduct of the Escrow Agent.
Promptly after the receipt by the Escrow Agent of notice of any demand or
claim or the commencement of any action, suit or proceeding, the Escrow
Agent shall notify the other parties hereto in writing. In the event of the
receipt of such notice, the Escrow Agent shall retain the Escrow Shares
pending receipt of instructions from each of the Company and the Founding
Shareholders or receipt of an order of a court having jurisdiction over any
of the parties hereto directing to whom and under what circumstances the
Escrow Shares are to be disbursed and delivered. The provisions of this
Section 5.2 shall survive in the event the Escrow Agent resigns or is
discharged pursuant to Sections 5.5 or 5.6 below.

         5.3 Compensation. The Escrow Agent shall be entitled to an initial
             ------------
fee of $1,500, and an ongoing fee of $5,000 per annum (subject to annual
review and payable quarterly in advance). The Escrow Agent shall also be
entitled to an activity fee of $95 any time any Escrow Shares are released,
delivered or transferred by it, and to reimbursement from the Company for
all expenses paid or incurred by it in the administration of its duties
hereunder including, but not limited to, all counsel, advisors' and agents'
fees and disbursements and all taxes or other governmental charges.

         5.4 Further Assurances. From time to time on and after the date
             ------------------
hereof, the Company and the Founding Shareholders shall deliver or cause to
be delivered to the Escrow Agent such further documents and instruments and
shall do or cause to be done such further acts as the Escrow Agent shall
reasonably request to carry out more effectively the provisions and purposes
of this Agreement, to evidence compliance herewith or to assure itself that
it is protected in acting hereunder.

         5.5 Resignation. The Escrow Agent may resign at any time and be
             -----------
discharged from its duties as escrow agent hereunder by its giving the other
parties hereto 3 months' written notice and such resignation shall become
effective as hereinafter provided. Such resignation shall become effective
at such time following the expiry of the notice period that the Escrow Agent
shall turn over to a successor escrow agent appointed by the Company on
terms substantially as set out in this agreement, the Escrow Shares held
hereunder in such manner so as to ensure that the Escrow Shares remain in
escrow without being returned to the Founding Shareholders.

         5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be
             -------------------------
discharged from its duties as escrow agent hereunder if so requested in
writing at any time by the Company and a majority of the Founding
Shareholders (provided that such request has been approved by each of CRT
and KBC, such consent not to be unreasonably withheld, delayed or
conditioned), jointly, provided, however, that such resignation shall become
effective only upon acceptance of appointment by a successor escrow agent as
provided in Section 5.5.

         5.7 Liability. Notwithstanding anything herein to the contrary, the
             ---------
Escrow Agent shall not be relieved from liability hereunder for its own
gross negligence or its own willful misconduct.

                                    -4-

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         6.  Miscellaneous.
             -------------

         6.1 Governing Law. This Agreement shall for all purposes be deemed
             -------------
to be made under and shall be construed in accordance with the laws of
England and Wales and the parties hereto agree to submit all disputes
hereunder to the non-exclusive jurisdiction of the courts of England and
Wales. Any action, proceeding or claim to be served upon the Company may be
served by transmitting a copy thereof by registered or certified mail,
return receipt requested, postage prepaid, addressed to it at the address
set forth in Section 6.6 hereof. Such mailing shall be deemed personal
service and shall be legal and binding upon the Company in any action,
proceeding or claim.

         6.2 Third Party Beneficiaries. Each of the Company and the Founding
             -------------------------
Shareholders hereby acknowledge that each of CRT and KBC are third party
beneficiaries of this Agreement, and that this Agreement may not be modified
or changed without the prior written consent of both CRT and KBC. Except as
explicitly provided herein, the parties do not intend that any person who is
not a signatory to this Agreement (a "THIRD PARTY") shall acquire any right
under this Agreement (whether or not pursuant to the Contracts (Rights of
Third Parties) Act 1999) nor that the consent of or any notice to any Third
Party shall be required for the variation, rescission or termination of this
Agreement.

         6.3 Entire Agreement. This Agreement contains the entire agreement
             ----------------
of the parties hereto with respect to the subject matter hereof and, except
as expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to be charged.

         6.4 Headings. The headings contained in this Agreement are for
             --------
reference purposes only and shall not affect in any way the meaning or
interpretation thereof.

         6.5 Binding Effect. This Agreement shall be binding upon and inure
             --------------
to the benefit of the respective parties hereto and their legal
representatives, successors and assigns.

         6.6 Notices. Any notice or other communication required or which
             -------
may be given hereunder shall be in writing and either be delivered
personally or be mailed, certified or registered mail, or by private
national courier service, return receipt requested, postage prepaid, and
shall be deemed given when so delivered personally or, if mailed, two days
after the date of mailing, as follows:

             If to the Company, to:

             VICEROY ACQUISITION CORPORATION
             8235 Forsyth Boulevard
             Suite 400
             St. Louis, Missouri 63105

             Attn: Paul Novelly, Chairman

             If to a Founding Shareholder, to his address set forth in
             Exhibit A.

                                    -5-

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             and if to the Escrow Agent, to:

             Capita Trust Company (Jersey) Limited
             PO Box No 378
             JERSEY
             JE4 0FF

             Attn: Paul Horton

             A copy of any notice sent hereunder shall be sent to (but shall
             not constitute notice):

             CRT Capital Group LLC
             262 Harbor Drive
             Stamford
             Connecticut
             06902
             Attn: President

             and:

             KBC Peel Hunt Ltd
             111 Old Broad Street
             London
             EC2N 1PH

             Attn: Adam Hart

The parties may change the persons and addresses to which the notices or
other communications are to be sent by giving written notice to any such
change in the manner provided herein for giving notice.

6.7 Liquidation of Company. The Company shall give the Escrow Agent written
    ----------------------
notification of the liquidation and dissolution of the Company in the event
that the Company fails to consummate a Business Combination by the Qualified
Business Combination Deadline (such terms as defined in the Offering
Circular).

6.8 Trust Fund. Notwithstanding any other provision of this Agreement, the
    ----------
Escrow Agent confirms its understanding that the Company has established a
trust fund (the "TRUST FUND") relating to the Shares and Warrants, all as
described in the Offering Circular. The Escrow Agent acknowledges that the
Trust Fund will exist for the benefit of the Company's New Shareholders (as
defined in the Offering Circular) and that monies from the Trust Fund may
only be disbursed (i) to the New Shareholders (as defined in the Offering
Circular) in the event of liquidation of the Company or (ii) in the event of
certain other events as more fully described in the Offering Circular. The
Escrow Agent agrees that neither it nor any of its affiliates have or will
have any

                                    -6-

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right, title interest or claim in or to monies in the Trust Fund (a "CLAIM")
and the Escrow Agent and its affiliates hereby waive any Claim against the
Trust Fund that it or they may have now or in the future as a result of or
arising out of this Agreement and will not seek recourse against the Trust
Fund for any reason whatsoever, including in respect of the Company's
indemnification obligations set out in this Agreement.

