Document:

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                                 Exhibit 4.6

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                             DATED JULY 12 2006

                               THE COVENANTORS

                                     AND
                       VICEROY ACQUISITION CORPORATION

                                     AND

                             KBC PEEL HUNT LTD.

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

                                LOCK-IN DEED

                     RELATING TO SHARES AND WARRANTS IN

                       VICEROY ACQUISITION CORPORATION

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

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THIS DEED is dated July 2006 and is made AMONG:

(1)      The persons whose names are stated in Schedule 1 (each a
         "COVENANTOR" and together the "COVENANTORS");

(2)      VICEROY ACQUISITION CORPORATION, a corporation organised under the
         laws of the State of Delaware pursuant to the Delaware General
         Corporation Law, whose principal place of business is 8235 Forsyth
         Boulevard, Suite 400, St. Louis, Missouri 63105 (the "COMPANY");
         and

(3)      KBC PEEL HUNT LTD., whose registered office is at 111 Old Broad
         Street, London EC2N 1PH ("PEEL HUNT").

WHEREAS

(A)      The Company proposes to raise funds by the Placing of the Units for
         cash and is proposing to seek the admission of its entire issued
         and to be issued share capital and Warrants of the Company to
         trading on AIM.

(B)      Subject to the terms of this Deed, the Covenantors have agreed with
         the Company and Peel Hunt to enter into certain restrictions with
         regard to the disposal by them (or any of their Associates) of the
         Locked-in Shares and Warrants.

1        DEFINITIONS AND INTERPRETATIONS

1.1      The following expressions used in this Deed shall have the following
         meanings:

"ADMISSION"                        means the admission of the entire issued
                                   and to be issued share capital and the
                                   Warrants of the Company to trading on AIM
                                   becoming effective in accordance with
                                   Rule 6 of the AIM Rules;

"ADMISSION DOCUMENT"               means the document in the agreed form to
                                   be issued by the Company in connection
                                   with Admission;

"AIM"                              means the Alternative Investment Market
                                   operated by the London Stock Exchange;

"AIM RULES"                        means the rules published by the London
                                   Stock Exchange governing admission to AIM,
                                   and the regulation of AIM companies and
                                   their nominated advisers, as amended or
                                   reissued from time to time;

"ASSOCIATE"                        means, in relation to any Covenantor,
                                   their associates as defined in the
                                   definition of "related party" in Schedule
                                   9 of the AIM Rules;

"BUSINESS DAY"                     means a day on which dealings take place
                                   on the London Stock Exchange;

"COMMON SHARES"                    means the shares of common stock, par
                                   value $0.0001 each, in the capital of the
                                   Company (or such other nominal amount of
                                   the Company's common stock

                                     1

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                                   following any consolidation, sub-division,
                                   repayment or reduction of capital or other
                                   event giving rise to an adjustment of the
                                   nominal amount of such common shares
                                   hereafter), including any such shares
                                   allotted (whether or not subject to any
                                   condition) but not yet issued;

"DISPOSAL"                         includes any sale, transfer, mortgage,
                                   assignment, grant of options over,
                                   charge, pledge, or other disposal or an
                                   agreement to sell, transfer, mortgage,
                                   assign, grant options over, charge,
                                   pledge or otherwise dispose, or any
                                   transaction which has the same economic
                                   effect as any of the foregoing
                                   (including, without limitation, any swap
                                   or contract for differences) and
                                   "DISPOSE" shall be construed accordingly;

"LOCKED-IN SHARES AND WARRANTS"    means:

                                   (a)  the Common Shares or Warrants held
                                        or controlled, whether directly or
                                        indirectly, by the Covenantors or
                                        any of their Associates on or
                                        immediately following the date of
                                        Admission;

                                   (b)  any additional Common Shares or
                                        Warrants allotted or issued to
                                        and/or acquired by the Covenantors
                                        or any of their Associates up to and
                                        including the Relevant Date; and

                                   (c)  any additional Common Shares issued
                                        to the Covenantors or any of their
                                        Associates pursuant to the
                                        conversion of any convertible debt
                                        securities, Warrants, options or
                                        similar rights held by it on the
                                        date of Admission;

"LONDON STOCK EXCHANGE"            means London Stock Exchange plc;

"PLACING"                          means the proposed placing of Units
                                   pursuant to the Placing Agreement;

"PLACING AGREEMENT"                means the agreement of even date herewith
                                   between the Company, the directors of the
                                   Company, Peel Hunt and CRT Capital Group
                                   LLC, relating to the Placing;

"RELEVANT DATE"                    means the date falling 12 calendar months
                                   after the date of Admission;

"UNIT"                             means a unit of one Common Share and one
                                   Warrant; and

"WARRANTS"                         means the warrants issued by the Company
                                   giving each holder the right to one
                                   Common Share.

                                     2

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1.2      References to clauses and schedules are, unless otherwise stated,
         to clauses of and schedules to this Deed.

1.3      References to statutory provisions shall be construed as references
         to those provisions as respectively replaced, amended or re-enacted
         (whether before or after the date hereof) and shall include any
         provisions of which they are re-enactments (whether with or with
         out modification) and any subordinate legislation made under such
         provisions.

1.4      Words importing the singular include the plural and vice versa,
         words importing any gender include every gender and references to
         persons include bodies corporate or unincorporated, unincorporated
         associations and partnerships.

1.5      The headings to the clauses are for convenience only and have no
         legal effect.

1.6      The obligations of the Covenantors under this Deed are several.

2        CONDITION

2.1      The obligations of the parties to this Deed are conditional upon
         Admission.

2.2      If the condition set out in Clause 2.1 is not fulfilled by July 31,
         2006, this Deed shall cease and determine and no party to this Deed
         shall have any claim against any other party to this Deed for
         costs, damages, compensation or otherwise.

3        LOCK-IN PROVISIONS AND ORDERLY MARKET

3.1      Each Covenantor undertakes to the Company and Peel Hunt that it
         will not, and will procure that its Associates will not, prior to
         the Relevant Date, Dispose of, or agree to Dispose of, directly or
         indirectly, any of the Locked-in Shares and Warrants or any
         interest in or right to them, except with the prior written consent
         of the Company and Peel Hunt (which consent will only be given
         where a derogation from Rule 7 of the AIM Rules has been granted by
         the London Stock Exchange) and subject to the orderly market
         provisions set out in clause 3.2 below, save for any of the
         following:

         3.1.1    any Disposal resulting from an acceptance of an offer for
                  the entire issued share capital of the Company or the
                  giving of an irrevocable undertaking to accept an offer
                  for the entire issued share capital of the Company (in
                  either case excluding Common Shares already held by the
                  offeror) which has either been recommended for acceptance
                  by the directors of the Company or has become
                  unconditional as to acceptances, provided that nothing in
                  this clause shall exclude a Covenantor from giving an
                  irrevocable undertaking to accept an offer for the entire
                  issued share capital of the Company which is conditional
                  upon such offer becoming or being declared unconditional
                  in all respects and being recommended for acceptance by
                  the directors of the Company;

         3.1.2    any Disposal for which a derogation from Rule 7 of the AIM
                  Rules has been granted by the London Stock Exchange
                  pursuant to or in connection with an offer by the Company
                  for the purchase or redemption of its own share capital in
                  accordance with applicable law and the AIM Rules;

                                     3

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         3.1.3    any Disposal of Common Shares pursuant to an intervening
                  court order; or

         3.1.4    any Disposal on the death of a Covenantor.

3.2      For a period of 12 calendar months after the Relevant Date or in
         circumstances where Peel Hunt has given consent to a sale pursuant
         to clause 3.1, if a Covenantor wishes to Dispose of any of the
         Locked-in Shares and Warrants, then in order to maintain an orderly
         market, any such Disposal shall be effected through Peel Hunt in
         its capacity as the Company's nominated broker under the AIM Rules,
         provided that:

         3.2.1    Peel Hunt is, at the time of such proposed Disposal,
                  authorised by the Financial Services Authority to effect
                  such Disposal;

         3.2.2    in the execution of such Disposal, Peel Hunt offers
                  competitive pricing and trading terms for the quantity of
                  Locked-in Shares and Warrants being Disposed based on
                  market terms quoted by any other reputable stockbroker or
                  dealer in securities in the United Kingdom in respect of
                  such Disposal; and

         3.2.3    if Peel Hunt are no longer the Company's broker, then the
                  benefits and obligations of this clause 3.2 shall pass to
                  any successor nominated broker to the Company which has
                  replaced Peel Hunt.

3.3      Any sale pursuant to clause 3.2 above shall be effected by Peel
         Hunt within three (3) Business Days of the receipt by Peel Hunt of
         notification from the Covenantor of its intention to sell any of
         the Locked-in Shares and Warrants. In the event that such sale is
         not effected within three (3) Business Days in accordance with this
         clause, the Covenantor shall be entitled to sell the Locked-in
         Shares and Warrants through any other stockbroker or dealer in
         securities.

4        UNDERTAKINGS

4.1      Each Covenantor agrees that:

         4.1.1    if any of the Locked-In Shares and Warrants beneficially
                  owned by such Covenantor are registered in the name of any
                  other person, it shall procure that such person complies
                  with the obligations set out in this Deed as though it
                  were a party to this Deed;

         4.1.2    if it holds Locked-In Shares and Warrants as nominee for
                  any other person, it shall use its reasonable endeavours
                  to procure that such person complies with the obligations
                  set out in this Deed as though it were a party to this
                  Deed; and

         4.1.3    the restriction on Disposals and the other provisions in
                  this Deed will be binding on each such person and its
                  successors and assigns.

4.2      Each Covenantor consents to the inclusion in the Admission Document
         of references to this Deed and a summary of its contents.

                                     4

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5        WARRANTIES

5.1      Each Covenantor warrants that it has full power and authority to
         undertake its obligations set out in this Deed.

5.2      Each Covenantor warrants that upon Admission, it will be the
         registered holder of the number of Common Shares and Warrants set
         out next to its name in Schedule 1.

6        GENERAL

6.1      This Deed shall be governed by and construed in accordance with
         English law. The parties hereby submit for all purposes connected
         herewith to the non-exclusive jurisdiction of the High Court of
         Justice in England in relation to any matter arising out of this
         Deed. All parties expressly waive any objections to such
         jurisdiction on the ground of venue.

6.2      This Deed is personal to the parties hereto and may not be assigned
         by any party without the prior written consent of the other parties
         hereto. This Deed is binding on and enures for the benefit of the
         successors and permitted assigns of the parties.

6.3      If any provision in this Deed shall be held to be illegal, invalid
         or unenforceable, in whole or in part:

         6.3.1    either under any enactment or rule of law, such provision
                  or part shall to that extent be deemed not to form part of
                  this Deed; or

         6.3.2    under the law of any other jurisdiction, the legality,
                  validity and enforceability of the remainder of this Deed
                  shall not be affected.

6.4      At any time after the date of this Deed, each Covenantor shall, at
         the Company's expense, do such acts and things as the Company or
         Peel Hunt may reasonably require for the purpose of giving the
         Company or Peel Hunt the full benefit of all the provisions of this
         Deed in relation to the obligations of the Covenantors.

6.5      The Company agrees to take such action as Peel Hunt shall
         reasonably require to enforce the provisions of this Deed for the
         benefit of the Company.

6.6      No variation of this Deed shall be effective unless in writing and
         signed by or on behalf of each of the parties.

6.7      The parties to this Deed do not intend that any term of this Deed
         should be enforceable, by virtue of the Contracts (Rights of Third
         Parties) Act 1999 or otherwise, by any person who is not a party to
         this Deed.

6.8      This Deed may be entered into in any number of counterparts and by
         the parties to it on separate counterparts, each of which when
         executed and delivered shall be an original, but all the
         counterparts shall together constitute one and the same instrument.

6.9      Save as specifically otherwise provided in this Deed, any notice to
         be given under this Deed shall be in writing and shall be delivered
         to or sent by registered or recorded post to the parties'
         respective addresses or registered offices as set out in Schedule 1
         or as otherwise notified by them from time to time (in accordance
         with the provisions of this clause). Any such notice shall be
         deemed to be served when left at the address of the party to be
         served and, if sent by post to an address within the same country as

                                     5

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         the sender, on the Business Day next following the day of posting
         or, if sent by post to a country different to the country of
         posting, on the fifth Business Day following the date of posting.
         In proving the giving of notice it shall be sufficient to prove
         that the notice was left or that the envelope containing such
         notice was properly addressed and posted.

6.10     Each of the Covenantors and the Company appoints, without power of
         revocation, [Jordans Limited] of [20-22 Bedford Row, London WC1R
         4JS, England] as its agent for service of process in England and
         Wales and hereby irrevocably consents to the service of process in
         any proceedings by delivery to such agent.

6.11     Each of the Covenantors acknowledges that any decision by Peel Hunt
         to withhold consent in accordance with the provisions of this Deed
         shall not form the basis of any claim against the Company or Peel
         Hunt for any damage, loss, cost or expense alleged to have been
         caused by such decision, unless Peel Hunt has not complied with its
         obligations, if any, to act reasonably in circumstances where its
         consent is required under this Deed.

6.12     Each of the Covenantors acknowledges that the remedies at law for
         breach or threat of breach of the provisions of Clauses 3 and/or 4
         by any Covenantors may be inadequate, and that the Company and/or
         Peel Hunt shall be entitled to an injunction or injunctions to
         prevent breaches of such provisions and to enforce specifically
         such provisions; such injunction or injunctions to be in addition
         to any other remedy to which the Company and/or Peel Hunt may be
         entitled at law or in equity.

         IN WITNESS whereof this Deed has been executed and delivered as a
         deed on the date first above written.

                                     6

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<TABLE>
                                                    SCHEDULE 1

                                                  THE COVENANTORS

<CAPTION>
------------------------------------------------------------------------------------------------------------------
     NAME AND CONTACT DETAILS OF                        NUMBER OF COMMON SHARES           NUMBER OF WARRANTS
             COVENANTOR                                    HELD AT ADMISSION               HELD AT ADMISSION
------------------------------------------------------------------------------------------------------------------
<C>                                                     <C>                               <C>
St. Albans Global Management Limited                           2,500,000
Partnership LLLP
8235 Forsyth Boulevard 4th Floor
Clayton, Missouri 63105
------------------------------------------------------------------------------------------------------------------
Lee E. Mikles Revocable Trust dated 3.26.96                    2,500,000
1801 Century Park East #460
Los Angeles, California 90067
------------------------------------------------------------------------------------------------------------------
Lee E. Mikles Gift Trust dated 10.6.99                          125,000
1801 Century Park East #460
Los Angeles, California 90067
------------------------------------------------------------------------------------------------------------------
Edwin Levy                                                      312,500
570 Lexington Avenue, 27th Floor
New York, New York 10022
------------------------------------------------------------------------------------------------------------------
Douglas D. Hommert Revocable Trust                              312,500
8235 Forsyth Boulevard 4th Floor
Clayton, Missouri 63105
------------------------------------------------------------------------------------------------------------------
Paul Anthony Novelly                                               0
8235 Forsyth Boulevard
Suite 400, Clayton
Missouri 63105
------------------------------------------------------------------------------------------------------------------
Lee E. Mikles                                                      0
1486 E. Valley Road
Santa Barbara
California 93108
------------------------------------------------------------------------------------------------------------------
Douglas D. Hommert                                                 0
8235 Forsyth Boulevard
Suite 400, Clayton
Missouri 63105
------------------------------------------------------------------------------------------------------------------
Thomas R. Evans                                                    0
477 Madison Avenue
Suite 430, New York
New York 10022
------------------------------------------------------------------------------------------------------------------

                                     7

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------------------------------------------------------------------------------------------------------------------
William J. Dore                                                    0
8000 Global Drive
Carlyss, LA 70665
------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     8

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                     EXECUTED AS A DEED BY THE PARTIES:

EXECUTED and DELIVERED                      )
as a Deed by SAGM HOLDINGS, LLC             )
duly authorised to execute this document    )
as a DEED as general partner on behalf of   )
ST. ALBANS GLOBAL MANAGEMENT                )
LIMITED PARTNERSHIP LLLP                    )
in accordance with the laws of [o] Delaware )        /s/ Douglas D. Hommert
                                                     -------------------------
                                                     DOUGLAS D HOMMERT
                                                     Manager
/s/ Mary B. Hockle
----------------------------
Signature of Witness

Mary B. Hockle
----------------------------
Name of Witness

8235 Forsyth Blvd.
St. Louis, MO 63105
----------------------------
Address of Witness

EXECUTED and DELIVERED                      )
as a Deed by LEE E MIKLES                   )
duly authorised to execute this document    )
as a DEED as trustee on behalf of           )
THE LEE MIKLES REVOCABLE TRUST              )
DATED MARCH 26, 1996                        )
in accordance with the laws of [o]          )        /s/ Lee E. Mikles
                                                     -------------------------

/s/ Mason Campbell
----------------------------
Signature of Witness

Mason Campbell
----------------------------
Name of Witness

1071 Casitas Pass Rd
Carpinteria, CA 93013
----------------------------
Address of Witness

                                     9

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EXECUTED and DELIVERED                      )
as a Deed by LEE E MIKLES                   )
duly authorised to execute this document    )
as a DEED as trustee on behalf of           )
THE LEE MIKLES GIFT TRUST DATED             )
OCTOBER 6, 1999                             )
in accordance with the laws of [o]          )        /s/ Lee E. Mikles
                                                     -------------------------

/s/ Mason Campbell
----------------------------
Signature of Witness

Mason Campbell
----------------------------
Name of Witness

1071 Casitas Pass Rd
Carpinteria CA
----------------------------
Address of Witness

EXECUTED and DELIVERED                      )
as a Deed by DOUGLAS D HOMMERT              )
duly authorised to execute this document    )
as a DEED as trustee on behalf of           )
THE DOUGLAS D. HOMMERT                      )
REVOCABLE TRUST                             )
in accordance with the laws of [o] Missouri )        /s/ Douglas D. Hommert
                                                     -------------------------

/s/ Mary B. Hockle
----------------------------
Signature of Witness

Mary B. Hockle
----------------------------
Name of Witness

8235 Forsyth Blvd.
St. Louis, MO 63105
----------------------------
Address of Witness

                                     10

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Executed as a Deed by                       )
PAUL ANTHONY NOVELLY                        )
in his individual capacity                  )
in the presence of:                         )        /s/ Paul Anthony Novelly
                                            )        -------------------------

/s/ Mary B. Hockle
----------------------------
Signature of Witness

Mary B. Hockle
----------------------------
Name of Witness

8235 Forsyth Blvd.
St. Louis, MO 63105
----------------------------
Address of Witness

Executed as a Deed by                       )
EDWIN LEVY                                  )
in his individual capacity                  )
in the presence of:                         )        /s/ Edwin Levy
                                            )        -------------------------

/s/ Sherri Ann Cassara
----------------------------
Signature of Witness

Sherri Ann Cassara
----------------------------
Name of Witness

570 Lexington Ave.
New York, NY 10022
----------------------------
Address of Witness

                                     11

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Executed as a Deed by                       )
DOUGLAS D. HOMMERT                          )
in his individual capacity                  )
in the presence of:                         )        /s/ Douglas D. Hommert
                                            )        -------------------------

/s/ Mary B. Hockle
----------------------------
Signature of Witness

Mary B. Hockle
----------------------------
Name of Witness

8235 Forsyth Blvd.
St. Louis, MO 63105
----------------------------
Address of Witness

Executed as a Deed by                       )
LEE E. MIKLES                               )
in his individual capacity                  )
in the presence of:                         )        /s/ Lee E. Mikles
                                            )        -------------------------

/s/ Mason Campbell
----------------------------
Signature of Witness

Mason Campbell
----------------------------
Name of Witness

1071 Casitas Pass Rd
Carpinteria, CA
----------------------------
Address of Witness

                                     12

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Executed as a Deed by                       )
THOMAS R. EVANS                             )
in his individual capacity                  )
in the presence of:                         )        /s/ Thomas R. Evans
                                            )        -------------------------

/s/ M. Powderly
----------------------------
Signature of Witness

Michelle Powderly
----------------------------
Name of Witness

238 East 24th, 2D
New York, NY 10010
----------------------------
Address of Witness

Executed as a Deed by                       )
WILLIAM J. DORE                             )
in his individual capacity                  )
in the presence of:                         )        /s/ William J. Dore
                                            )        -------------------------

/s/ Melissa K. Fontenot
----------------------------
Signature of Witness

Melissa K. Fontenot
----------------------------
Name of Witness

P.O. Box 67
Sulphur, LA 70664
----------------------------
Address of Witness

                                     13

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Executed as a Deed by Douglas D. Hommert    )     /s/ Douglas D. Hommert
[o], duly authorised to execute             )     -----------------------------
this document as a Deed on behalf of        )     Director
Viceroy Acquisition Corporation             )
in accordance with the laws of the          )     Witness:  /s/ Mary B. Hockle
State of Delaware                           )               -------------------

                                                  Name and Address
                                                  of Witness:
                                                            Mary B. Hockle
                                                            -------------------
                                                            8235 Forsyth Blvd.
                                                            -------------------
                                                            St. Louis, MO 63105
                                                            -------------------

Executed as a Deed by                       )     /s/
KBC Peel Hunt Ltd.                          )     -----------------------------
acting by:                                  )     Director

                                                  /s/
                                                  -----------------------------
                                                  Director/Secretary

                                     14<PAGE>

                                Exhibit 10.1

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                             DATED 12 JULY 2006

                          (1) CRT Capital Group LLC

                            (2) KBC Peel Hunt Ltd

                                (3) Directors

                     (4) Viceroy Acquisition Corporation

                        PLACING AGREEMENT RELATING TO

                              PLACING OF UNITS

                     OF VICEROY ACQUISITION CORPORATION

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                                  CONTENTS

1.       Definitions and Interpretation.....................................2

2.       Conditions.........................................................9

3.       Subscription for Units............................................10

4.       [Clause intentionally omitted]....................................11

5.       Price Stabilisation...............................................11

6.       AIM Application...................................................12

7.       Allotment.........................................................13

8.       Placing...........................................................13

9.       Payment to the Company............................................14

10.      Settlement........................................................15

11.      Fees, Commissions and Expenses....................................15

12.      Warranties........................................................17

13.      Indemnity.........................................................19

14.      Undertakings......................................................23

15.      US Undertakings...................................................24

16.      Prospectus Directive Undertakings.................................25

17.      Representations of the Company, CRT and Peel Hunt.................26

18.      Termination.......................................................26

19.      General...........................................................29

20.      Rights of Third Parties...........................................31

21.      Notices and Service of Proceedings................................31

22.      Law of Agreement..................................................32

SCHEDULE 1  The Directors..................................................34

SCHEDULE 2  Warranties.....................................................36

SCHEDULE 3  Documents to be Delivered......................................44

SCHEDULE 4  Limitation of Liability........................................46

SCHEDULE 5  Certificate....................................................47

SCHEDULE 6  Fees, Commissions and Expenses.................................48

Part IA UK Expenses to be Deducted from Proceeds by Peel Hunt..............48

Part IB US Expenses to be Deducted from Proceeds by CRT....................50

Part II Payments of Fees out of Working Capital by the Company.............51

                                      1

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THIS AGREEMENT IS MADE ON       JULY 2006

BETWEEN:

(1)      CRT CAPITAL GROUP LLC, a limited liability company organised under
         the laws of the State of Delaware, with its principal place of
         business at 262 Harbor Drive, Stamford, Connecticut, 06902 ("CRT");

(2)      KBC PEEL HUNT LTD, whose registered office is at 111 Old Broad
         Street, London EC2N 1PH ("PEEL HUNT");

(3)      THE SEVERAL PERSONS whose names and addresses are set out in Schedule
         1 (the "DIRECTORS"); and

(4)      VICEROY ACQUISITION CORPORATION, a corporation organised under the
         laws of the State of Delaware pursuant to the Delaware General
         Corporation Law, whose principal place of business is 8235 Forsyth
         Boulevard, Suite 400, St Louis, Missouri 63105 (the "COMPANY").

WHEREAS:

(A)      The Company is a corporation formed and organised as a corporation
         under the laws of the State of Delaware.

(B)      Peel Hunt has agreed, subject to the terms, conditions and
         provisions of this Agreement, to act as Nominated Adviser and
         Broker and as UK placing agent in relation to Admission and the
         Placing and CRT has agreed, subject to the terms and conditions and
         provisions of this Agreement, to act as non-UK placing agent in
         relation to Admission and the Placing.

(C)      CRT and Peel Hunt have agreed on the terms and subject to the
         conditions referred to in this Agreement to act as placing agents
         for the Company in relation to Admission and the Placing and to use
         their respective reasonable endeavours to procure subscribers for
         the Subscription Units at the Placing Price.

(D)      The Company has authorised Peel Hunt to make the AIM Application on
         its behalf in respect of all Common Shares and Warrants of the
         Company in issue.

IT IS AGREED as follows:

1.       DEFINITIONS AND INTERPRETATION

1.1      Throughout this Agreement, including the Schedules, the following
         words and expressions have the meanings given to them below:

         ACCOUNTS DATE                      30 April, 2006.

         ACT                                the Companies Act 1985, as amended.

         ADMISSION                          the admission of the whole of
                                            the common stock and warrants of
                                            the Company to trading on AIM
                                            becoming effective in accordance
                                            with Rule 6 of the AIM Rules.

         ADMISSION DOCUMENT                 the document in the agreed form
                                            proposed to be published on behalf
                                            of the Company in connection with
                                            the AIM

                                      2

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                                            Application as required by Rule 3
                                            of the AIM Rules.

         ADMISSION DOCUMENT                 the verification notes in the
         VERIFICATION NOTES                 agreed form (as of the date of
                                            this Agreement) prepared by the
                                            Company (and its advisors) in
                                            connectio with the Placing and
                                            for the purpose of
                                            substantiating the accuracy and
                                            completeness of the information
                                            contained in the Admission
                                            Document and the Presentation
                                            Materials.

         AIM                                the market of that name operated
                                            by the London Stock Exchange.

         AIM APPLICATION                    the application to be made by or
                                            on behalf of the Company to the
                                            London Stock Exchange for
                                            Admission.

         AIM RULES                          the rules published by the
                                            London Stock Exchange governing
                                            admission of securities to
                                            trading on AIM and the
                                            regulation of AIM companies and
                                            their nominated advisers as
                                            amended or reissued from time to
                                            time.

         ASSOCIATE                          in relation to a person, each of
                                            its subsidiaries, holding
                                            companies (and subsidiaries of
                                            any such holding companies) and
                                            each of their respective
                                            officers, directors and
                                            employees.

         BROKER                             a member firm appointed by the
                                            Company who assumes the
                                            responsibilities set out in Rule
                                            35 of the AIM Rules.

         CERTIFICATE                        certificates in the agreed form
                                            issued in respect of Common
                                            Shares and Warrants
                                            respectively.

         COMMON SHARES                      shares of common stock par value
                                            US$0.0001, in the capital of the
                                            Company, having the rights and
                                            being subject to the restrictions
                                            set out in the certificate of
                                            incorporation and bylaws of the
                                            Company.

         CONDITIONS                         the conditions set out in clause
                                            2.1.

         DEALING CODE                       the code for dealings in the
                                            securities of the Company in the
                                            agreed form.

         DEALING DAY                        a day upon which dealings in
                                            domestic securities may take
                                            place on AIM with the authority
                                            of the London Stock Exchange.

         ENGAGEMENT LETTERS                 the letters of engagement between
                                            the Company and CRT and between
                                            the Company and Peel Hunt dated 13
                                            April and 4 May 2006 respectively,
                                            (and in the case of Peel Hunt,
                                            including without limitation, its
                                            standard terms and conditions as
                                            provided to the Company) entered
                                            into in relation to the Placing,
                                            the AIM Application and Admission,
                                            which shall terminate upon
                                            Admission.

         EXCHANGE ACT                       the US Securities Exchange Act of
                                            1934, as amended.

                                       3

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         EXECUTIVE DIRECTORS                the Directors whose names appear
                                            in Part A of Schedule 1.

         FOUNDING SHAREHOLDERS              the persons who hold, directly or
                                            indirectly, Common Shares issued
                                            immediately prior to the Placing.

         FSA                                the UK Financial Services Authority.

         FSMA                               the UK Financial Services and
                                            Markets Act 2000.

         IMPACT DAY                         the date of this Agreement.

         INDEMNIFIED PERSONS                CRT and Peel Hunt and each of their
                                            respective Associates.