6.9 Appointment of Process Agent: The Company and each of the Founding
    -----------------------------
Shareholders (each an "APPOINTER" for the purposes of this Section 6.9)
irrevocably appoints Jordans Limited of 20-22 Bedford Row, London WC1R 4JS
(the "AGENT") as its agent to accept service of process in England in any
legal action or proceedings arising out of or in connection with this
Agreement provided that each Appointer agrees:

    (a) that service upon the Agent shall be deemed valid service upon the
Appointer whether or not the process is forwarded to or received by the
Appointer;

    (b) to inform all other parties to this Agreement, in writing, of any
change of such Appointer's Agent or the address of its Agent within 28 days
of such change;

    (c) that if the Agent ceases to be able to act as process agent or to
have an address in England, the Appointer irrevocably agrees to appoint a
new process agent in England and to deliver to the other parties to this
Agreement within 14 days a copy of a written acceptance of appointment by
the new process agent and if the Appointer fails to so appoint a new process
agent in accordance with this Section the other parties to this Agreement
shall be entitled to appoint such person by giving written notice of the
appointment to the relevant Appointer; and

    (d) nothing in this Agreement shall effect the right to serve process in
any manner permitted by law.

                                    -7-

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WITNESS the execution of this Agreement as of the date first above written.

                                       VICEROY ACQUISITION CORPORATION

                                       By:  /s/ Douglas D. Hommert
                                            ---------------------------------
                                            [Director]

                                       FOUNDING SHAREHOLDERS:

                                       ST ALBANS GLOBAL MANAGEMENT, LIMITED
                                       PARTNERSHIP, LLLP BY SAGM HOLDINGS,
                                       LLC, GENERAL PARTNER

                                       By:  /s/ Douglas D. Hommert
                                            ---------------------------------
                                       DOUGLAS D HOMMERT
                                       MANAGER

                                       /s/ Lee E. Mikles
                                       --------------------------------------
                                       LEE E MIKLES AS TRUSTEE OF THE
                                       LEE MIKLES REVOCABLE TRUST DATED
                                       MARCH 26, 1996

                                       /s/ Lee E. Mikles
                                       --------------------------------------
                                       LEE E MIKLES AS TRUSTEE OF THE
                                       LEE MIKLES GIFT TRUST DATED
                                       OCTOBER 6, 1999
                                       --------------------------------------

                                       --------------------------------------

                                       /s/ Douglas D. Hommert
                                       --------------------------------------
                                       DOUGLAS D HOMMERT AS TRUSTEE OF THE
                                       DOUGLAS D. HOMMERT REVOCABLE TRUST

                                    -8-

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                                       /s/ Edwin A. Levy
                                       --------------------------------------
                                       EDWIN A LEVY, IN HIS INDIVDUAL
                                       CAPACITY

                                       /s/ Lee E. Mikles
                                       --------------------------------------
                                       RAS LLC
                                       By:

                                       /s/ Joe C. Leach
                                       --------------------------------------
                                       JOE C. LEACH, IN HIS INDIVIDUAL
                                       CAPACITY

                                       /s/ M. R. Miller
                                       --------------------------------------
                                       MARK R. MILLER, IN HIS INDIVIDUAL
                                       CAPACITY

                                       /s/ Edwin L. Wahl
                                       --------------------------------------
                                       EDWIN L. WAHL, IN HIS INDIVIDUAL
                                       CAPACITY

                                       /s/ Jeffery H. Call
                                       --------------------------------------
                                       JEFFERY H. CALL, IN HIS INDIVIDUAL
                                       CAPACITY

                                       /s/ Ken Fenton
                                       --------------------------------------
                                       KEN FENTON, IN HIS INDIVIDUAL CAPACITY

                                       CAPITA TRUST COMPANY (JERSEY) LIMITED

                                       By:  /s/ Anthony O'Keeffe
                                            ----------------------------------
                                            Name:  Anthony O'Keeffe
                                            Title: Director

                                    -9-

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<TABLE>
EXHIBIT A

<CAPTION>
                                                                             SHARE
NAME AND ADDRESS OF                                       NUMBER          CERTIFICATE       DATE OF            DATE OF
FOUNDING SHAREHOLDER                                     OF SHARES           NUMBER     INSIDER LETTER      LOCK-IN DEED
-------------------------------------------------       -----------      -------------  --------------     --------------
<C>                                                      <C>                  <C>        <C>                <C>
St. Albans Global Management, Limited
Partnership, LLLP of 8235 Forsyth Boulevard,
4th Floor, Clayton, Missouri 63105                       2,250,000            C-1        July __,2006       July __,2006

Lee E. Mikles Revocable Trust dated 3.26.96 of
1801 Century Park East #460, Los Angeles,
California 90067                                         2,000,000            C-2        July __,2006       July __,2006

Lee E. Mikles Gift Trust dated 10.6.99 of 1801
Century Park East #460, Los Angeles, California
90067                                                      100,000            C-3        July __,2006       July __,2006

Edwin A. Levy of 570 Lexington Avenue, 27th
Floor, New York 10022                                      250,000            C-4        July __,2006       July __,2006

Douglas D. Hommert Revocable Trust of 8235
Forsyth Boulevard, 4th Floor, Clayton, Missouri
63105                                                      250,000            C-5        July __,2006       July __,2006

Joe C. Leach of 1999 Avenue of the Stars, Los
Angeles, California 90067                                  250,000            C-6        July __,2006

Mark R. Miller of 1801 Century Park East #460,
Los Angeles, California 90067                              100,000            C-7        July __,2006

RAS, LLC of 1801 Century Park East #460, Los
Angeles, California 90067                                   50,000            C-8        July __,2006

Edwin L. Wahl of 8235 Forsyth Boulevard, 4th
Floor, Clayton, Missouri 63105                             150,000                       July __,2006

                                    -10-

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<PAGE>

Jeffery H. Call of 8235 Forsyth Boulevard, 4th
Floor, Clayton, Missouri 63105                             150,000                       July __,2006

Ken Fenton of 8235 Forsyth Boulevard, 4th
Floor, Clayton, Missouri 63105                              75,000                       July __,2006
</TABLE>

                                    -11-<PAGE>

                                 Exhibit 4.2

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                                 WARRANT DEED

         This Warrant Deed (the "DEED") is made as of July 12, 2006 between
Viceroy Acquisition Corporation, a company incorporated under the laws of
Delaware, with its registered office at 1209 Orange Street, Corporation
Trust Center, Wilmington, Delaware 19801 (the "COMPANY") and Capita IRG
(Offshore) Limited, a company incorporated under the laws of Jersey, with
its registered office at Victoria Chambers, Liberation Square, 1/3 The
Esplanade, St. Helier, Jersey (the "WARRANT AGENT").

         WHEREAS, pursuant to an offering circular dated on or around the
date hereof (the "OFFERING CIRCULAR") the Company is engaged in an offering
of units ("UNITS") each comprised of one share of common stock, par value
$0.0001 per share, in the share capital of the Company (the "COMMON SHARES")
and one warrant (the "WARRANTS"), each Warrant evidencing the right of the
holder thereof to purchase one Common Share for US$6.00, on the terms and
subject to the conditions set forth in the Offering Circular and subject to
adjustment as described herein; and

         WHEREAS the Company desires, for the benefit of the holders from
time to time of the Warrants, the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange, redemption and exercise of the
Warrants; and

         WHEREAS, the Company desires to provide for the form and provisions
of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the
Company, the Warrant Agent, and the holders of the Warrants; and

         WHEREAS, all acts and things have been done and performed which are
necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the
valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Deed.

         NOW, THEREFORE, the Company and the Warrant Agent have executed as
a Deed the following:

         1.       Appointment of Warrant Agent. The Company hereby appoints
                  ----------------------------
                  the Warrant Agent to act as agent for the Company for the
                  Warrants, and the Warrant Agent hereby accepts such
                  appointment and agrees to perform the same in accordance
                  with the terms and conditions set forth in this Deed.