         INDEMNITY                          the indemnity in favour of the
                                            Indemnified Persons set out in
                                            clause 13.

         LOCK-IN DEED                       the deed to be entered into
                                            between each of the Directors
                                            and Founding Shareholders, the
                                            Company and Peel Hunt in the
                                            agreed form setting out certain
                                            restrictions in relation to the
                                            disposal of the Company's
                                            securities by the Directors and
                                            Founding Shareholders and
                                            certain of their connected
                                            persons.

         LONDON STOCK EXCHANGE              London Stock Exchange plc.

         LONG STOP DATE                     5 p.m. on 31 July, 2006.

         LOSSES                             all losses, claims, costs,
                                            damages, liabilities, charges
                                            (including stamp duty and stamp
                                            duty reserve tax) and expenses
                                            properly and reasonably incurred
                                            (including reasonable fees and
                                            costs and expenses of legal
                                            counsel).

         MEMBER STATE                       the countries which are members of
                                            the European Economic Area.

        NOMINATED ADVISER                   the person appointed by the
                                            Company as its nominated adviser
                                            pursuant to Rule 1 of the AIM
                                            Rules who assumes the
                                            responsibilities set out in Rule
                                            39 and Schedule 6 of the AIM
                                            Rules.

         NOMINATED ADVISER                  the agreement entered into on the
         AGREEMENT                          date of this Agreement between the
                                            Company and Peel Hunt, appointing
                                            Peel Hunt as nominated adviser and
                                            broker to the Company with effect
                                            from Admission.

         NON-EXECUTIVE DIRECTORS            the Directors whose names appear
                                            in part B of Schedule 1.

         PLACEES                            the persons whom CRT and Peel Hunt
                                            procure to subscribe for the
                                            Subscription Units on the terms
                                            and subject to the conditions of
                                            the Placing Letters (excluding,
                                            for the avoidance of doubt, Paul
                                            Anthony Novelly, or his
                                            designees).

         PLACING                            the proposed placing by CRT and
                                            Peel Hunt of the Subscription
                                            Units in accordance with the
                                            terms of this Agreement, the
                                            Placing Letters and the other
                                            Placing

                                       4

<PAGE>
<PAGE>

                                            Documents and as described in
                                            the Admission Document.

         PLACING DOCUMENTS                  the Admission Document, the
                                            Placing Letters and any other
                                            documents issued in connection
                                            with the Placing including,
                                            without limitation, any
                                            Supplementary Admission Document
                                            (or any pathfinder version of the
                                            Admission Document).

         PLACING LETTERS                    US Placing Letter and the UK
                                            Placing Letter.

         PLACING PRICE                      US $8.00 per Unit.

         PRESENTATION MATERIALS             the presentation materials in the
                                            agreed form prepared by CRT on
                                            behalf of the Company and used by
                                            it in meetings with institutional
                                            investors in connection with the
                                            Placing prior to the date of this
                                            Agreement.

         PRESS RELEASE                      the press release relating to the
                                            Placing in the agreed form.

         PRICE PER STABILISATION SHARE      a price equal to the average price
                                            per Stabilisation Share paid by
                                            Peel Hunt for all Stabilisation
                                            Shares calculated as follows:
                                            total price paid by Peel Hunt for
                                            all Stabilisation Shares divided
                                            by the Stabilisation Shares
                                            Quantity.

         PROCEEDS                           the total subscription amount
                                            payable by Placees in respect of
                                            Subscription Units at the
                                            Placing Price to CRT and Peel
                                            Hunt, as agents for the Company,
                                            in connection with the Placing.

         PROSPECTUS DIRECTIVE               Directive 2003/71/EC and includes
                                            any relevant implementing measure
                                            in the applicable Member State.

         REDUCED PROCEEDS                   an amount equal to the Proceeds
                                            minus the Stabilisation
                                            Withholding Amount.

         REGISTRAR                          Capita IRG (Offshore) Limited.

         REGULATION D                       Rules 501-508 of the Securities Act.

         REGULATION S                       Rules 901-906 of the Securities Act.

         REPORTING ACCOUNTANTS              KPMG LLP.

         SECURITIES ACT                     the US Securities Act of 1933, as
                                            amended.

         SHORT FORM REPORT                  the short form accountants' report
                                            on the Company prepared by the
                                            Reporting Accountants and
                                            reproduced in Part III of the
                                            Admission Document.

         STABILISATION ACTIVITIES           the purchase on AIM by Peel Hunt
                                            of Common Shares at the market
                                            price applicable to Common Shares
                                            at the time of such purchase for
                                            the purpose of supporting the
                                            market price of the Common Shares.

         STABILISATION PERIOD               the period starting at 8:00 a.m.
                                            on the day of Admission and ending
                                            at 5:00 p.m. on the 29th day
                                            following the day of Admission.

                                       5

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<PAGE>

         STABILISATION RETENTION ACCOUNT    the account maintained by Peel Hunt
                                            for the purposes of holding the
                                            Stabilisation Withholding
                                            Amount.

         STABILISATION SHARES               the Common Shares purchased by
                                            Peel Hunt during the Stabilisation
                                            Period pursuant to Stabilisation
                                            Activities.

         STABILISATION SHARES PRICE         an amount equal to 100.3% x the
                                            Price per Stabilisation Share x
                                            the Stabilisation Shares Quantity
                                            (together with any Tax paid or
                                            payable by Peel Hunt in respect of
                                            the transfer of the Stabilisation
                                            Shares from Peel Hunt to the
                                            Company including stamp duty of
                                            approximately 0.5 per cent. of the
                                            average price per share); and (for
                                            the avoidance of doubt) the
                                            additional 0.3% incorporated
                                            within the 100.3% referred to
                                            above represents an agreed
                                            broker's commission for Peel Hunt
                                            in respect of the Stabilisation
                                            Shares.

         STABILISATION SHARES QUANTITY      the total number of Common Shares
                                            comprising the Stabilisation
                                            Shares immediately following the
                                            end of the Stabilisation Period.

         STABILISATION WITHHOLDING AMOUNT   US$9,000,000.

         SUBSCRIPTION UNITS                 the 22,250,000 Units to be
                                            allotted and issued by the
                                            Company, comprising the 5,625,000
                                            Units to be subscribed for by Paul
                                            Anthony Novelly, or his designees,
                                            and the 16,875,000 Units to be
                                            subscribed for by potential
                                            Placees pursuant to the Placing,
                                            but not for the avoidance of doubt
                                            including the 5,625,000 Units to
                                            be subscribed for by Paul Anthony
                                            Novelly, or his designees.

         SUPPLEMENTARY ADMISSION DOCUMENT   any supplementary admission
                                            document published for and on
                                            behalf of the Company under the
                                            AIM Rules and prepared in
                                            accordance with clauses 18.4 and
                                            18.5.

         TAX OR TAXATION                    any form of taxation whenever
                                            created or imposed and whether of
                                            the United Kingdom or elsewhere,
                                            including all forms of taxation,
                                            impositions, duties (including
                                            stamp duty), contributions and
                                            levies and all penalties, fines,
                                            charges, costs and interest
                                            relating thereto.

         TAX AUTHORITY OR TAXATION          any revenue, customs,
         AUTHORITY                          governmental, statutory,
                                            provincial, federal or other
                                            fiscal revenue authority competent
                                            to impose, administer and collect
                                            Tax, whether in the United Kingdom
                                            or elsewhere.

         TRUST ACCOUNT                      the trust account created pursuant
                                            to the terms of the Trust
                                            Agreement into which certain
                                            proceeds of the Placing are to be
                                            deposited.

         TRUST AGREEMENT                    the investment management trust
                                            agreement in the agreed form to be
                                            entered into by the Company and
                                            Continental

                                       6

<PAGE>
<PAGE>

                                            Stock Transfer & Trust Company, as
                                            trustee.

         UK NET PROCEEDS                    The subscription monies paid to
                                            and received by Peel Hunt from UK
                                            Placees, less the commissions owed
                                            to Peel Hunt by the Company in
                                            accordance with clause 11.1, and
                                            as set out at Part I-A of
                                            Schedule 6, but not for the
                                            avoidance of doubt including the
                                            fees and expenses to be paid out
                                            of the Company's working capital
                                            listed at Part II of Schedule 6.

         UK PLACEES                         Placees who have entered into UK
                                            Placing Letters.

         UK PLACING LETTERS                 the subscription agreements, each
                                            with an accompanying form of
                                            acceptance, to be entered into by
                                            prospective Placees who are not US
                                            Persons.

         UNITED KINGDOM OR UK               the United Kingdom of Great
                                            Britain and Northern Ireland.

         UNITS                              units of one Common Share and one
                                            Warrant.

         US GAAP                            Generally Accepted Accounting
                                            Principles in the United States
                                            (in effect from time to time).

         US NET PROCEEDS                    the subscription monies paid to
                                            and received by CRT from US
                                            Placees, less (i) commissions owed
                                            to CRT by the Company in
                                            accordance with clause 11.1 as set
                                            out at Part IB of Schedule 6, (ii)
                                            the Working Capital Amount, and
                                            (iii) any amount paid to Peel Hunt
                                            in accordance with clause 9.1, but
                                            not for the avoidance of doubt
                                            including the fees and expenses to
                                            be paid out of the Company's
                                            working capital listed at Part II
                                            of Schedule 6.

         US PERSONS                         a US person, as defined in
                                            Regulation S.

         US PLACEES                         Placees who have entered into US
                                            Placing Letters.

         US PLACING LETTERS                 the subscription agreements, each
                                            with an accompanying form of
                                            acceptance, to be entered into by
                                            prospective Placees who are US
                                            Persons.

         VAT                                United Kingdom Value Added Tax.

         WARRANTIES                         the warranties set out in clause 12
                                            and Schedule 2.

         WARRANTORS                         the Company and the Executive
                                            Directors, together with, in
                                            relation to clauses 12 and 13 and
                                            Warranties 16, 17 and 19 of
                                            Schedule 2 only, the Non-Executive
                                            Directors.

         WARRANTS                           the warrants issued by the Company
                                            and comprised in the Units, the
                                            details of which are set out in
                                            the Admission Document.

         WORKING CAPITAL AMOUNT             US$750,000.

                                       7

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<PAGE>

         WORKING CAPITAL REPORT             the working capital report on the
                                            Company dated on or around the
                                            date of this Agreement, prepared
                                            by the Reporting Accountants and
                                            addressed to the Company and CRT
                                            and Peel Hunt.

1.2      Where used in this Agreement:

         (a)      "SUBSIDIARY", "SUBSIDIARY UNDERTAKING", "PARENT UNDERTAKING",
                  "FINANCIAL YEAR" and "CONNECTED PERSONS" shall have the
                  meanings respectively attributed to them by the Act at the
                  date of this Agreement;

         (b)      "AFFILIATE" shall have the meaning given to such term
                  pursuant to Rule 501(b) of the Securities Act; and

         (c)      "ACTING IN CONCERT" shall have the meaning given in the City
                  Code on Takeovers and Mergers.

1.3      A reference to any statute or statutory provision or AIM Rule in this
         Agreement:

         (a)      includes any order, instrument, regulation, permission and
                  direction made or issued under such statute or statutory
                  provision or AIM Rule or deriving validity from it;

         (b)      shall be construed as a reference to such statute or
                  statutory provision as in force at the date of this
                  Agreement (including, for the avoidance of doubt, any
                  amendments made to such statute or statutory provision or
                  AIM Rule that are in force at the date of this Agreement);
                  and

         (c)      shall also be construed as a reference to any statute or
                  statutory provision or AIM Rule of which such statute or
                  statutory provision or AIM Rule is a re-enactment or
                  consolidation.

1.4      The headings in this Agreement are for convenience only and shall not
         affect its meaning.

1.5      References to a recital, clause, Schedule or paragraph are (unless
         otherwise stated) to a recital to, clause of or Schedule to this
         Agreement or to a paragraph of the relevant Schedule. The recitals
         and Schedules form part of the operative provisions of this
         Agreement and references to this Agreement shall, unless the
         context otherwise requires, include references to the recitals and
         the Schedules.

1.6      A document expressed to be "in the agreed form" shall mean a
         document, the terms, conditions and form of which have been agreed
         by the Company, CRT and Peel Hunt and a copy of which has been
         identified as such and initialled by or on behalf of CRT and Peel
         Hunt and the Company (subject to any further amendments which the
         Company, CRT and Peel Hunt may subsequently agree).

1.7      Words importing one gender shall (where appropriate) include any
         other gender and words importing the singular shall (where
         appropriate) include the plural and vice versa.

1.8      In construing this Agreement general words introduced by the word
         "other" shall not be given a restrictive meaning by reason of the
         fact that they are preceded by words indicating a particular class
         of acts, matters or things and general words shall not be given a
         restrictive meaning by reason of the fact that they are followed by
         particular examples intended to be embraced by the general words.

                                      8

<PAGE>
<PAGE>

1.9      References to time of day, unless otherwise expressly stated, are to
         London (England) times.

1.10     References to a person include an individual, a body corporate, a
         corporation, a firm, association, partnership, joint venture,
         organisation, institute, trust or agency, whether or not having a
         separate legal personality and irrespective of the jurisdiction in
         or under the law of which it was incorporated or exists.

2.       CONDITIONS

2.1      Subject to this clause 2 and clause 17, the obligations of the
         parties under this Agreement are conditional upon satisfaction of
         each of the following conditions, in each case by the relevant time
         and/or date referred to below (or, unless otherwise specified, such
         later time and/or date as CRT, Peel Hunt and the Company may
         determine, being no later than the Long Stop Date):

         (a)      an electronic copy of the Admission Document being submitted
                  to the London Stock Exchange as required by Rule 5 of the
                  AIM Rules together with the completed AIM Application (in
                  the form specified by the AIM Rules) and the fee payable in
                  respect of the AIM Application (with the accompanying
                  declaration from Peel Hunt pursuant to Rule 39 of the AIM
                  Rules) by not later than 9.00 a.m. on 7 July, 2006 (or such
                  other time and/or date as the Company and Peel Hunt may
                  agree); and

         (b)      the performance by the Company of its obligations under this
                  Agreement so far as the same fall to be performed prior to
                  Admission; and

         (c)      the delivery by the Company to Bingham McCutchen LLP on
                  behalf of Peel Hunt of a letter in the form set out in
                  Schedule 5 signed by a Director or duly authorised officer
                  on behalf of the Company by not later than 5.00 p.m. on the
                  Dealing Day immediately prior to the expected date of
                  Admission; and

         (d)      Admission occurring not later than 8.00 a.m. on 12 July,
                  2006; and

         (e)      the Nominated Adviser Agreement being entered into by not
                  later than the date of this Agreement; and

         (f)      the London Stock Exchange granting a derogation in writing
                  from the requirement for (i) electronic settlement of
                  securities contained in Rule 36 of the AIM Rules in respect
                  of the Common Shares and the Warrants, and (ii) annual
                  consent from the Company's shareholders to the Company's
                  investing strategy contained in Rule 8 of the AIM Rules
                  being delayed in accordance with the description of such
                  derogation contained in the Admission Document.

2.2      The Conditions set out in clauses 2.1(a) and 2.1(b) may be waived
         in whole or in part by CRT and Peel Hunt in their absolute
         discretion by notice in writing to the Company. The Company, CRT
         and Peel Hunt may agree in writing to extend the time for
         satisfaction of any Condition (but in any event no later than the
         Long Stop Date).

2.3      The Company and the Directors undertake to each of CRT and Peel
         Hunt to use all their respective reasonable endeavours to fulfil
         or, at the Company's own expense, to procure the fulfilment of the
         Conditions by the times and dates specified in clause 2.1 and CRT
         and Peel Hunt agree to provide the Company and the Directors, where
         applicable, with their reasonable assistance in connection
         therewith.

2.4      Subject to the provisions of clause 18.3, if any Condition shall
         not have been fulfilled (or waived) on or before the date or time
         specified for the fulfilment thereof (or at such later time

                                      9

<PAGE>
<PAGE>

         and/or date as CRT, Peel Hunt and the Company may agree (but in any
         event no later than the Long Stop Date)) or becomes incapable of
         being fulfilled (and is not so waived) no party shall be obliged to
         perform any further obligations under this Agreement (other than
         under or by reference to this clause 2.4 and clauses 1, 11.2, 11.3,
         13, 18, 19, 20, 21 and 22 which shall remain in full force and
         effect) and in such event (except in relation to any breaches prior
         to the relevant date) no party to this Agreement shall have any claim
         against any other party to this Agreement for costs, damages,
         compensation or otherwise.

3.       SUBSCRIPTION FOR UNITS

3.1      The Company hereby irrevocably appoints (i) CRT to act as its
         placing agent to US Persons and to Placees located in Switzerland
         and Canada, and (ii) Peel Hunt to act as its placing agent to
         non-US Persons, in each case for the purpose of carrying out the
         Placing and arranging subscribers for the subscription of the
         Subscription Units at the Placing Price in the manner set out in
         this Agreement and the Placing Documents.

3.2      CRT and Peel Hunt hereby accept their respective appointments under
         clause 3.1 and agree as agents for the Company, to use their
         reasonable endeavours to procure subscribers in cash for the
         Subscription Units upon and subject to the terms and conditions of
         the Placing Documents at the Placing Price.

3.3      The Company confirms that the respective appointments under clause
         3.1 confer on CRT and Peel Hunt respectively all powers,
         authorities and discretions on behalf of the Company which are
         necessary for, or reasonably incidental to, the carrying out of the
         Placing to the extent that they relate to the procuring of
         subscribers for the Subscription Units, and undertakes to ratify
         and confirm everything which CRT and Peel Hunt lawfully do in
         carrying out or exercising their responsibilities with respect to
         such appointments, powers, authorities and discretions, not
         inconsistent with the Admission Document, the Presentation
         Materials and the Placing Documents. The Company authorises CRT and
         Peel Hunt to give instructions to the Registrar in relation to the
         Placing and the allotment of Subscription Units to Placees in
         accordance with clause 7.

3.4      The Company undertakes to do all such other acts as may be
         reasonably required to vest the Subscription Units in subscribers
         procured by CRT or Peel Hunt, or otherwise as CRT or Peel Hunt may
         reasonably direct (as the circumstances shall require).

3.5      The Company undertakes to each of CRT and Peel Hunt not to create
         any adverse interest over the Subscription Units to be allotted and
         issued by it pursuant to this Agreement.

3.6      The subscription price for each of the Subscription Units shall be
         the Placing Price, which shall be satisfied in cash in accordance
         with clauses 9 and 10.

3.7      The Common Shares subscribed for as part of the Subscription Units
         shall be issued fully paid, free from all liens, mortgages,
         charges, encumbrances and other third party rights and will, as
         from the date when they are issued and are fully paid up, rank in
         full for all dividends and other distributions declared, made or
         paid on the Common Shares after Admission and otherwise rank pari
         passu in all respects with, and be identical to, the existing
         Common Shares then in issue.

                                      10

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4.       [CLAUSE INTENTIONALLY OMITTED]

5.       PRICE STABILISATION

5.1      Subject to the other provisions of this clause 5, if at any time
         during the Stabilisation Period (and for so long as) the market
         price of one Common Share is lower than $7.20, Peel Hunt (wherever
         practicable following consultation with CRT and the Company) may
         (but shall not be obliged to) perform Stabilisation Activities.

5.2      Any Stabilisation Shares purchased by Peel Hunt shall be purchased
         using Peel Hunt's own funds (and not any funds (including the
         Stabilisation Withholding Amount) held by Peel Hunt on behalf of
         the Company) and shall be owned by Peel Hunt (both as to legal and
         equitable title) until transferred to the Company pursuant to
         clause 5.7.

5.3      Peel Hunt shall not:

         (a)      purchase or agree to purchase Common Shares pursuant to
                  Stabilisation Activities having an aggregate Stabilisation
                  Shares Price greater than the Stabilisation Withholding
                  Amount;

         (b)      purchase Warrants pursuant to Stabilisation Activities; or

         (c)      be obliged to perform any Stabilisation Activities to the
                  extent such Stabilisation Activities would (or, in Peel
                  Hunt's absolute discretion, may) be prohibited by applicable
                  laws and/or regulations (including, without limitation, the
                  provisions of the Act, FSMA, the AIM Rules and/or any other
                  rules and/or regulations promulgated by the FSA).

5.4      The Company undertakes on the third Dealing Day following performance
         of any Stabilisation Activities by Peel Hunt or at the end of the
         Stabilisation Period (each, a "STABILISATION SETTLEMENT DATE") to
         purchase from Peel Hunt and Peel Hunt undertakes to sell to the
         Company all of the Stabilisation Shares at the Stabilisation Shares
         Price, but not in an amount exceeding the Stabilisation Withholding
         Amount.

5.5      Within 2 Dealing Days of the end of the Stabilisation Period, Peel
         Hunt shall notify the Company of the Stabilisation Shares Price
         (specifying the Stabilisation Shares Quantity and the Price per
         Stabilisation Share) and such amount shall be immediately due and
         payable on the date of such notice.

5.6      Peel Hunt shall, on any Stabilisation Settlement Date, set-off
         (from the account maintained in accordance with clause 9.2(a)(ii))
         Peel Hunt's obligation to pay to the Company an amount of the
         Stabilisation Withholding Amount equal to the Stabilisation Shares
         Price (as referred to in clause 9.3.) in full and final discharge
         of the Company's obligation to pay the Stabilisation Shares Price
         to Peel Hunt.

5.7      Within five Dealing Days of receipt of full payment from the
         Company in cleared funds of the amounts due to Peel Hunt pursuant
         to this clause 5 which, unless otherwise agreed by the Company,
         shall be by way of the agreed set-off referred to in clause 5.6,
         Peel Hunt shall (or shall procure another person to) send to the
         Company duly executed stock transfer forms, all relevant share
         certificates and such other documentation as the Company may
         reasonably require in order to transfer all of the Stabilisation
         Shares to the Company.

                                      11

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6.       AIM APPLICATION

6.1      The Company shall and each Executive Director shall procure that
         the Company shall immediately following the execution of this
         Agreement deliver, or procure that there are delivered to Peel
         Hunt, the documents specified in Schedule 3 at the times specified
         in, and otherwise in accordance with, the requirements of that
         Schedule.

6.2      Peel Hunt may, in its absolute discretion, waive the requirement
         that the Company deliver to it any document required to be so
         delivered pursuant to clause 6.1 and Schedule 3 or may extend the
         time and date for delivery of any such document. Any waiver or
         extension may be granted by Peel Hunt subject to such conditions as
         it may in its absolute discretion consider appropriate.

6.3      The Company shall promptly make the AIM Application through Peel
         Hunt, as Nominated Adviser, and shall comply with all reasonable
         requirements which the London Stock Exchange shall make of it so as
         to enable the AIM Application to be granted and the Company
         undertakes to each of CRT and Peel Hunt that it shall use its
         reasonable endeavours to achieve Admission by the date specified in
         clause 2.1(d) and will at its own expense supply or procure to be
         supplied, all such information and documentation, give or procure
         the giving of all such undertakings, execute, or procure the
         execution of all such documents, pay all such fees and generally
         do, or procure to be done, all such things, in each case as may be
         necessary, or properly required by the London Stock Exchange, in
         connection therewith and will comply fully with all relevant
         provisions of the Act, FSMA, the AIM Rules and/or any other rules
         and/or regulations promulgated by the FSA, applicable thereto.

6.4      The Company and Peel Hunt shall also procure (so far as is within
         their power of procurement) that:

         (a)      the information specified in Schedule One to the AIM Rules,
                  in the form specified, is submitted to the London Stock
                  Exchange as required by Rule 2 of the AIM Rules not later
                  than 9.00 a.m. on 7 July, 2006;

         (b)      one copy of the Admission Document and the completed
                  application form (in the form specified by the AIM Rules)
                  are delivered to the London Stock Exchange as required by
                  Rule 5 of the AIM Rules not later than 9.00 a.m. on 7 July,
                  2006;

         (c)      copies of the Admission Document are published in accordance
                  with the requirements of the AIM Rules;

         (d)      by 5.00 p.m. on the day before Impact Day, resolutions of
                  the board of directors of the Company conditionally
                  allotting the Common Shares and Warrants, conditional upon
                  Admission, are delivered to CRT and Peel Hunt; and

         (e)      any and all documents as are reasonably required by CRT and
                  Peel Hunt for the purposes of Admission are made available
                  to them at the Company's expense.

6.5      Peel Hunt, in its capacity as Nominated Adviser, shall provide to
         the Company appropriate advice and guidance for the purposes of
         obtaining approval of the AIM Application and shall comply with
         such of the AIM Rules as are applicable to it in its capacity as
         Nominated Adviser for the purposes of Admission in completing and
         submitting to the London Stock Exchange the declaration required
         under Rule 39 of the AIM Rules in connection therewith, provided
         that Peel Hunt shall only be required to issue such declaration, in
         its sole discretion, if it is satisfied that the Company has
         complied with all applicable AIM Rules in relation to Admission.

                                      12

<PAGE>
<PAGE>

6.6      Peel Hunt, in its capacity as Nominated Adviser, shall provide to
         the Company appropriate advice and guidance for the purposes of
         obtaining from the London Stock Exchange the derogations referred
         to at clause 2.1(f), but shall have no obligation or liability to
         the Company or any other person if the London Stock Exchange
         refuses to grant such derogations for whatever reason.

6.7      The Company shall provide the Registrar with all necessary
         authorisations and (to the extent it is reasonably able)
         information to enable the Registrar to perform its duties as
         registrar in accordance with and as contemplated by this Agreement,
         the Placing Documents and any agreement between the Company and the
         Registrar in relation to the AIM Application and Admission. Prior
         to Admission, Peel Hunt confirms that it shall liaise with the
         Registrar on behalf of the Company and the Company confirms that it
         shall, upon request by Peel Hunt, provide such information to the
         Registrar as may reasonably be required.

6.8      The Company shall make available free of charge to the public for
         not less than one month from the date of Admission a copy of the
         Admission Document at the offices of Peel Hunt and the London
         offices of the Company's solicitors, Mintz Levin Cohn Ferris
         Glovsky and Popeo PC, to enable the Company to comply with its
         obligations under Rule 3 of the AIM Rules.

7.       ALLOTMENT

7.1      The Directors undertake that prior to Admission they will convene
         and hold a meeting of the board of Directors of the Company for the
         purpose of considering and passing all resolutions required in
         connection with the allotment and issue of the Subscription Units,
         the Common Shares and the Warrants (such resolutions to be in a
         form approved by CRT and Peel Hunt) and all resolutions otherwise
         required in connection with the Placing and Admission and will
         ensure that all such resolutions are or will be duly and validly
         passed.

7.2      The Company irrevocably undertakes to each of CRT and Peel Hunt
         that it shall, upon receipt from CRT and Peel Hunt of their
         respective lists of subscribers for the Subscription Units pursuant
         to clause 8.3, allot the Common Shares and Warrants comprised in
         the Subscription Units at the Placing Price to the Placees in the
         numbers and proportions set out in such lists (including to CRT or
         Peel Hunt as nominee for all or any of the subscribers), subject to
         the Certificate of Incorporation and Bylaws of the Company and
         conditional only upon Admission occurring.

8.       PLACING

8.1      The Company authorises and directs Peel Hunt, and Peel Hunt agrees,
         to arrange for the release of the Press Release to the press as soon
         as practicable following 8.00 a.m. on the date of Admission.

8.2      Within one day of the date of this Agreement, CRT and Peel Hunt
         shall, to the extent that they have not already done so, dispatch
         the Placing Letters and the draft Admission Document to such
         persons as they determine in their absolute discretion and use
         their reasonable endeavours to place the Subscription Units at the
         Placing Price with Placees selected by them (which may include CRT
         and Peel Hunt and/or members of the respective groups of companies
         of which they are a member) on and subject to the terms set out in
         the Placing Letters.

8.3      CRT and Peel Hunt shall by no later than noon (US Eastern Standard
         Time) on the Dealing Day after the date of the Agreement notify the
         Company and/or the Registrar (as appropriate)

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         of the names, addresses and entitlements to Subscription Units of the
         Placees procured by CRT and Peel Hunt respectively to subscribe for
         the Subscription Units.

8.4      Peel Hunt shall be entitled to make for itself or on behalf of any
         Indemnified Person any announcement concerning the Placing as may
         in its reasonable and sole opinion be necessary in order to comply
         with its obligations and duties as a Nominated Adviser if, in Peel
         Hunt's sole opinion (acting reasonably), the Placing Documents
         contain a misleading statement for the purposes of section 397 of
         the FSMA.