         2.       Warrants.
                  --------

                  2.1      Form of Warrant. Each Warrant shall be issued
                           ---------------
                  in registered form only, shall be in substantially the form
                  of Exhibit A hereto, the provisions of which are
                  incorporated herein and shall be signed by, or bear the
                  facsimile signature of, the chief executive officer of the
                  Company, the secretary of the Company or any executive

                                      -1-

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                  officer of the Company. In the event the person whose
                  facsimile signature has been placed upon any Warrant shall
                  have ceased to serve in the capacity in which such person
                  signed the Warrant before such Warrant is issued, it may be
                  issued with the same effect as if he or she had not ceased
                  to be such at the date of issuance.

                  2.2      Registration.
                           ------------

                           2.2.1    Warrant Register. The Warrant Agent shall
                                    ----------------
                  maintain books (the "WARRANT REGISTER"), for the
                  registration of original issuance and transfer of the
                  Warrants. Upon the initial issuance of the Warrants, the
                  Warrant Agent shall issue and register the Warrants in the
                  names of the respective holders thereof in such
                  denominations and otherwise in accordance with instructions
                  delivered to the Warrant Agent by the Company.

                           2.2.2    Registered Holder. Prior to due presentment
                                    -----------------
                  for registration of the transfer of any Warrant, the Company
                  and the Warrant Agent may deem and treat the person in whose
                  name such Warrant shall be registered upon the Warrant
                  Register (the "REGISTERED HOLDER"), as the absolute owner of
                  such Warrant and of each Warrant represented thereby
                  (notwithstanding any notation of ownership or other writing
                  on the Warrant certificate made by anyone other than the
                  Company or the Warrant Agent), for the purpose of any
                  exercise thereof, and for all other purposes, and neither
                  the Company nor the Warrant Agent shall be affected by any
                  notice to the contrary.

                  2.3      Trading of Securities. The Common Shares and
                           ---------------------
                  the Warrants comprising the Units will be separately
                  tradable from the date on which the Common Shares and
                  Warrants are admitted to trading on the Alternative
                  Investment Market, a market operated by the London Stock
                  Exchange plc (the date on which trading commences being the
                  "ADMISSION DATE").

         3.       Terms and Exercise of Warrants.
                  ------------------------------

                  3.1      Warrant Price. Each Warrant shall, when accompanied
                           -------------
                  by the duly completed exercise notice available from the
                  Warrant Agent, (the "EXERCISE NOTICE"), entitle the
                  registered holder thereof, subject to the provisions of this
                  Deed, to purchase from the Company the number of Common
                  Shares stated therein, at the price of $6.00 per share,
                  subject to the adjustments provided in Section 4 hereof and
                  in the last sentence of this Section 3.1. The term "WARRANT
                  PRICE" as used in this Deed refers to the price per share at
                  which Common Shares may be purchased at the time a Warrant
                  is exercised. The Company in its sole discretion may reduce
                  (but not increase) the Warrant Price at any time prior to
                  the Expiration Date (as defined in Section 3.2.2).

                  3.2      Duration of Warrants. A Warrant may only be
                           --------------------
                  exercised during the period (the "EXERCISE PERIOD"):

                                     -2-

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                           3.2.1    commencing on the earlier of (i) the
                  consummation by the Company of a business combination which
                  either by itself or, when combined with all of the Company's
                  previous business combinations, has an aggregate transaction
                  value of at least 50% of the initial amount held in a trust
                  established by the Company pursuant to an agreement with
                  Continental Stock Transfer and Trust Company immediately
                  following the end of the Stabilization Period (as defined in
                  the Offering Circular) (a "QUALIFIED BUSINESS COMBINATION"),
                  and (ii) if one or more business combinations have occurred
                  but a Qualified Business Combination has not occurred, the
                  date that is 12 months from the Admission Date (unless the
                  deadline for consummating a Qualified Business Combination
                  has been extended (the date by which such Qualified Business
                  Combination has to occur following such extension being the
                  "EXTENDED DATE"), in which case the relevant date shall be
                  the Extended Date); and

                           3.2.2    terminating at 5:00 p.m., New York City time
                  on the earlier to occur of (i) the fourth anniversary of the
                  Admission Date and (ii) the date fixed for redemption of the
                  Warrants as provided in Section 6 of this Deed ("EXPIRATION
                  DATE").

                           Except with respect to the right to receive the
                  Redemption Price (as defined in Section 6 hereunder), each
                  Warrant not exercised on or before the Expiration Date shall
                  become void, and all rights thereunder and all rights in
                  respect thereof under this Deed shall automatically cease at
                  the close of business on the Expiration Date. The Company in
                  its sole discretion may extend (but not shorten) the
                  Exercise Period.

                  3.3      Exercise of Warrants.
                           --------------------

                           3.3.1    Payment. Subject to the provisions of the
                                    -------
                  Warrant and this Deed, a Warrant may be exercised by the
                  registered holder thereof by surrendering it, at the office
                  of the Warrant Agent, or at the office of its successor as
                  Warrant Agent, with the Exercise Notice, which shall be
                  available from the Warrant Agent, duly executed, and by
                  paying in full, in lawful money of the United States, in
                  cash, banker's cheque or good bank draft payable to the
                  order of the Company (or as otherwise agreed to by the
                  Company), the Warrant Price for each full share of Common
                  Shares as to which the Warrant is exercised and any and all
                  applicable taxes due in connection with the exercise of the
                  Warrant, the exchange of the Warrant for the Common Shares
                  and the issuance of the Common Shares. The offices of the
                  Warrant Agent are located as specified in Section 10.2 of
                  this Deed.

                           3.3.2    Issuance of Certificates. As soon as
                                    ------------------------
                  practicable, but in any event within three business days,
                  after the exercise of any Warrant and the clearance of the
                  funds in payment of the aggregate Warrant Price, the Company
                  shall issue to the registered holder of such Warrant a
                  certificate or certificates for the number of full shares of
                  Common Shares to which he is entitled, registered in such
                  name or names as may be directed by him, her or it, and if
                  such Warrant shall not have been exercised in full, a
                  Warrant for the number of Common Shares as to which such
                  Warrant shall not

                                     -3-

<PAGE>
<PAGE>

                  have been exercised. Notwithstanding the foregoing, the
                  Company shall not be obligated to deliver any securities
                                       ---------
                  pursuant to the exercise of a Warrant unless the Company
                  shall have received (i) a written certification from the
                  holder that it is neither within the United States nor a
                  U.S. person (as such term is defined in Regulation S of the
                  Securities Act of 1933, as amended (the "ACT")) and the
                  Warrant is not being exercised on behalf of a U.S. person or
                  (ii) in the case of a holder who cannot make the
                  representation in (i), a written opinion of counsel in a
                  form reasonably satisfactory to the Company to the effect
                  that the Warrants and the securities to be delivered upon
                  exercise thereof have been registered under the Act or are
                  exempt from registration thereunder and such securities are
                  qualified for sale or exempt from qualification under
                  applicable securities laws of the states or other
                  jurisdictions in which the registered holders reside.
                  Warrants may not be exercised by, or securities issued to,
                  any registered holder in any state in which such exercise
                  would be unlawful.

                           3.3.3    Valid Issuance. All Common Shares issued
                                    --------------
                  upon the proper exercise of a Warrant in conformity with this
                  Deed shall be validly issued, fully paid and nonassessable.