8.5      CRT and Peel Hunt shall receive all payments on behalf of the
         Company from US Placees and UK Placees respectively, and hold and
         apply such amounts in accordance with clause 9.

9.       PAYMENT TO THE COMPANY

9.1      In the event that as at the date of Admission, the aggregate
         subscription monies paid to Peel Hunt by UK Placees is less than
         the aggregate of (i) the commissions owed to Peel Hunt under clause
         11.1 (a) and (b), and (ii) the Stabilisation Withholding Amount,
         CRT shall on behalf of the Company, pay to Peel Hunt (by
         telegraphic transfer) out of the aggregate subscription monies paid
         to CRT by US Placees, an amount equal to such difference (plus the
         costs of such transfer), to be applied by Peel Hunt in payment of
         such fees and commissions and towards payment of the Stabilisation
         Withholding Amount into the Stabilisation Retention Account
         pursuant to clause 9.2(a).

9.2      By 5.00 p.m. (New York time) on the date of Admission, CRT shall
         pay the Working Capital Amount to the Company out of the aggregate
         subscription monies CRT has received from US Placees. Subject to
         and following the Company complying with its obligations under
         clause 11 (and specifically without limitation, with its obligation
         to pay corporate finance fees under clause 11.1(b), all fees and
         expenses referred to in clause 11.2, and any payments required in
         accordance with clause 11.3) and subsequent to the making of any
         payments by CRT pursuant to clause 9.1 and the payment of the
         Working Capital Amount to the Company:

         (a)      Peel Hunt shall transfer on behalf of the Company:

                  (i)      the UK Net Proceeds less the Stabilisation
                           Withholding Amount to the Trust Account provided
                           that amount is greater than zero; and

                  (ii)     the Stabilisation Withholding Amount into a
                           segregated, non-interest bearing account maintained
                           by Peel Hunt pending the end of the Stabilisation
                           Period (being the Stabilisation Retention Account),
                           which shall be distributed in accordance with
                           clause 9.3 below; and

         (b)      CRT shall transfer on behalf of the Company the US Net
                  Proceeds to the Trust Account,

         in each case, as soon as practicable following Admission and in any
         event not later than 5.00 p.m. on the first Dealing Day immediately
         following Admission. Such payment for the Subscription Units
         (subject to the deductions referred to above) shall occur by
         telegraphic transfer in immediately available funds in accordance
         with instructions provided by the Company in writing to CRT and
         Peel Hunt not less than two Dealing Days prior to Admission (which
         the Company undertakes so to provide).

9.3      Within 3 Dealing Days of the end of the Stabilisation Period (but
         subject to the agreed set-off described in clause 5.6 and the
         deductions described in this clause 9) Peel Hunt shall, on

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         behalf of the Company, transfer to the Trust Account, an amount equal
         to the Stabilisation Withholding Amount less the Stabilisation Shares
         Price.

9.4      The Company:

         (a)      agrees that clause 9.3 sets out the Company's sole and
                  complete entitlement to receive (and Peel Hunt's sole and
                  complete obligation to pay to the Company) all or part of
                  the Stabilisation Withholding Amount; and

         (b)      undertakes that it will not create (or permit the creation
                  of) any charge, mortgage, lien, pledge, encumbrance or other
                  third party right over or in respect of all or any part of
                  the Stabilisation Withholding Amount.

9.5      Payment of such monies in the manner and to the accounts mentioned
         in clauses 9.1 to 9.4 shall constitute a complete discharge of the
         payment and Placing obligations of CRT and Peel Hunt pursuant to
         this Agreement.

10.      SETTLEMENT

10.1     The Company agrees with CRT and Peel Hunt that it will, on or
         before Admission, instruct the Registrar to promptly register
         (without registration fee) the persons named by CRT and Peel Hunt
         (in respect of such persons from whom CRT and Peel Hunt have
         received signed binding Placing Letters confirming their
         subscription for Common Shares and Warrants) in accordance with
         clause 8.3 as the holders of Common Shares and Warrants,
         conditional only on Admission taking place.

10.2     The Company shall prior to Admission provide, or procure the
         provision of, all information and authorisations required by the
         Registrar to perform its duties as registrar in accordance with and
         as contemplated by the terms of this Agreement, the Placing
         Documents and any agreement between the Company and the Registrar.

10.3     As soon as practicable following their registration, the Company
         shall procure that the Registrar issue Certificates to those
         persons registered as holders of Common Shares and Warrants
         pursuant to clause 10.1 above. These Certificates shall be
         dispatched either to the holders directly or to CRT and Peel Hunt
         respectively, as the Company, CRT or Peel Hunt may instruct the
         Registrar.

10.4     The Company and, if any Certificates are dispatched by them to the
         Registrar, CRT and Peel Hunt, shall procure that Certificates are
         delivered to all holders registered pursuant to clause 10.1 not
         later than five Dealing Days following Admission.

11.      FEES, COMMISSIONS AND EXPENSES

11.1     In consideration of CRT and Peel Hunt's respective covenants and
         obligations under this Agreement and CRT and Peel Hunt's respective
         services in connection with the Placing and the AIM Application,
         the Company shall, subject to clause 11.6, pay to CRT and Peel Hunt
         on the date of Admission:

         (a)      a basic commitment commission of six per cent. (6%) of the
                  aggregate value of the Subscription Units in respect of
                  which Placees have been secured at the Placing Price
                  apportioned between CRT and Peel Hunt as follows:

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<PAGE>

                  (i)      CRT to receive a basic commitment commission of
                           US$7,290,000, less the deferred commission of
                           US$2,430,000, to be deposited in the Trust Account,
                           referred to in 11.1(c) below;

                  (ii)     Peel Hunt to receive a basic commitment commission
                           of US$810,000, less the deferred commission of
                           US$270,000 to be deposited in the Trust Account,
                           referred to in 11.1(c) below,

                  and CRT and Peel Hunt are hereby authorised to deduct an
                  amount equal to the aggregate of such commissions from the
                  payments to be made by CRT and Peel Hunt in accordance
                  with this Agreement; and

         (b)      corporate finance fees of US$1,350,000 to CRT and US$200,000
                  to Peel Hunt,

                  provided that,

         (c)      CRT and Peel Hunt have agreed to defer US$2,700,000 of their
                  commitment commission payable pursuant to clause 11.1(a)
                  above until the consummation of a Qualified Business
                  Combination (as defined and described in more detail in the
                  Admission Document) such deferred commissions comprising
                  US$2,430,000 commission to be deferred by CRT and US$270,000
                  to be deferred by Peel Hunt to be deposited in the Trust
                  Account and to be paid to CRT and Peel Hunt upon the
                  consummation of such Qualified Business Combination, in
                  accordance with the terms of the Trust Agreement;

11.2     The parties acknowledge that the Company is not expected to bear
         any VAT as a result of the Placing and Admission. However, to the
         extent that any VAT is payable, the Company shall bear the cost of
         such payment. The Company shall bear all costs, charges and
         expenses of, or incidental to, the satisfaction of the Conditions,
         the Placing, the AIM Application, the issue of the Subscription
         Units and the arrangements referred to in, or contemplated by, this
         Agreement (together with any VAT chargeable thereon) including,
         without limitation, all fees and expenses payable in connection
         with Admission, the London Stock Exchange AIM admission fees, all
         expenses of the Registrar, printing and advertising expenses,
         postage and all legal, accountancy, actuarial and other
         professional fees and expenses which shall include the fees and
         expenses of CRT and Peel Hunt's legal advisers, but only up to a
         maximum amount of US$75,000, all as set out at Part I-B, and Part
         II-B of Schedule 6. The Company shall immediately upon request by
         CRT and Peel Hunt reimburse to CRT and Peel Hunt, as the case may
         be, the amount of any such costs, charges and expenses which CRT
         and Peel Hunt may have paid.

11.3     Where, pursuant to the Placing and Admission, this clause 11 or
         clause 13, a sum is payable to CRT or Peel Hunt, in respect of any
         cost or expense incurred by CRT or Peel Hunt and that cost or
         expense includes an amount in respect of VAT, the Company shall(if
         applicable) in addition pay to CRT or Peel Hunt, as the case may
         be, in respect of VAT:

         (a)      where the payment (or any part of it) constitutes the
                  consideration (or any part of the consideration) for any
                  supply by CRT or Peel Hunt, or anything which is treated for
                  VAT purposes as a supply by CRT or Peel Hunt to the Company,
                  such amount as equals any VAT properly payable thereon and
                  on such VAT, if any, as is referred to in clause 11.3(b);

         (b)      (except where the payment falls within clause 11.3(c)) where
                  the payment is in respect of costs, charges or expenses
                  incurred by CRT or Peel Hunt, such amount as equals any VAT
                  charged to or incurred by CRT or Peel Hunt in respect of
                  that cost,

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<PAGE>

                  charge or expense and which CRT or Peel Hunt certifies is
                  not recoverable by CRT or Peel Hunt by repayment or credit
                  (such certificate to be conclusive in the absence of
                  manifest error); and

         (c)      where the payment is in respect of costs, charges or
                  expenses incurred by CRT or Peel Hunt as agent for the
                  Company, such amount as equals the amount included in the
                  costs, charges or expenses in respect of VAT,

         such payments to be made within seven days of CRT or Peel Hunt, as
         the case may be, requesting the same and against product by CRT or
         Peel Hunt of an appropriate tax invoice.

11.4     In the event that any stamp duty, stamp duty reserve tax or similar
         tax is payable in respect of the Common Shares or Warrants to
         ensure that those persons becoming entitled pursuant to this
         Agreement to be registered as holders of the same be so registered,
         such duty shall be borne by the Placees.

11.5     Notwithstanding that CRT or Peel Hunt are acting as agents for the
         Company in connection with the Placing, each of them may retain any
         commissions payable to it, pursuant to clause 11.1 (subject to the
         deferred commissions referred to in clause 11.1(c). Any
         Subscription Units which each of CRT and Peel Hunt purchases or
         subscribes as principal may be retained or dealt in by it for its
         own use and benefit.

11.6     Notwithstanding any other provision of the Agreement, the fees,
         costs, charges, commissions and expenses payable by the Company to
         CRT and Peel Hunt hereunder:

         (a)      under clause 11.1 shall be due and payable upon Admission,
                  save that the deferred fees and commissions referred to in
                  clause 11.1(c) will be payable upon consummation of a
                  Qualified Business Combination (as such term is defined in
                  the Admission Document);

         (b)      under any other part of this clause 11 shall be due and
                  payable upon the earlier of Admission, the Long Stop Date or
                  a termination of this Agreement under clause 18;

         (c)      are not in addition to the fees, costs, charges, commissions
                  and expenses payable under the Engagement Letters and
                  represent all the fees and expenses payable by the Company
                  to CRT and Peel Hunt in respect of the Placing; and

         (d)      no fees or commissions whatsoever shall be payable with
                  regard to the US$45 million subscription of Paul Anthony
                  Novelly or his designees for Subscription Units in the
                  Placing, as is described in more detail in the Admission
                  Document.

12.      WARRANTIES

12.1     The Warrantors jointly and severally warrant to CRT and Peel Hunt
         that each Warranty is true, accurate and not misleading at the date
         of this Agreement, save that the Directors severally warrant to CRT
         and Peel Hunt in respect of clause 12.3, and Warranties 16, 18 and
         19 of Schedule 2 as at the date of this Agreement.

12.2     The Warrantors severally agree not to cause, and severally to use
         all reasonable endeavours not to permit, any event to occur or
         allow any omission which would render any of the Warranties untrue,
         inaccurate or misleading if it were to be repeated immediately
         prior to Admission by reference to the facts and circumstances then
         subsisting.

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<PAGE>

12.3     Each Director further severally warrants to CRT and Peel Hunt that
         the responses given by him to the directors' questionnaire and the
         information set out in the Admission Document relating to him and
         his connected persons are true and accurate and each is not by
         itself or by omission misleading and that all information relating
         to himself which would reasonably be considered material for
         disclosure in the Admission Document has been disclosed to CRT and
         Peel Hunt.

12.4     Without prejudice to the provisions of clause 18.4 each of the
         Warrantors undertakes to notify CRT and Peel Hunt in writing,
         immediately upon him or it becoming aware of any fact or
         circumstance, which would or is likely to indicate at any time up
         to Admission:

         (a)      that any of the Warranties was untrue, inaccurate or
                  misleading at the date of this Agreement;

         (b)      that any of the Warranties would be untrue, inaccurate or
                  misleading if it were to be repeated immediately prior to
                  Admission by reference to the facts and circumstances at
                  that time subsisting; or

         (c)      any other facts or circumstances which occur or arise at any
                  time prior to Admission which is or may constitute a
                  significant change or new matter for the purposes of the AIM
                  Rules.

12.5     Where any statement in the Warranties is qualified by the
         expression "to the best of the knowledge, information and belief of
         the Warrantors" or "so far as the Warrantors are aware" or any
         similar expression, each Warrantor shall be deemed to have
         knowledge of:

         (a)      other than in respect of the Warranty given at clause 12.3
                  and Warranties 18 and 19 of Schedule 2, anything of which
                  the other Warrantors have knowledge or are deemed by
                  paragraphs (b) or (c) below to have knowledge;

         (b)      anything of which he ought reasonably to have knowledge
                  given his particular position in and responsibilities to the
                  Company; and

         (c)      anything of which he would have had knowledge had he made
                  due and careful enquiry before giving the Warranties.

12.6     The Warranties shall continue in full force and effect
         notwithstanding the completion of all matters and arrangements
         referred to in or contemplated by this Agreement.

12.7     The Warranties shall be qualified to the extent of any facts or
         information fairly disclosed in the Admission Document, or
         otherwise fairly disclosed pursuant to the terms of this Agreement.

12.8     The Warrantors acknowledge that CRT and Peel Hunt are entering into
         this Agreement in reliance upon each of the Warranties which has
         also been given with the intention of inducing CRT and Peel Hunt to
         enter into this Agreement.

12.9     Each of the Warranties shall be construed separately and shall not
         be limited or restricted by reference to or inference from the
         terms of any other of them or any term of this Agreement (other
         than clauses 12.7 and 12.10).

12.10    The liability of the Warrantors shall be limited as set out in
         Schedule 4.

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12.11    References in this Agreement to a warranty or undertaking being (or
         not being) true and accurate or being (or not being) misleading
         shall mean material in the context of the Company or the Placing.

12.12    To the extent that a Supplementary Admission Document is published
         after the date of this Agreement in accordance with clauses 18.4
         and 18.5, all references to the Admission Document in this clause
         12 and Schedule 2 shall be taken to include any such Supplementary
         Admission Document and the Warranties shall be deemed to be
         qualified by any statement made therein with effect from the date
         of publication of such Supplementary Admission Document.

13.      INDEMNITY

13.1     The Company agrees, and each of the Directors severally agrees to
         indemnify CRT and Peel Hunt (for themselves and as trustees for
         each of the other Indemnified Persons) against and to pay on demand
         an amount equal to all Losses which any Indemnified Person may pay,
         suffer or incur indirectly or directly (including, without
         limitation, those paid, suffered or incurred in investigating,
         seeking advice as to, defending or disputing any such claim,
         action, demand, proceedings, investigation or liability and in
         enforcing its rights under this clause) and which in any case is
         occasioned by or results from or is attributable to or would not
         have arisen but for:

         (a)      the issue or despatch of the Placing Documents (or any of
                  them) in breach of any applicable law or regulation;

         (b)      the allotment and issue of the Subscription Units in breach
                  of any applicable law or regulation;

         (c)      any breach or alleged breach (other than a breach alleged
                  only by an Indemnified Person) by the Company of any of the
                  Warranties or breach of any of the other provisions of, or
                  their respective obligations or undertakings under, this
                  Agreement or otherwise in connection with the Placing;

         (d)      the Placing Documents not containing, or being alleged not
                  to contain, all information required to be stated therein
                  (including by law or regulation and, for the avoidance of
                  doubt, the AIM Rules) or any statement therein (whether of
                  fact, opinion, expectation or intention and including any
                  forecast, projection or estimate) being or being alleged to
                  be untrue, inaccurate, incomplete or misleading or as having
                  been made negligently or otherwise without the required
                  standard of skill and care or reasonableness expected of a
                  director of an AIM listed company;

         (e)      the approval or issue by CRT or Peel Hunt of any invitation
                  or inducement to engage in investment activity (as defined
                  in section 21 of the FSMA) relating to the Placing;

         (f)      the proper performance by CRT or Peel Hunt of its services
                  to the Company in connection with the Placing and the AIM
                  Application or the content, preparation, publication and
                  distribution of any of the Placing Documents; or

         (g)      any failure or alleged failure by the Company or any of its
                  agents, employees, officers or professional advisers (other
                  than the Indemnified Persons) to comply with the FSMA, the
                  AIM Rules, the Securities Act, the Exchange Act or any other
                  requirements of statute or statutory regulations or laws or
                  regulations of any country in relation to the Placing, the
                  publication and despatch of the Placing Documents, this

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                  Agreement, the AIM Application or Admission (including any
                  requirements imposed upon it by the London Stock Exchange in
                  connection with the AIM Application).

13.2     The Indemnity contained in clause 13.1:

         (a)      shall not extend to any Losses to the extent that they are
                  agreed by CRT or Peel Hunt or finally determined by a court
                  of competent jurisdiction to arise out of the negligence,
                  wilful default or fraudulent or criminal act, or fraudulent
                  misrepresentation of any Indemnified Person or as a result
                  of a breach by any Indemnified Person of any duties and
                  obligations owed by that Indemnified Person under the AIM
                  Rules, the rules of the FSA or under the regulatory system
                  established pursuant to the FSMA, under the Securities Act
                  or the Exchange Act or from the breach by CRT or Peel Hunt
                  of their respective obligations under this Agreement, or any
                  other agreement with the Company or its Directors
                  (including, to the extent it continues and survives, the
                  Engagement Letter between the Company and Peel Hunt;

         (b)      shall not apply to the extent prohibited by law; and

         (c)      shall not extend to any Tax paid or payable by or on behalf
                  of Peel Hunt or CRT on any fees or commissions received or
                  payable by them pursuant to clause 11.

13.3     Subject to the provisions of Schedule 4, the Indemnity set out in
         clause 13.1 shall remain in full force and effect notwithstanding
         the completion of all matters and arrangements referred to in or
         contemplated by this Agreement or the Placing Documents.

13.4     The Company undertakes and each Director severally undertakes to
         each Indemnified Person that no claim shall be made against any of
         the Indemnified Persons (and that no Indemnified Person shall have
         any liability (whether direct or indirect, in contract, tort or
         otherwise)) by the Company or any of its Associates to recover any
         Losses which the Company or any of its Associates may suffer or
         incur by reason of or arising out of the Placing by CRT and Peel
         Hunt of the Subscription Units, the performance of CRT and Peel
         Hunt's other obligations under this Agreement, the issue of the
         Subscription Units or the publication or despatch of the Placing
         Documents, unless and except to the extent that such Losses arise
         as a result of a breach by CRT or Peel Hunt of their respective
         obligations under this Agreement or the fraudulent or criminal act,
         fraudulent misrepresentation, negligence or wilful default of such
         Indemnified Person or as a result of a breach by such Indemnified
         Person of any duties and obligations owed by that Indemnified
         Person under the rules of the FSA, the AIM Rules, the Exchange Act,
         the Securities Act, under this Agreement or any other agreement
         with the Company and its Directors (to the extent it is continuing)
         or under the regulatory system established pursuant to the FSMA.

13.5     For the avoidance of doubt, should any amount paid or payable under
         this Agreement (excluding the fees and commissions payable under
         clause 11) to CRT, Peel Hunt or any of the other Indemnified
         Persons be itself subject to tax in the hands of the recipient or
         be required by law to be paid under any deduction or withholding,
         the person making such payment shall pay such sum as will after any
         such tax, deduction or withholding leave the recipient with the
         same amount as he would have had if no such tax had been payable
         and no deduction or withholding had been made, and such payments
         and adjustments shall be made as may be necessary to give effect to
         this clause 13.5.

13.6     Provided the relevant Indemnified Person is entitled to be
         indemnified pursuant to this clause 13, the Indemnity set out in
         clause 13.1 shall extend to all reasonable costs, charges and
         expenses (including without limitation all reasonable legal fees
         and expenses) which any Indemnified Person may incur or bear in
         disputing any claim made against it or him or in

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         establishing any claim on its or his part under the provisions of
         this clause 13 or in seeking advice as to any claim in respect of
         which it or he is entitled to be indemnified pursuant to this clause
         13.

13.7     CRT and Peel Hunt have entered into this clause 13 for themselves and
         as trustee for each Indemnified Person on the following basis:

         (a)      only CRT or Peel Hunt, as the case may be, may decide
                  whether or not to enforce an Indemnified Person's right
                  under the trust (and only it may decide the terms and
                  conditions of that enforcement) and investigate a matter, or
                  give information to an Indemnified Person, in connection
                  with the trust;

         (b)      notwithstanding the trust, CRT or Peel Hunt may enter into
                  an agreement, arrangement or transaction with a person
                  (including, without limitation, the Company) and may deal
                  with his or its rights under this Agreement without regard
                  to an Indemnified Person's interest and is not liable to
                  account to an Indemnified Person for any benefit realised by
                  that agreement, arrangement, transaction or dealing; and

         (c)      CRT and Peel Hunt are not liable to another Indemnified
                  Person for any of its acts or omissions as trustee.

13.8     [Intentionally deleted].

13.9     CRT and Peel Hunt shall use reasonable endeavours to procure that
         any Indemnified Person will, to the extent lawful, promptly give
         written notice to the Company as soon as practicable after it
         becomes aware of:

         (a)      any actual or potential claim which may give rise to a
                  liability upon the Company under the Indemnity given to the
                  Indemnified Persons pursuant to this clause 13; or

         (b)      any other matter which is likely to give rise to such
                  liability,

         provided that no failure or delay by an Indemnified Person in
         giving written notice shall relieve the Warrantors of their
         obligations unless (and only to the extent that) the Warrantors
         have been materially prejudiced by such failure or delay (and
         non-disclosure by reason of legal or regulatory restriction shall
         not constitute failure by an Indemnified Person).

13.10    CRT and Peel Hunt shall have the right to separate legal counsel of
         their own choosing and will consult with the Company in relation to
         any actual or potential claim by a third party or other matter
         notified to the Company in accordance with clause 13.9 (the
         "INDEMNITY CLAIM") and will thereafter maintain consultation with
         the Company on all material aspects of the matters or circumstances
         giving rise to the Indemnity Claim and shall provide the Company
         with such information and copies of such documentation relating to
         the Indemnity Claim as the Company and the Directors may reasonably
         request. In relation to any Indemnity Claim, CRT and Peel Hunt will
         either:

         (a)      allow the Company at its own expense and in its absolute
                  discretion to avoid, dispute, resist, compound or defend the
                  Indemnity Claim in the name and on behalf of CRT and Peel
                  Hunt or any other Indemnified Person and to have conduct of
                  any appeal or incidental negotiations; or

         (b)      at the request of the Company for itself and, in so far as
                  it is authorised and it is reasonably practicable for it so
                  to do, on behalf of any other person, take or procure that
                  the Indemnified Person take such action as it deems
                  necessary to avoid, dispute,

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<PAGE>

                  resist, appeal or compromise any Indemnity Claim, subject to
                  CRT and Peel Hunt being indemnified and secured to its/their
                  reasonable satisfaction by the Company against all losses,
                  costs, damages and expenses which may be thereby incurred.

         Notwithstanding the aforesaid, if the Warrantors have committed any
         acts or omissions which constitute fraudulent conduct, CRT and Peel
         Hunt may without reference to the Warrantors pay, settle or otherwise
         deal with the Indemnity Claim as it feels or they feel (as the case
         may be) fit.

13.11    Notwithstanding any rule of law or equity to the contrary, any
         release, waiver or compromise or other arrangement of any kind
         whatsoever which CRT and Peel Hunt or any other Indemnified Person
         may agree to or effect as regards one or more of the Warrantors in
         connection with this Agreement and, in particular (but without
         limitation), the Indemnity shall not affect the rights of the
         Indemnified Person as regards any other of such parties.

13.12    If CRT or Peel Hunt recovers from some other person and actually
         receives payment of any sum which compensates it for any Loss in
         respect of any matter giving rise to a claim under the Warranties
         or under clause 13.1, then either:

         (a)      the amount payable by the Warrantors in respect of such
                  claim shall be reduced by an amount equal to the sum so
                  recovered and actually received by the Indemnified Person
                  (less the reasonable costs and expenses of recovering it and
                  any Taxation payable by the Indemnified Person as a result
                  of its receipt); or

         (b)      if an amount shall already have been paid to the Indemnified
                  Person by any of the Warrantors in respect of such claim,
                  there shall be repaid to the relevant Warrantor an amount
                  equal to the amount so recovered and actually received by
                  the Indemnified Person (less the reasonable costs and
                  expenses of its recovery and any Taxation payable by the
                  Indemnified Person as a result of its receipt) or (if less)
                  such amount as has already been paid by the Warrantors to
                  the Indemnified Person in respect of such claim.

13.13    The Warrantors confirm that they have given to CRT and Peel Hunt
         written notice of any express financial limitation of liability by
         any of the Company's advisers in existence at the date of this
         agreement. If the Warrantors have accepted (or subsequently accept)
         any such limitation then any liability which any Indemnified Person
         may have to the Company (but for this clause 13.13) for loss
         suffered in connection with the performance of its obligations and
         services hereunder or otherwise in connection with the Admission or
         Placing shall be reduced if such loss would have been recoverable
         by the Company from a third party but for an agreement between that
         party and the Company which limits that party's liability to the
         Company. Such reduction shall be to the extent that such agreement
         has the effect of reducing the ability of the Indemnified Person to
         recover under rights of contribution from that party. The
         Warrantors shall inform CRT and Peel Hunt immediately if any such
         agreements are entered into by the Company hereafter.

13.14    The Company and the Directors acknowledge that the Indemnity set
         out in this clause 13 shall be a separate obligation to any
         indemnities granted in favour of CRT or Peel Hunt in accordance
         with the terms of their Engagement Letters (so far as they continue
         until Admission), or the Nominated Adviser Agreement.

13.15    An Indemnified Person shall not be entitled to recover more than once
         in respect of the same Loss.

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14.      UNDERTAKINGS

14.1     The Company and each of the Directors undertake to each of CRT and
         Peel Hunt that between the date of this Agreement and the date
         falling 18 months after Admission they shall not, without the prior
         written consent of Peel Hunt as Nominated Adviser (such consent not
         to be unreasonably withheld, conditioned or delayed), enter into or
         procure or (so far as they are respectively able) permit the Company
         or any of its Associates to enter into any commitment or agreement,
         or put itself in a position where it is obliged to announce that any
         commitment or agreement may be entered into, which:

         (a)      is not contemplated or otherwise referred to in the Placing
                  Documents; or

         (b)      could materially or adversely affect the Placing or which is
                  or may be material in relation to the Placing; or

         (c)      is material in the context of the business or affairs of the
                  Company,

         other than in relation to a Business Combination (as defined in the
         Admission Document) which has been approved by the necessary
         shareholder vote in accordance with the terms of the Admission
         Document.

14.2     Each of the Directors undertakes with Peel Hunt, as Nominated
         Adviser and Broker, and with the Company that he shall, and shall
         procure that any person connected with him shall, comply with Rule
         21 of the AIM Rules relating to directors' dealings in securities
         as applicable to AIM companies.

14.3     The Company and each Director hereby undertakes to each of CRT and
         Peel Hunt that it will at all times comply and act in accordance
         with its obligations under FSMA, the rules and requirements of the
         London Stock Exchange (including, without limitation, the AIM
         Rules), the Dealing Code and any other requirements, statutory or
         otherwise, from time to time in force in relation to companies
         listed on AIM.

14.4     Save as expressly contemplated by this Agreement, or as required by
         law, the Securities Act, the Exchange Act, the AIM Rules or by the
         London Stock Exchange or any other regulatory authority, neither
         the Company nor any Director shall make or dispatch any public
         announcement, statement or communication or publish any document
         concerning the Company or in connection with the Placing (whether
         in response to enquiries or otherwise) between the date of this
         Agreement and the date falling 6 months after Admission, without
         the prior written consent of Peel Hunt (such consent not to be
         unreasonably withheld, conditioned or delayed) and the Company
         shall forward to Peel Hunt for comment any proofs of all such
         documents and take into account all reasonable requirements of Peel
         Hunt in relation thereto.