                           3.3.4    Date of Issuance. Each person in whose name
                                    ----------------
                  any such certificate evidencing Common Shares is issued
                  shall for all purposes be deemed to have become the holder
                  of record of such Common Shares on the date on which such
                  person's name is entered into the register of members
                  following the surrender of its Warrants(s) for exercise and
                  payment of any Warrant Price having been made, irrespective
                  of the date of delivery of such certificate, except that, if
                  the date of such surrender and any payment is a date when
                  the share transfer books of the Company are closed, such
                  person shall be deemed to have become the holder of such
                  Common Shares at the close of business on the next
                  succeeding date on which the share transfer books are open.

         4.       Adjustments.
                  -----------

                  4.1      Share Dividends - Subdivisions. If after the date
                           ------------------------------
                  hereof, and subject to the provisions of Section 4.6
                  below, the number of outstanding Common Shares is increased
                  by a share dividend payable in Common Shares, or by a
                  subdivision of Common Shares, or other similar event, then,
                  on the effective date of such share dividend, subdivision or
                  similar event, the number of Common Shares issuable on
                  exercise of each Warrant shall be increased in proportion to
                  such increase in outstanding Common Shares.

                  4.2      Aggregation of Common Shares. If after the date
                           ----------------------------
                  hereof, and subject to the provisions of Section 4.6, the
                  number of issued Common Shares is decreased by a
                  consolidation, combination, reverse share split or
                  reclassification of Common Shares or other similar event,
                  then, on the effective date of such consolidation,
                  combination, reverse share split, reclassification or
                  similar event, the number of Common Shares issuable on
                  exercise of each Warrant shall be decreased in proportion to
                  such decrease in issued Common Shares.

                                     -4-

<PAGE>
<PAGE>

                  4.3      Adjustments in Exercise Price. Whenever the
                           -----------------------------
                  number of Common Shares purchasable upon the exercise of the
                  Warrants is adjusted, as provided in Sections 4.1 and 4.2
                  above, the Warrant Price shall be adjusted (to the nearest
                  cent) by multiplying such Warrant Price immediately prior to
                  such adjustment by a fraction (x) the numerator of which
                  shall be the number of Common Shares purchasable upon the
                  exercise of the Warrants immediately prior to such
                  adjustment, and (y) the denominator of which shall be the
                  number of Common Shares so purchasable immediately
                  thereafter.

                  4.4      Replacement of Securities upon Reorganization,
                           ---------------------------------------------
                  etc. In case of any reclassification or reorganisation of
                  ----
                  the issued Common Shares (other than a change covered by
                  Sections 4.1 or 4.2 hereof or that solely affects the par
                  value of such Common Shares), or in the case of any merger,
                  amalgamation or consolidation of the Company with or into
                  another corporation (other than a consolidation or merger
                  (which shall not include amalgamation under U.S. law) in
                  which the Company is the continuing corporation and that
                  does not result in any reclassification or reorganisation of
                  the outstanding Common Shares), or in the case of any sale
                  or conveyance to another corporation or entity of the assets
                  or other property of the Company as an entirety or
                  substantially as an entirety in connection with which the
                  Company is dissolved, the Warrant holders shall thereafter
                  have the right to purchase and receive, upon the basis and
                  upon the terms and conditions specified in the Warrants and
                  in lieu of the Common Shares immediately theretofore
                  purchasable and receivable upon the exercise of the rights
                  represented thereby, the kind and amount of shares or other
                  securities or property (including cash) receivable upon such
                  reclassification, reorganisation, merger, amalgamation or
                  consolidation, or upon a dissolution following any such sale
                  or transfer, that the Warrant holder would have received if
                  such Warrant holder had exercised his Warrant(s) immediately
                  prior to such event; and if any reclassification also
                  results in a change in Common Shares covered by Sections 4.1
                  or 4.2, then such adjustment shall be made pursuant to
                  Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions
                  of this Section 4.4 shall similarly apply to successive
                  reclassifications, reorganisations, mergers, amalgamations
                  or consolidations, sales or other transfers.

                  4.5      Notices of Changes in Warrant. Upon every
                           -----------------------------
                  adjustment of the Warrant Price or the number of Common
                  Shares issuable upon exercise of a Warrant, the Company
                  shall give written notice thereof to the Warrant Agent,
                  which notice shall state the Warrant Price resulting from
                  such adjustment and the increase or decrease, if any, in the
                  number of Common Shares purchasable at such price upon the
                  exercise of a Warrant, setting forth in reasonable detail
                  the method of calculation and the facts upon which such
                  calculation is based. Upon the occurrence of any event
                  specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any
                  such event, the Company shall give written notice to the
                  Warrant holder, at the last address set forth for such
                  holder in the Warrant Register, of the record date or the
                  effective date of the event. Failure to give such notice, or
                  any defect therein, shall not affect the legality or
                  validity of such event.

                                     -5-

<PAGE>
<PAGE>

                  4.6      No Fractional Common Shares. Notwithstanding
                           ---------------------------
                  any provision contained in this Deed to the contrary, the
                  Company shall not issue fractional Common Shares upon
                  exercise of Warrants. If, by reason of any adjustment made
                  pursuant to this Section 4, the holder of any Warrant would
                  be entitled, upon the exercise of such Warrant, to receive a
                  fractional interest in a Common Share, the Company shall,
                  upon such exercise, round down to the nearest whole number
                  the number of Common Shares to be issued to the Warrant
                  holder.

                  4.7      Form of Warrant. The form of Warrant need not
                           ---------------
                  be changed because of any adjustment pursuant to this
                  Section 4, and Warrants issued after such adjustment may
                  state the same Warrant Price and the same number of Common
                  Shares as is stated in the Warrants initially issued
                  pursuant to this Deed. However, the Company may at any time
                  in its sole discretion make any change in the form of
                  Warrant that the Company may reasonably deem appropriate and
                  that does not affect the substance thereof, and any Warrant
                  thereafter issued, whether in exchange or substitution for
                  an outstanding Warrant or otherwise, may be in the form as
                  so changed.

         5.       Transfer and Exchange of Warrants.
                  ---------------------------------

                  5.1      Registration of Transfer. The Warrant Agent
                           ------------------------
                  shall register the transfer, from time to time, of any
                  outstanding Warrant upon the Warrant Register, upon
                  surrender of such Warrant for transfer, properly endorsed
                  with signatures properly guaranteed and accompanied by
                  appropriate instructions for transfer. Upon any such
                  transfer, a new Warrant representing an equal aggregate
                  number of Warrants shall be issued and the old Warrant shall
                  be cancelled by the Warrant Agent.

                  5.2      Procedure for Surrender of Warrants. Subject to
                           -----------------------------------
                  compliance with Section 3.3.2, the Warrants may be
                  surrendered to the Warrant Agent, together with a written
                  request for exchange or transfer, and thereupon the Warrant
                  Agent shall, subject to the Company's satisfaction that, in
                  its sole reasonable discretion, the transfer procedures for
                  purchasers and sellers have been followed, issue in exchange
                  therefor one or more new Warrants as requested by the
                  registered holder of the Warrants so surrendered,
                  representing an equal aggregate number of Warrants;
                  provided, however, that in the event that a Warrant
                  -----------------
                  surrendered for transfer bears a restrictive legend, the
                  Warrant Agent shall not cancel such Warrant and issue new
                  Warrants in exchange therefor unless the transfer is
                  pursuant to an effective registration statement under the
                  Act or pursuant to an exemption from registration under the
                  Act provided by Rule 144, Rule 144A or Regulation S under
                  the Act (subject to such transferee making such
                  representations in favor of the Company as the Company may
                  deem advisable to ensure that such transfer is conducted
                  pursuant to such an exemption from, or in a transaction not
                  subject to, registration under the Act and in accordance
                  with any applicable laws of any state in the U.S. and any
                  other jurisdiction and, inter alia, agreement by the
                  transferee to take such securities subject to customary
                  transfer restrictions and appropriate legends), and in each
                  case in accordance with applicable securities laws of each
                  state of the U.S. and any other jurisdiction. The Company
                  may

                                     -6-

<PAGE>
<PAGE>

                  request an opinion of counsel reasonably satisfactory to the
                  Company that such transfer is to be effected in a
                  transaction meeting the requirements of Regulation S under
                  the Act or is exempt from registration.