14.5     The Company undertakes to each of CRT and Peel Hunt that, except as
         set forth in this Clause 14.5, the Company shall not pay any Director
         or any of their Associates any fees or compensation from the Company,
         for services rendered to the Company prior to, or in connection with,
         the consummation of a Business Combination; provided that the
         Directors shall be entitled to reimbursement from the Company for
         their out-of-pocket expenses incurred in connection with seeking and
         consummating a Business Combination (as defined in the Admission
         Document).

14.6     The Company undertakes to each of CRT and Peel Hunt that it shall
         cause the proceeds of the Placing to be held in the Trust Account
         to be invested only in money market funds meeting conditions of the
         Investment Company Act of 1940 or securities issued or guaranteed
         by the

                                      23

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<PAGE>

         United States with specific maturity dates, as set forth in the Trust
         Agreement and disclosed in the Admission Document.

14.7     The Company undertakes to each of CRT and Peel Hunt that prior to
         commencing its due diligence investigation of any operating
         business which the Company seeks to acquire for an initial Business
         Combination (as defined in the Admission Document) (a "TARGET
         BUSINESS") or obtaining the services of any vendor, it will use its
         reasonable efforts to cause the Target Business or vendor to
         execute a waiver letter in relation to any claims against the Trust
         Account. In the event that a vendor or Target Business refuses to
         enter into such a waiver letter, the Company may engage such vendor
         or commence due diligence investigations of, or enter into
         discussions with, such Target Business, provided the Company
         determines that it would be unable to obtain, on reasonable terms,
         substantially similar services or opportunities from another entity
         willing to enter into such a waiver.

14.8     Prior to the consummation of an initial Business Combination (as
         defined in the Admission Document), the Company undertakes to each
         of CRT and Peel Hunt that it will submit such transaction to the
         Company's shareholders for their approval even if the nature of the
         acquisition is such as would not ordinarily require shareholder
         approval under applicable law.

15.      US UNDERTAKINGS

15.1     Each of CRT and Peel Hunt severally and not jointly:

         15.1.1.  represent, warrant and agree that the Units, Common Shares
                  and Warrants (the "SECURITIES") have not been, and will not
                  be, registered under the Securities Act, and that they will
                  not offer the Securities in a manner that would require the
                  offered Securities to be registered under the Securities
                  Act; and

         15.1.2.  acknowledge that the offer and sale of the Securities or any
                  beneficial interests in the Securities prior to the date
                  which is one year after the later of (1) the date when the
                  Securities are first offered to persons (other than
                  distributors) pursuant to Regulation S and (2) the date of
                  closing of the offering (the "COMPLIANCE PERIOD") must be
                  only:

                  (ii)     in compliance with the restrictions set forth under
                           "Category 3 Offering - Compliance Period" in the
                           Admission Document;

                  (iii)    pursuant to an effective registration statement
                           under the Securities Act; or

                  (iv)     pursuant to an available exemption for the
                           registration requirements of the Securities Act;

                  and that during the Compliance Period, neither CRT nor
                  Peel Hunt may engage in hedging transactions involving the
                  Securities unless in compliance with the Securities Act,
                  and that all offers and sales of securities contemplated
                  hereunder must be in accordance with "Offering
                  Restrictions", as such term is defined under Regulation S.

15.2     Neither the Company nor CRT, Peel Hunt nor their respective
         affiliates nor any person acting on their behalf or on the behalf
         of their affiliates will:

         (a)      directly or indirectly make offers or sales of Securities,
                  or solicit offers to buy or sell, or otherwise negotiate in
                  respect of, any Security under circumstances that would
                  require the registration of the Securities under the
                  Securities Act; or

         (b)      offer to sell the Units other than:

                                      24

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<PAGE>

                  (i)      in offshore transactions to non-US persons in
                           accordance with Regulation S;

                  (ii)     to persons whom they reasonably believe are
                           "qualified institutional buyers"; or

                  (iii)    sales to certain affiliates of the Company in
                           accordance with Regulation D,

                  as such term is defined under Rule 144A of the Securities
                  Act; or

         (c)      solicit offers for, or offer to sell, the Securities by any
                  form of general solicitation or general advertising (within
                  the meaning of Regulation D) or in any manner involving a
                  public offering within the meaning of Section 4(2) of the
                  Securities Act; or

         (d)      engage in directed selling efforts (within the meaning of
                  Regulation S) in respect of the Securities.

16.      PROSPECTUS DIRECTIVE UNDERTAKINGS

         None of the Company, CRT nor Peel Hunt, nor any of their respective
         Associates nor any person acting on their behalf or on behalf of
         any of their Associates will:

16.1     directly or indirectly make offers or sales of Units, Common Shares
         or Warrants, or solicit offers to buy or sell, or otherwise
         negotiate in respect of, any security under circumstances that
         would require the Admission Document to be approved as a prospectus
         by the FSA pursuant to sections 85 and 86 of the FSMA or vetted by
         the FSA and certified by the FSA as containing the same level of
         information as would be contained in a prospectus pursuant to the
         Prospectus Directive; or

16.2     in relation to each Member State which has implemented the
         Prospectus Directive, make an offer of the Units, Common Shares or
         Warrants to the public in any such Member State, except that it may
         make an offer of the Common Shares or Warrants in a Member State:

         (a)      to legal entities which are authorised or regulated to
                  operate in the financial markets or, if not so authorised or
                  regulated, whose corporate purpose is solely to invest in
                  securities;

         (b)      to any legal entity which does not meet two or more of the
                  following criteria, according to their last annual or
                  consolidated accounts:

                  (i)      it has an average of at least 250 employees during
                           the last financial year;

                  (ii)     it has a total balance sheet of more than
                           (euro)43,000,000; and

                  (iii)    it has an annual net turnover of more than
                           (euro)50,000,000; or

         (c)      in any other circumstances which do not require the
                  publication by the Company of a prospectus pursuant to
                  Article 3 of the Prospectus Directive.

         For the purposes of this clause 16.2, the phrase "offer of Units,
         Common Shares or Warrants to the public" in relation to the sale or
         offer of the Units, Common Shares or Warrants in any Member State
         means the communication to one hundred or more persons in any one
         Member State in any form and by any means of sufficient information
         on the terms of the offer and the Units, Common Shares or Warrants
         to be offered so as to enable a potential investor to decide to
         purchase or subscribe for the Units, Common Shares or Warrants.

                                      25

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<PAGE>

17.      REPRESENTATIONS OF THE COMPANY, CRT AND PEEL HUNT

         Each of the Company, CRT and Peel Hunt hereby represents and
         warrants to each of the other parties to this Agreement that it:

         (a)      will only communicate or cause to be communicated any
                  invitation or inducement to engage in investment activity
                  (within the meaning of Section 21 of the FSMA) in connection
                  with the issue or sale of the Units, Common Shares or
                  Warrants in circumstances in which Section 21(1) of FSMA
                  does not apply or pursuant to an exemption therefrom;

         (b)      prior to the date which is six months after the Admission
                  Date will not offer to sell, any Units, Common Shares or
                  Warrants sold through the Placing to persons in the United
                  Kingdom except to persons whose ordinary activities involve
                  them in acquiring, holding, managing or disposing of
                  investments for the purposes of their business or otherwise
                  in circumstances which have not resulted and will not result
                  in an offer to the public in the United Kingdom within the
                  meaning of the Prospectus Directive;

         (c)      has complied with and will continue to comply with all
                  applicable provisions of the FSMA with respect to anything
                  done by it in relation to the Units, Common Shares or
                  Warrants in, from or otherwise involving the United Kingdom;
                  and

         (d)      has only issued or passed on and will only issue and pass on
                  in the United Kingdom any document received by it in
                  connection with the sale of the Units, Common Shares or
                  Warrants to a person who is of a kind described in Articles
                  19 and 49 of the Financial Services and Markets Act 2000
                  (Financial Promotion) Order 2005 or is a person to whom such
                  document may otherwise lawfully be issued or passed on.

18.      TERMINATION

18.1     If at any time prior to Admission there shall have occurred, happened
         or come into effect:

         (a)      any government regulation which in the reasonable opinion of
                  CRT and Peel Hunt seriously and adversely affects or will or
                  is reasonably likely to seriously and adversely affect the
                  business of the Company; or

         (b)      any major outbreak or escalation of hostilities, any attack
                  on or act of terrorism involving the United Kingdom, any
                  other Member State or the United States of America, or any
                  declaration of a national emergency or war by the United
                  Kingdom, any other Member State or the United States of
                  America which in the reasonable opinion of CRT and Peel Hunt
                  makes it impractical or inadvisable to proceed with the
                  Placing; or

         (c)      any other crisis or material change in the financial,
                  political, economic or market conditions in the United
                  Kingdom, any other Member State or the United States of
                  America, or elsewhere or in currency exchange rates or
                  controls which in the reasonable opinion of CRT and Peel
                  Hunt makes it impractical or inadvisable to proceed with the
                  Placing (including any disruption to trading generally on
                  any stock exchange or in any over-the-counter market); or

         (d)      any other crisis of international or national effect which
                  in the reasonable opinion of CRT and Peel Hunt makes it
                  impracticable or inadvisable to proceed with the Placing; or

                                      26

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<PAGE>

         (e)      any material adverse change in the financial position or
                  prospects of the Company and its subsidiary undertakings
                  (taken as a whole) and in the reasonable opinion of CRT and
                  Peel Hunt, the effect of such change is such that it would
                  materially prejudice the success of the Placing or the
                  distribution of Subscription Units,

         then CRT and Peel Hunt shall be entitled, after such consultation
         with the Company as the circumstances may allow, to terminate their
         respective obligations under this Agreement with immediate effect by
         notice in writing to the Company at any time prior to Admission.

18.2     If at any time before Admission becomes effective:

         (a)      it comes to the knowledge of CRT and Peel Hunt (whether by
                  receipt of a notification under clause 12.4 or otherwise)
                  that any of the Warranties was untrue, inaccurate or
                  misleading when made and/or that any of the warranties
                  contained in this Agreement (including any of the
                  Warranties) has ceased to be true or accurate or has become
                  misleading by reference to the facts and circumstances from
                  time to time subsisting, in each case in any material
                  respect; or

         (b)      it shall come to the notice of CRT and Peel Hunt (whether by
                  receipt of a notification under clause 12.4 or otherwise)
                  that any statement in the Placing Documents is materially
                  incorrect or has become untrue, incorrect or misleading as a
                  result of a new matter or change or that a new matter has
                  arisen or a change has taken place which would, if the
                  Placing Documents were published at that time, constitute a
                  material omission from such documents and which would
                  require, pursuant to the AIM Rules, for a Supplementary
                  Admission Document to be published by or on behalf of the
                  Company; or

         (c)      any of the Company or the Directors have failed to comply
                  with any of their respective obligations under this
                  Agreement; or

         (d)      the appointment of CRT and Peel Hunt as agents to the
                  Company pursuant to clause 3 is terminated for any reason;
                  or

         (e)      any press or public announcement on behalf of the Company
                  that has not been approved by Peel Hunt as Nominated Adviser
                  prior to its release has been released,

         then CRT and Peel Hunt shall be entitled, after such consultation
         with the Company as the circumstances may allow, to terminate with
         immediate effect their respective obligations under this Agreement
         by giving notice to the Company at any time prior to Admission.

18.3     If this Agreement does not become unconditional or is terminated
         pursuant to clauses 18.1 or 18.2, this Agreement shall cease and
         determine and no party to this Agreement shall have any claim
         against any other party to this Agreement for costs, damages,
         compensation or otherwise except that:

         (a)      such termination shall be without prejudice to any accrued
                  rights or obligations of any party under this Agreement;

         (b)      the Company shall pay to CRT and Peel Hunt all expenses and
                  disbursements of the nature referred to in clause 11.2 and
                  any sums payable under clause 11.3;

         (c)      CRT and Peel Hunt shall as soon as practicable cause to be
                  redelivered to the Placees any moneys received from Placees
                  pursuant to the Placing; and

                                      27

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<PAGE>

         (d)      the provisions of this clause 18.3 and clauses 1, 11.2,
                  11.3, 12, 13, 19, 20, 21 and 22 shall remain in full force
                  and effect.

18.4     If at any time following publication of the Admission Document but
         prior to Admission becoming effective:

         (a)      there shall occur a significant change affecting the
                  information given in the final form of the Admission
                  Document or a contract shall be entered into by the Company
                  or such a contract shall determine, or notice be given of
                  its termination, and in any such case it would be required
                  or proper for the Company to issue a notification required
                  by the AIM Rules were Admission to have occurred; or

         (b)      if any such change or matter arises which gives rise to an
                  obligation to publish a Supplementary Admission Document,

         then the Company shall provide each of CRT and Peel Hunt with full
         details of such change or matter, immediately upon becoming aware
         of the same and make all such announcements and publish all such
         documents (including a Supplementary Admission Document) as CRT and
         Peel Hunt may require or as may be required by law or the AIM Rules
         in the circumstances (any such steps or documents to be in a manner
         and form approved, subject to clause 18.5, by CRT and Peel Hunt,
         such approval not to be unreasonably withheld, conditioned or
         delayed).

18.5     The Company shall ensure that if a Supplementary Admission Document
         is published:

         (a)      each statement of fact contained in the Supplementary
                  Admission Document is true and accurate and not misleading;

         (b)      each expression of opinion, intention or expectation
                  contained in the Supplementary Admission Document is made on
                  reasonable grounds, after due and careful enquiry and is
                  truly and honestly held by the Directors and is fairly
                  based;

         (c)      there is no other fact known by, or which could on
                  reasonable enquiry have been known to the Directors the
                  omission of which makes or would make a statement of fact or
                  an expression of opinion, intention or expectation contained
                  in the Supplementary Admission Document misleading or which
                  is or might be material in the context of the Placing; and

         (d)      the Admission Document and the Supplementary Admission
                  Document contain all information as investors and their
                  professional advisers would reasonably require, and
                  reasonably expect to find there, for the purpose of making
                  an informed assessment of the Company's assets and
                  liabilities, financial position, profits and losses and
                  prospects and the rights attached to the Units.

18.6     Immediately upon authorisation of the issue by CRT and Peel Hunt of
         the Supplementary Admission Document, the Company shall make
         available free of charge sufficient copies in accordance with the
         requirements of the AIM Rules.