                  5.3      Fractional Warrants. The Warrant Agent shall
                           -------------------
                  not be required to effect any registration of transfer or
                  exchange which will result in the issuance of a Warrant
                  certificate for a fraction of a Warrant.

                  5.4      Service Charges. No service charge shall be
                           ---------------
                  made for any exchange or registration of transfer of
                  Warrants.

                  5.5      Warrant Execution. The Warrant Agent is hereby
                           -----------------
                  authorised to deliver, in accordance with the terms of this
                  Deed, the Warrants required to be issued pursuant to the
                  provisions of this Section 5, and the Company, whenever
                  required by the Warrant Agent, will supply the Warrant Agent
                  with Warrants duly executed on behalf of the Company for
                  such purpose.

         6.       Redemption.
                  ----------

                  6.1      Redemption. All but not less than all of the
                           ----------
                  Warrants may be redeemed at the option of the Company, at
                  any time during the Exercise Period, at the office of the
                  Warrant Agent, upon the notice referred to in Section 6.2,
                  at the price of $0.01 per Warrant ("REDEMPTION PRICE"),
                  provided that the last independent bid price of the Common
                  Shares equals or exceeds $11.50 per share, on each of any
                  twenty (20) trading days within a thirty (30) trading day
                  period ending three business days prior to the date on which
                  notice of redemption is given and the weekly trading volume
                  for the Common Shares has been at least 200,000 shares for
                  each of the two calendar weeks before the notice of
                  redemption is given.

                  6.2      Date Fixed for, and Notice of, Redemption. In
                           -----------------------------------------
                  the event the Company shall elect to redeem all of the
                  Warrants, the Company shall fix a date for the redemption.
                  Notice of redemption shall be mailed by first class mail,
                  postage prepaid, by the Company not less than thirty (30)
                  days prior to the date fixed for redemption to the Warrant
                  Register to be redeemed at their last addresses as they
                  shall appear on the registration books. Any notice mailed in
                  the manner herein provided shall be conclusively presumed to
                  have been duly given whether or not the registered holder
                  received such notice.

                  6.3      Exercise After Notice of Redemption. The
                           -----------------------------------
                  Warrants may be exercised in accordance with Section 3 of
                  this Deed at any time after notice of redemption shall have
                  been given by the Company pursuant to Section 6.2 hereof and
                  prior to the time and date fixed for redemption. On and
                  after the redemption date, the record holder of the Warrants
                  shall have no further rights except to receive, upon
                  surrender of the Warrants, the Redemption Price.

                                     -7-

<PAGE>
<PAGE>

         7.       Warrant Solicitation and Warrant Solicitation Fee
                  -------------------------------------------------

                  7.1      The Company has engaged CRT Capital Group, LLC
                  ("CRT"), on a non-exclusive basis, as its agent for the
                  solicitation of the exercise of the Warrants beginning one
                  year following the Admission Date. The Company will (i)
                  assist CRT with respect to such solicitation, as reasonably
                  requested by CRT, and (ii) at CRT's request, provide CRT,
                  and direct the Company's transfer agent and the Warrant
                  Agent to deliver to CRT, at the Company's cost, lists of the
                  registered holders and, to the extent known, beneficial
                  owners of the Warrants. The Company hereby instructs the
                  Warrant Agent to cooperate with CRT in every respect in
                  connection with CRT's solicitation activities, including,
                  but not limited to, providing to CRT, at the Company's cost,
                  a list of record and beneficial holders of the Warrants. In
                  addition to the conditions set forth in Section 7.2, CRT
                  shall receive payment of the warrant solicitation fee
                  provided in Section 7.4 only where it has provided services
                  to the Company in connection with the exercise of the
                  Warrants and only to the extent CRT has solicited the
                  exercise of the Warrants. In addition to soliciting the
                  exercise of Warrants by a Warrant holder such services may
                  (subject to compliance with applicable laws) also include
                  disseminating information, orally or in writing, to Warrant
                  holders about the Company or the market for the Company's
                  securities, or assisting in the processing of the exercise
                  of Warrants.

                  7.2      In each instance in which a Warrant is
                  exercised following the Company's publication of an
                  announcement of redemption pursuant to Section 6 above, the
                  Warrant Agent shall promptly give written notice of such
                  exercise to the Company and CRT ("WARRANT AGENT'S EXERCISE
                  NOTICE"). Notwithstanding the foregoing and subject to
                  clause 7.3 below, a fee shall be paid only if, (i) the
                  Company has requested CRT to solicit the exercise of the
                  Warrants, (ii) the Warrant was not held in a discretionary
                  account except where prior written approval for exercise of
                  the Warrants in such account is received from the customer,
                  (iii) the solicitation of the exercise of the Warrant was
                  not in violation of Regulation M, to the extent applicable
                  at the time of any solicitation, (as such rules or any
                  successor rule may be in effect as such time of exercise)
                  promulgated under the Securities Exchange Act of 1934, as
                  amended or any provision of the Financial Services and
                  Markets Act 2000 or any other applicable law or regulation
                  then applicable to the Warrants, their exercise or the
                  solicitation of such exercise, (iv) CRT (or its sub-agent)
                  has solicited the exercise of the Warrants, (v) the Warrant
                  Solicitation Fee and related arrangements are disclosed to
                  the Warrant holders at that time of exercise of the Warrants
                  in a prospectus, solicitation notice or any other written
                  solicitation materials provided to the Warrant holders in
                  connection with the exercise of the Warrants, (vi) the
                  Warrant holder has confirmed in writing that CRT or one of
                  its sub-agents has solicited the exercise of the Warrants
                  being exercised, (vii) a notice of the redemption of the
                  Warrants has been published by the Company, and (viii) the
                  exercise price of the Warrant is paid by the Warrant holder
                  in cash to the Company.

                  7.3      In addition, no Warrant Solicitation Fee will
                  be paid upon the exercise of such Warrants if the market
                  price of the underlying Common Shares is

                                     -8-

<PAGE>
<PAGE>

                  lower than 102% of the exercise price at the time of such
                  exercise. Notwithstanding the foregoing, no Warrant
                  Solicitation Fee will be paid to CRT with respect to the
                  exercise of any Warrants by CRT or KBC Peel Hunt Ltd or any
                  of their respective affiliates, directors or officers or the
                  Founding Shareholders or their designees or the directors or
                  officers of the Company, including any Warrants owned by
                  Paul Anthony Novelly or his designee and purchased in the
                  Placing or acquired after Admission.

                  7.4      The Company shall, simultaneously with the
                  distribution by the Warrant Agent of the Common Shares
                  underlying the Warrants so exercised following receipt of
                  the proceeds to the Company received upon exercise of such
                  Warrant(s) pay to CRT a warrant solicitation fee of two
                  percent of the exercise price for each Warrant exercised
                  (the "WARRANT SOLICITATION FEE"); provided, however, that no
                  Warrant Solicitation Fee shall be payable with respect to
                  such Warrants exercised on or subsequent to the date of any
                  public announcement of a sale of substantially all the
                  assets or more than 50 percent of the outstanding issued
                  share capital of the Company through the date such sale is
                  consummated unless such sale is not consummated in a
                  reasonable time for transactions of the type, in which case
                  the entitlement to the Warrant Solicitation Fee shall be
                  reinstated; and provided further that CRT delivers to the
                  Warrant Agent within ten (10) business days from the date on
                  which CRT has received the Warrant Agent's Exercise Notice,
                  a certificate that the conditions set forth in the preceding
                  clause 7.2 (i) through (viii) inclusive, have been
                  satisfied. CRT and the Company may at any time during
                  business hours, examine the records of the Warrant Agent,
                  including its ledger of original Warrant certificates
                  returned to the Warrant Agent upon exercise of Warrants.

                  7.5      The provisions of this Section 7 may not be
                  modified, amended or deleted without the prior written
                  consent of CRT.

         8.       Other Provisions Relating to Rights of Holders of Warrants.
                  ----------------------------------------------------------

                  8.1      No Rights as Shareholder. A Warrant does not
                           ------------------------
                  entitle the registered holder thereof to any of the rights
                  of a shareholder of the Company, including, without
                  limitation, the right to receive dividends, or other
                  distributions, exercise any preemptive rights to vote or to
                  consent or to receive notice as shareholders in respect of
                  the meetings of shareholders or the election of directors of
                  the Company or any other matter.

                  8.2      Lost, Stolen, Mutilated, or Destroyed Warrants.
                           ----------------------------------------------
                  If any Warrant is lost, stolen, mutilated, or destroyed, the
                  Company and the Warrant Agent may on such terms as to
                  indemnity or otherwise as they may in their discretion
                  impose (which shall, in the case of a mutilated Warrant,
                  include the surrender thereof), issue a new Warrant of like
                  denomination, tenor, and date as the Warrant so lost,
                  stolen, mutilated, or destroyed. Any such new Warrant shall
                  constitute a substitute contractual obligation of the
                  Company, whether or not the allegedly lost, stolen,
                  mutilated, or destroyed Warrant shall be at any time located
                  or enforceable by anyone.

                                     -9-

<PAGE>
<PAGE>

                  8.3      Reservation of Common Shares. The Company shall
                           ----------------------------
                  at all times reserve and keep available a number of its
                  authorized but unissued Common Shares that will be
                  sufficient to permit the exercise in full of all Warrants
                  issued pursuant to this Deed.

                  8.4      Listing of Common Shares. Upon exercise of the
                           ------------------------
                  Warrants the Company will use its reasonable endeavors to
                  ensure that Common Shares issued pursuant to such exercise
                  are admitted to trading on such exchange as the Company's
                  Common Shares and/or Warrants are trading at that time.

         9.       Concerning the Warrant Agent and Other Matters.
                  ----------------------------------------------

                  9.1      Payment of Taxes. The Company will from time to
                           ----------------
                  time promptly pay all taxes and charges that may be imposed
                  upon the Company or the Warrant Agent in respect of the
                  issuance or delivery of Common Shares upon the exercise of
                  Warrants, but the Company shall not be obligated to pay any
                  transfer taxes in respect of the Warrants or such Common
                  Shares.

                  9.2      Resignation, Consolidation, or Merger of Warrant
                           ------------------------------------------------
                           Agent.
                           -----

                           9.2.1    Appointment of Successor Warrant Agent. The
                                    --------------------------------------
                  Warrant Agent, or any successor to it hereafter appointed,
                  may resign its duties and be discharged from all further
                  duties and liabilities hereunder after giving sixty (60)
                  days' prior written notice to the Company. If the office of
                  the Warrant Agent becomes vacant by resignation or
                  incapacity to act or otherwise, the Company shall appoint in
                  writing a successor Warrant Agent in place of the Warrant
                  Agent which successor Warrant Agent shall be approved by
                  each of CRT and KBC (such approval not to be unreasonably
                  withheld or delayed or conditioned). If the Company shall
                  fail to make such appointment within a period of thirty (30)
                  days after it has been notified in writing of such
                  resignation or incapacity by the Warrant Agent or by the
                  holder of the Warrant (who shall, with such notice,
                                -------
                  submit his Warrant for inspection by the Company), then the
                  holder of any Warrant may apply to the High Court of Justice
                  in England for the appointment of a successor Warrant Agent.
                  Any successor Warrant Agent, whether appointed by the
                  Company or by such court, shall be a corporation in good
                  standing authorized to exercise the functions of the Warrant
                  Agent pursuant to this Deed and shall be subject to
                  supervision or examination by appropriate regulatory
                  authorities. After appointment, any successor Warrant Agent
                  shall be vested with all the authority, powers, rights,
                  immunities, duties, and obligations of its predecessor
                  Warrant Agent with like effect as if originally named as
                  Warrant Agent hereunder, without any further act or deed;
                  but if for any reason it becomes necessary or appropriate,
                  the predecessor Warrant Agent shall execute and deliver, at
                  the expense of the Company, an instrument transferring to
                  such successor Warrant Agent all the authority, powers, and
                  rights of such predecessor Warrant Agent hereunder; and upon
                  request of any successor Warrant Agent the Company shall
                  make, execute, acknowledge, and deliver any and all
                  instruments in writing for more fully and

                                     -10-

<PAGE>
<PAGE>

                  effectually vesting in and confirming to such successor
                  Warrant Agent all such authority, powers, rights,
                  immunities, duties, and obligations.

                           9.2.2    Notice of Successor Warrant Agent. In the
                                    ---------------------------------
                  event a successor Warrant Agent shall be appointed, the
                  Company shall give notice thereof to the predecessor Warrant
                  Agent and the transfer agent for the Common Shares not later
                  than the effective date of any such appointment.

                           9.2.3    Merger or Consolidation of Warrant Agent.
                                    ----------------------------------------
                  Any corporation into which the Warrant Agent may be merged
                  or with which it may be consolidated or any corporation
                     ----
                  resulting from any merger or consolidation to which the
                  Warrant Agent shall be a party shall be the successor
                  Warrant Agent under this Deed without any further act.

                  9.3      Fees and Expenses of Warrant Agent.
                           ----------------------------------

                           9.3.1    Remuneration. The Company agrees to pay the
                                    ------------
                  Warrant Agent reasonable remuneration for its services as
                  such Warrant Agent hereunder and will reimburse the Warrant
                  Agent upon demand for all expenditures that the Warrant
                  Agent may reasonably incur in the execution of its duties
                  hereunder (as more particularly set out in the Off-Shore
                  Register Agreement between the Company and the Warrant
                  Agent).

                           9.3.2    Further Assurances. The Company agrees to
                                    ------------------
                  perform, execute, acknowledge, and deliver or cause to be
                  performed, executed, acknowledged, and delivered all such
                  further and other acts, instruments, and assurances as may
                  reasonably be required by the Warrant Agent for the carrying
                  out or performing of the provisions of this Deed.

                  9.4      Liability of Warrant Agent.
                           --------------------------

                           9.4.1    Reliance on Company Statement. Whenever in
                                    -----------------------------
                  the performance of its duties under this Warrant Deed, the
                  Warrant Agent shall deem it necessary or desirable that any
                  fact or matter be proved or established by the Company prior
                  to taking or suffering any action hereunder, such fact or
                  matter (unless other evidence in respect thereof be herein
                  specifically prescribed) may be deemed to be conclusively
                  proved and established by a statement signed by the chairman
                  or deputy chief-executive officer or other executive officer
                  of the Company and delivered to the Warrant Agent. The
                  Warrant Agent may rely upon such statement for any action
                  taken or suffered in good faith by it pursuant to the
                  provisions of this Deed.

                           9.4.2    Indemnity. The Warrant Agent shall be liable
                                    ---------
                  hereunder only for its own negligence, fraud, willful
                  misconduct or bad faith provided that the aggregate
                  liability of the Warrant Agent will be limited to the lesser
                  of (pounds)1,000,000 (one million pounds) or an amount equal
                  to ten (10) times the total annual fee payable to the
                  Warrant Agent under the Registrar Agreement. The Company
                  agrees to indemnify the

                                     -11-

<PAGE>
<PAGE>

                  Warrant Agent and save it harmless against any and all
                  liabilities, including judgments, costs and reasonable
                  counsel fees, for anything done or omitted by the Warrant
                  Agent in the execution of this Deed except as a result of
                  the Warrant Agent's negligence, fraud, willful misconduct or
                  bad faith.

                           9.4.3    Exclusions. The Warrant Agent shall have no
                                    ----------
                  responsibility with respect to the validity of this Deed or
                  with respect to the validity or execution of any Warrant;
                  nor shall it be responsible for any breach by the Company of
                  any covenant or condition contained in this Deed or in any
                  Warrant; nor shall it be responsible to make any adjustments
                  required under the provisions of Section 4 hereof or
                  responsible for the manner, method, or amount of any such
                  adjustment or the ascertaining of the existence of facts
                  that would require any such adjustment; nor shall it by any
                  act hereunder be deemed to make any representation or
                  warranty as to the authorization or reservation of any
                  Common Shares to be issued pursuant to this Deed or any
                  Warrant or as to whether any Common Shares will when issued
                  be valid and fully paid and nonassessable.

                  9.5      Waiver of Claims. The Warrant Agent hereby
                           ----------------
                  agrees that it does not have any right, title, interest or
                  claim of any kind in or to any monies held in the trust
                  established by the Company with Continental Stock Transfer
                  and Trust Company, as trustee, pursuant to a trust agreement
                  to be signed on or prior to the Admission Date (the "CLAIM")
                  and hereby waives any Claim it may have in the future as a
                  result of, or arising out of, this Deed and will not seek
                  recourse against such trust for any reason whatsoever.

                  9.6      Acceptance of Appointment. The Warrant Agent
                           -------------------------
                  hereby accepts the appointment as Warrant Agent as described
                  in this Deed and agrees to perform the same upon the terms
                  and conditions herein set forth and among other things,
                  shall account promptly to the Company with respect to
                  Warrants exercised and concurrently account for, and pay to
                  the Company, all moneys received by the Warrant Agent for
                  the purchase of the Common Shares through the exercise of
                  Warrants.

         10.      Miscellaneous Provisions.
                  ------------------------

                  10.1     Successors. All the covenants and provisions
                           ----------
                  of this Deed by or for the benefit of the Company or the
                  Warrant Agent shall bind and inure to the benefit of their
                  respective successors and assigns.

                  10.2     Notices. Any notice, statement or demand
                           -------
                  authorised by this Deed to be given or made by the Warrant
                  Agent or by the holder of any Warrant to or on the Company
                  shall be sufficiently given when so delivered if by hand or
                  overnight delivery or if sent by certified mail or private
                  courier service within five days after deposit of such
                  notice, postage prepaid, addressed (until another address is
                  filed in writing by the Company with the Warrant Agent), as
                  follows:

                                     -12-

<PAGE>
<PAGE>

                                    Viceroy Acquisition Corporation
                                    8235 Forsyth Boulevard
                                    4th Floor
                                    Clayton, Missouri
                                    63105
                                    USA

                                    Attn: Chairman

                  Any notice, statement or demand authorised by this Deed to
                  be given or made by the holder of any Warrant or by the
                  Company to or on the Warrant Agent shall be sufficiently
                  given when so delivered if by hand or overnight delivery or
                  if sent by certified mail or private courier service within
                  five days after deposit of such notice, postage prepaid,
                  addressed (until another address is filed in writing by the
                  Warrant Agent with the Company), as follows:

                                    Capita IRG (Offshore) Limited
                                    Victoria Chambers
                                    Liberation Square
                                    1/3 The Esplanade
                                    St. Helier
                                    Jersey
                                    Attn: Compliance Department

                  10.3     Applicable law. This Deed shall be governed
                           --------------
                  by, interpreted under, and construed in accordance with the
                  laws of the State of New York, without giving effect to any
                  choice-of-law provisions thereof that would compel the
                  application of the substantive laws of any other
                  jurisdiction. Each party hereby irrecovably and
                  unconditionally waives the right to a trial by jury in any
                  action, suit, counterclaim or other proceeding (whether
                  based on contract, tort or otherwise) arising out of,
                  connected with or relating to this Deed or the negotiation,
                  administration, performance or enforcement hereof.

                  10.4     Persons Having Rights under this Deed. Nothing
                           -------------------------------------
                  in this Deed expressed and nothing that may be implied from
                  any of the provisions hereof is intended, or shall be
                  construed, to confer upon, or give to, any person or
                  corporation other than the parties hereto and the registered
                  holders of the Warrants and, for the purposes of Sections 7
                  and 10.2 hereof, CRT, any right, remedy, or claim under or
                  by reason of this Deed or of any covenant, condition,
                  stipulation, promise, or agreement hereof. CRT shall be
                  deemed to be a third-party beneficiary of this Deed with
                  respect to Sections 7 and 10.2 hereof. All covenants,
                  conditions, stipulations, promises, and agreements contained
                  in this Deed shall be for the sole and exclusive benefit of
                  the parties hereto (and CRT with respect to the Sections 7
                  and 10.2 hereof) and their successors and assigns and of the
                  registered holders of the Warrants.

                                     -13-

<PAGE>
<PAGE>

                  10.5     Examination of the Deed. A copy of this Deed
                           -----------------------
                  shall be available at all reasonable times at the office of
                  the Warrant Agent, for inspection by the registered holder
                  of any Warrant. The Warrant Agent may require any such
                  holder to submit his Warrant for inspection by it.

                  10.6     Counterparts. This Deed may be executed in any
                           ------------
                  number of counterparts and each of such counterparts shall
                  for all purposes be deemed to be an original, and all such
                  counterparts shall together constitute but one and the same
                  instrument.

                  10.7     Effect of Headings. The Section headings
                           ------------------
                  herein are for convenience only and are not part of this
                  Deed and shall not affect the interpretation thereof.

                                     -14-

<PAGE>
<PAGE>

         IN WITNESS WHEREOF, this Deed has been duly executed by the parties
hereto as of the day and year first above written.

EXECUTED AS A DEED (BUT NOT DELIVERED UNTIL DATED)
BY VICEROY ACQUISISTION CORPORATION

By:       /s/ Lee E. Mikles
   -----------------------------------
     Name:  Lee E. Mikles
     Title: Chief Executive Officer

By:       /s/ Douglas D. Hommert
   -----------------------------------
     Name:  Douglas D. Hommert
     Title: Executive Vice President

EXECUTED AS A DEED (BUT NOT DELIVERED UNTIL DATED)
BY CAPITA IRG (OFFSHORE) LIMITED

By:       /s/ Anthony O'Keeffe
   -----------------------------------
     Name:  Anthony O'Keeffe
     Title: Director

By:       /s/
   -----------------------------------
     Name:
     Title: Director

                                     -15-

<PAGE>
<PAGE>

                                   EXHIBIT A

                      VICEROY - WARRANTS CERTIFICATE FACE
                        VICEROY ACQUISITION CORPORATION
       (Incorporated under the laws of the State of Delaware pursuant to
                      Delaware General Corporation Law)

                                   WARRANTS
                                                       ISIN:   USU 92229 1187
                                                       CUSIP:  U92229 118
                                                       SEDOL:  B150QQ67

This is to certify that:

Is/are the registered holder(s) of

Warrants to subscribe for fully paid Common Shares, having a par value of
US$0.0001 fully paid in VICEROY ACQUISITION CORPORATION subject to the
Certificate of Incorporation and the Bylaws of the Company and the Deed. The
exercise price of the Warrants is $6.00, subject to adjustment as described
in the Deed, and the Warrants expire on [date]. The Warrant Agreement can be
viewed at Victoria Chambers, Liberation Square, 1/3 The Esplanade,
St. Helier, Jersey.

PRIOR TO INVESTING IN THE SECURITIES OR CONDUCTING ANY TRANSACTIONS IN THE
SECURITIES, INVESTORS ARE ADVISED TO CONSULT PROFESSIONAL ADVISERS REGARDING
THE RESTRICTIONS ON TRANSFER SUMMARIZED BELOW AND ANY OTHER RESTRICTIONS.

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), AND THIS SECURITY MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY
NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A)
THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY
(I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION

                                     A-1

<PAGE>
<PAGE>

MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE OF THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES
ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES
(I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT
HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER
RESTRICTIONS WHICH REQUIRE THAT IN ADDITION TO ANY CERTIFICATIONS REQUIRED
FROM A TRANSFEROR AS SET FORTH ON THE REVERSE OF THIS CERTIFICATE, PRIOR TO
THE EXPIRATION OF A ONE-YEAR DISTRIBUTION COMPLIANCE PERIOD, THE TRASFEREE
CERTIFIES AS TO WHETHER OF NOT IT IS A U.S. PERSON WITHIN THE MEANING OF
REGULATION S AND PROVIDES CERTAIN OTHER CERTIFICATIONS AND AGREEMENTS. PRIOR
TO PERMITTING ANY TRANSFER, THE COMPANY MAY REQUEST AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER IS TO BE EFFECTED
INA TRANSACTION MEETING THE REQUIREMENTS OF REGULATION S UNDER THE
SECURITIES ACT OR IS EXEMPT FROM REGISTRATION.

         Director  _______________            Director _______________

    No transfer of the warrants (or any portion thereof) comprised in this
certificate can be registered until this certificate has been lodged with the
   Company's Registrars: Capita IRG (Offshore) Limited, Victoria Chambers,
        Liberation Square, 1/3 The Esplanade, St Helier, Jersey JE4 0FF
    UK Transfer Agent: Capita Registrars, The Registry, 34 Beckenham Road,
                           Beckenham, Kent. BR3 4TU

                                     A-2

<PAGE>
<PAGE>

                             WARRANT CERTIFICATE
                                 REVERSE BOX
-----------------------------------------------------------------------------

The common shares underlying this Warrant Certificate shall be held (pending
exercise of this Warrant Certificate) subject to all of the provisions of the
Certificate of Incorporation and the Bylaws of the Company and any amendments
thereto, a copy of each of which is on file at the registered office of the
Company's Registrar and made a part hereof as fully as though the provisions
of said Certificate of Incorporation and Bylaws were imprinted in full on this
Warrant Certificate, to all of which the holder of this Warrant Certificate,
by acceptance hereof, assents and agrees to be bound. The Company will furnish
without charge to each holder of warrants (a "Holder") who so requests a copy
of the Certificate of Incorporation and the Bylaws of the Company.

In connection with any transfer of this Warrant Certificate to be consummated
prior to such time as the Company shall have otherwise notified all Holders
writing, the undersigned holder of warrants certifies that (check one):

BOX  (a) This Warrant Certificate is being transferred to the Company.
BOX  (b) This Warrant Certificate is being transferred pursuant to an
     effective registration statement under the Securities Act and in
     accordance with any applicable laws of the United States and any state of
     the United States.
BOX  (c) (i) This Warrant Certificate is being transferred in an offshore
     transaction not subject to the registration requirements of the
     Securities Act, by virtue of Regulation S thereunder; (ii) the offer of
     the warrants was not made to a person in the United States; (iii) (A) at
     the time the buy order was originated, the transferee was outside the
     United States or the Holder and any person acting on its behalf
     reasonably believed that the transferee was outside the United States or
     (B) the transaction is executed in, or through the facilities of the AIM
     Market operated by the London Stock Exchange plc, and neither the Holder
     nor any person acting on its behalf knows that the transaction has been
BOX  (e) This Warrant Certificate is being transferred to a person whom the
     Holder reasonably believes is a qualified institutional buyer (as defined
     in Rule 144A under the Securities Act) in a transaction meeting the
     requirements of Rule 144A and is in accordance with applicable US state
     securities laws.

The Company may determine to extend or shorten the certification periods set
forth above, or to modify the form of the certificates, or to require
additional certifications and/or related documentation to evidence an
exemption from registration, in each case in accordance with applicable law.

The exercise of this Warrant Certificate must be in accordance with the
procedures implemented by the Company to ensure that the warrants are not
exercised in the U.S., and that the common shares underlying the warrants are
not delivered within the United States upon exercise, other than in offerings
in accordance with Regulation S, or unless registered under the Securities
Act, or exempt from such registration. These procedures include delivery of an
exercise notice. If you do not have a form of exercise notice, please contact
the Transfer Agent.

The Transfer Agent shall not be obligated to register this Warrant Certificate
in the name of any person other than the Holder thereof unless and until the
conditions to any such transfer of registration set forth herein and on the
face hereof shall have been satisfied.

Assignment and transfer of this Warrant Certificate shall not be effected by
an endorsement on this certificate, but by execution and delivery of a
separate stock transfer form, which may be obtained from the Company's
Transfer Agent.

Unless otherwise specified, terms used in this Warrant Certificate have the
meanings set forth in Regulation S. Transferee and the Company are
-------------------------------------------------------------------------------

                                    A-3

<PAGE>
<PAGE>

-------------------------------------------------------------------------------
     pre-arranged with a buyer in the United States; (iv) the transferee is
     not a U.S. person (as defined in Regulation S) and is not purchasing for
     the account or benefit of a U.S. person; (v) no directed selling efforts
     have been made in contravention of the requirements of Regulation S; (vi)
     the transaction is not part of a plan or scheme to evade the registration
     requirements of the Securities Act; (vii) if applicable, in the case of a
     transfer by a Holder who is a dealer or a person receiving a selling
     concession, fee or other remuneration in connection with such transfer,
     such Holder has complied with the additional conditions set forth in Rule
     904(b) of Regulation S, and (viii) the Holder has complied with all
     applicable additional requirements imposed by Rule 903 of Regulation S;

BOX  (d) This Warrant Certificate is being transferred pursuant to an
     exemption from registration under the Securities Act in compliance with
     Rule 144, if applicable, under the Securities Act and is in accordance
     with applicable US state securities laws and in relation to which the
     Holder has furnished to the Company an opinion to such effect from
     counsel of recognized standing in form and substance satisfactory to the
     Company prior to such offer, sale, pledge or transfer. entitled to rely
     upon this certificate and are irrevocably authorized to produce this
     Certificate or a copy hereof to any interested party in any
     administrative or legal proceeding or official inquiry with respect to
     the matters covered hereby.
-------------------------------------------------------------------------------

                                    A-4

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