18.7     CRT and Peel Hunt shall provide all reasonable and timely
         assistance in connection with the preparation and issue of the
         Supplementary Admission Document. The Company shall provide each of
         CRT and Peel Hunt with all such information and documents as they
         may reasonably require to enable them to discharge their respective
         obligations under this Agreement, in connection with Admission and
         the Placing and to comply with their obligations to the London
         Stock Exchange and in accordance with the AIM Rules.

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18.8     If a Supplementary Admission Document is published in connection
         with the Placing, references in this agreement to the Admission
         Document are, as the context permits, to be read as references to
         the Supplementary Admission Document, or as the context may
         require, the Admission Document and Supplementary Admission
         Document taken together.

18.9     If a Supplementary Admission Document is published, the Warranties
         relating to the Admission Document shall be deemed to be repeated
         on the date of publication of such Supplementary Admission Document
         and when so repeated shall be read and construed as if the
         references to the Admission Document were references to such
         Admission Document when read together with the Supplementary
         Admission Document.

19.      GENERAL

19.1     The Company, and each of the Directors shall give all such
         assistance and provide all such information as each of CRT and Peel
         Hunt shall reasonably require for the purposes of this Agreement
         and shall execute all such documents and do all such acts and
         things as each of CRT and Peel Hunt may reasonably require in order
         to give effect to the terms of this Agreement.

19.2     This Agreement shall be binding on each of the parties and their
         successors and personal representatives as the case may be.

19.3     This Agreement may be executed as two or more counterparts in the
         same form and execution by each of the parties of at least one of
         such counterparts shall constitute due execution of this Agreement.
         Any party may enter into this Agreement by executing a counterpart
         and this Agreement shall not take effect until it has been executed
         by all parties.

19.4     No failure or delay by any party to this Agreement in exercising
         any remedy, right, power or privilege under or in relation to this
         Agreement shall operate as a waiver of the same nor shall any
         single or partial exercise of any remedy, right, power or privilege
         preclude any further exercise of the same or exercise of any other
         remedy, right, power or privilege.

19.5     No waiver by any of the parties of any of the requirements of this
         Agreement or of any of its rights or remedies under this Agreement
         shall have effect unless given in writing and signed by the waiving
         or consenting party and then only in the instance and for the
         purpose for which it is given. No waiver of any particular breach
         of the provisions of this Agreement shall operate as a waiver of
         any repetition of such breach.

19.6     Any release, waiver or compromise or any other arrangement of any
         kind whatsoever which any party to this Agreement may agree to or
         effect as regards one or more of the other parties in connection
         with this Agreement shall not affect the rights and remedies of
         that party as regards the remaining parties under this Agreement.

19.7     If at any time any provision of this Agreement is or becomes
         invalid, illegal or unenforceable in any respect, the validity,
         legality, and enforceability of the remaining provisions of this
         Agreement shall not in any way be affected or impaired thereby.

19.8     Time shall be of the essence in this Agreement, both as regards the
         dates, times and periods specifically mentioned and as to any
         dates, times and periods which may, by agreement in writing between
         the parties, be substituted for any of them.

19.9     This Agreement, the Nominated Adviser Agreement, the Engagement
         Letters (so far as they continue until Admission) (together, the
         "FRAMEWORK DOCUMENTS") constitute the entire and only legally
         binding agreements between the parties relating to Admission and
         the Placing.

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         Except in the case of fraud, or willful misconduct, the remedies
         provided in the Framework Documents are the sole remedies of the
         parties hereto for breach of the relevant terms of the Framework
         Documents to the exclusion of all other rights and remedies at law,
         in equity or otherwise. For the avoidance of doubt, the Engagement
         Letters shall continue in full force and effect until Admission,
         whereupon they shall terminate.

19.10    Each of the parties to this Agreement (other than the Company)
         acknowledges that CRT and Peel Hunt are acting for the Company in
         connection with Admission and the Placing and no one else, and
         accordingly shall not be responsible to any party to this Agreement
         (other than the Company) nor to any other persons for providing
         protections afforded to its clients under the rules of the FSA or
         advising any party to this Agreement (other than the Company) or
         any other person on the Placing.

19.11    No party shall be entitled to assign, transfer or create any trust
         in respect of the benefit or burden of any provision of this
         Agreement (or any of the documents referred to herein) without the
         prior consent of the other parties.

19.12    No advice rendered by CRT or Peel Hunt in connection with the
         services performed by CRT and Peel Hunt hereunder will be quoted,
         nor will such advice or communication or the name of CRT or Peel
         Hunt be referred to in any report, document, press release, public
         statement or other communication by the Company or any corporation
         controlled by the Company or any director, officer, employee, agent
         or representative of any thereof, without CRT or Peel Hunt's prior
         written authorisation.

19.13    The Company recognises that CRT and Peel Hunt have been engaged
         only by the Company, and that the Company's engagement of CRT and
         Peel Hunt is not and is not deemed to be on behalf of and is not
         intended to confer rights upon any director, shareholder, partner
         or other owner of the Company or any other person not a party
         hereto as against CRT or Peel Hunt. Unless otherwise expressly
         agreed, no-one other than the Company is authorised to rely upon
         the Company's engagement of CRT and Peel Hunt or any statements,
         advice, opinions or conduct by CRT or Peel Hunt, and the Company
         will not disclose such statements, advice, opinions or conduct to
         others (except the Company's professional advisors and except as
         required by law). None of CRT and Peel Hunt's advice shall
         constitute a recommendation to any shareholder of the Company
         concerning action that such persons might or should take in their
         capacity as a shareholder. CRT and Peel Hunt's roles herein are
         those of an independent contractor; nothing herein is intended to
         create or shall be construed as creating a fiduciary relationship
         between the Company and CRT and Peel Hunt.

19.14    The Company acknowledges and agrees that CRT and Peel Hunt may have
         and may continue to have investment banking, financial advisory and
         other relationships with parties other than the Company (including,
         without limitation, competitors of the Company) pursuant to which
         CRT and Peel Hunt may acquire information of interest to the
         Company. Neither CRT nor Peel Hunt shall have any obligation to
         disclose such information to the Company.

19.15    CRT and Peel Hunt are engaged in securities trading and brokerage
         activities as well as investment banking and financial advisory
         services. In the ordinary course of their trading and brokerage
         activities, CRT and Peel Hunt may hold positions, for their own
         account or the account of customers, in equity, debt or other
         securities of the Company or any other company. CRT and Peel Hunt
         may from time to time and at their discretion publish research on
         the Company.

19.16    No variation of this Agreement shall be effective unless made in
         writing signed by or on behalf of all the parties and expressed to
         be a variation.

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20.      RIGHTS OF THIRD PARTIES

20.1     Each Indemnified Person shall have the right under the Contracts
         (Rights of Third Parties) Act 1999 to enforce its rights against
         the Company under clause 13 of this Agreement provided that an
         Indemnified Person (in respect of clause 13) must obtain the
         written consent of CRT and Peel Hunt (which may give or refuse in
         their absolute discretion) before it may bring proceedings to
         enforce the terms of clause 13 and, save to the extent notified in
         writing by CRT and Peel Hunt to the relevant Indemnified Person,
         CRT and Peel Hunt (without obligation) or one of them (as
         determined by them) shall have the sole conduct of any such action
         on behalf of the Indemnified Person.

20.2     Save as provided in clause 20.1, a person who is not a party to
         this agreement shall have no rights under the Contracts (Rights of
         Third Parties) Act 1999 to enforce any term of this Agreement but
         this does not affect any right or remedy of a third party which
         exists or is available apart from that Act.

20.3     Notwithstanding the provisions of clause 20.1, any rights arising
         by virtue of the Contracts (Rights of Third Parties) Act 1999 may
         be rescinded or varied in any way or at any time by the parties to
         the Agreement without the consent of any Indemnified Person.

21.      NOTICES AND SERVICE OF PROCEEDINGS

21.1     Any notice, consent, request, demand, approval or other
         communication to be given or made under or in connection with this
         Agreement (each a "Notice" for the purposes of this clause) shall
         be, in writing and signed by or on behalf of the person giving it.

21.2     Service of a Notice must be effected by one of the following methods:

         (a)      by hand to the relevant address set out in clause 21.4 and
                  shall be deemed served upon delivery if delivered during a
                  Dealing Day, or at the start of the next Dealing Day if
                  delivered at any other time; or

         (b)      by prepaid first-class post to the relevant address set out
                  in clause 21.4 and shall be deemed served at the start of
                  the second Dealing Day after the date of posting; or

         (c)      by prepaid international airmail to the relevant address set
                  out in clause 21.4 and shall be deemed served at the start
                  of the fourth Dealing Day after the date of posting; or

         (d)      by facsimile transmission to the relevant facsimile number
                  set out in clause 21.4 and shall be deemed served on
                  despatch if despatched during a Dealing Day, or at the start
                  of the next Dealing Day if despatched at any other time,
                  provided that in each case a receipt indicating complete
                  transmission of the Notice is obtained by the sender and
                  that a copy of the Notice is also despatched to the
                  recipient using a method described in clauses 21.2(a) to (c)
                  (inclusive) no later than the end of the next Dealing Day.

21.3     In clause 21.2 "during a Dealing Day" means any time between 9.30
         a.m. and 5.30 p.m. on a Dealing Day based on the local time where
         the recipient of the Notice is located. References to "the start of
         a Dealing Day" and "the end of a Dealing Day" shall be construed
         accordingly.

                                      31

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21.4     If to the Company:                Viceroy Acquisition Corporation
                                           8235 Forsyth Boulevard
                                           Suite 400
                                           St. Louis,
                                           Missouri 63105

                                           Fax No: 001-314-889-9603

                                           For the attention of: Chairman

                                           with a copy to:

                                           Lee Mikles
                                           1486 E.Valley Road
                                           Santa Barbara
                                           California 93108
                                           USA

                                           Fax No: 001-805-565-0800

         If to CRT:                        CRT Capital Group LLC
                                           262 Harbor Drive
                                           Stamford
                                           Connecticut 06902

                                           Fax No.: 001-203-569-6885

                                           For the attention of:
                                           Doug Harvey/Charles Severs

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

                                           Fax No.: +44 (0)20 7972 0112

                                           For the attention of:
                                           Adam Hart/Matt Goode

          If to a Director:                The address stated against his name
                                           in Schedule 1

                                           The facsimile number stated against
                                           his name in Schedule 1

21.5     A party may change its address for service provided that the new
         address is within the same country and that it gives the other
         parties not less than 28 days' prior notice in accordance with this
         clause 21. Until the end of such notice period, service on the
         address set out in clause 21.4 shall remain effective.

22.      LAW OF AGREEMENT

22.1     This Agreement shall be governed by and construed in accordance
         with English law without regard to the conflicts of laws provisions
         thereof and the parties hereby irrevocably consent to the exclusive
         jurisdiction of the English courts in connection with any dispute
         related to this Agreement and any documents entered into pursuant
         to it, provided that nothing in this Agreement shall prevent or
         limit CRT, the Company or Peel Hunt from bringing any action or
         claim in connection with this Agreement in any other jurisdiction
         it sees fit.

                                      32

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<PAGE>

22.2     The Directors and the Company each appoint, without power of
         revocation, Jordans Limited of 20-22 Bedford Row, London WC1R 4JS
         as their respective agent for service of process in England and
         hereby irrevocably consent to the service of process in any such
         proceeding by delivery to such agent.

THIS AGREEMENT has been duly executed by the parties on the date stated
above.

                                      33

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                                  SCHEDULE 1

                                 THE DIRECTORS

PART A

THE EXECUTIVE DIRECTORS

NAME                           ADDRESS AND FAX NO.             MAXIMUM LIABILITY
                                                               US$

Paul Anthony Novelly           8235 Forsyth Boulevard          2,000
                               Suite 400, Clayton
                               Missouri 63105
                               USA

                               Fax: 314-889-0211

Lee E. Mikles                  1486 E. Valley Road             450,000
                               Santa Barbara
                               California 93108
                               USA

                               Fax: 805-565-0800

Douglas D. Hommert             8235 Forsyth Boulevard          450,000
                               Suite 400, Clayton
                               Missouri 63105
                               USA

                               Fax: 314-889-9603
PART B

THE NON EXECUTIVE DIRECTORS

NAME                           ADDRESS AND FAX NO.             MAXIMUM LIABILITY
                                                               US$

Edwin A. Levy                  570 Lexington Avenue            2,000
                               27th Floor, New York
                               New York 10022
                               USA

                               Fax: 314-889-9603

Thomas R. Evans                477 Madison Avenue              2,000
                               Suite 430, New York
                               New York 10022
                               USA

                               Fax: 314-889-9603

William J. Dore                8000 Global Drive               2,000
                               Carlyss, LA 70665
                               USA

                               Fax: 314-889-9603

                                      34

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<PAGE>

                                 SCHEDULE 2

                                 WARRANTIES

1.       COMPLIANCE WITH LAWS

         The implementation of the Placing and Admission, the publication and
         despatch of the Admission Document and the other Placing Documents
         and the allotment and issue of the Units will comply with the FSMA,
         the AIM Rules, the Securities Act and all other relevant requirements
         of the rules and regulations of the London Stock Exchange and, so far
         as the Directors are aware, all other relevant laws and regulations
         of the United Kingdom, the United States and elsewhere and will, to
         the extent permissible by applicable law, comply with and will not
         infringe or exceed any limits, powers or restrictions or the terms of
         any agreement, obligation or commitment to which the Company or any
         of its Associates is a party or by which the Company or any of its
         Associates is bound.

2.       ADMISSION DOCUMENT

2.1      All factual information contained in the Placing Documents and/or
         supplied to CRT or Peel Hunt (whether by the Company or the
         Directors) for the purposes of Admission and the Placing, including
         all statements of fact contained in the Admission Document, is and
         will, when the Admission Document is despatched, be true and
         accurate and not misleading or incomplete and does not omit
         anything likely to affect the import of such information. All
         statements, forecasts, estimates and expressions of opinion,
         intention or expectation made by the Directors and contained in the
         Admission Document are or will when published be honestly held by
         the Directors and are or will be fairly based upon facts within the
         knowledge of the Company and its Directors and have been or will be
         made on reasonable grounds after due and proper consideration of
         all information available to the Company and the Directors at that
         time.

2.2      Each agreement or other instrument (however characterised or
         described) to which the Company is a party or by which its property
         or business is or may be bound or affected and (i) that is referred
         to in the Admission Document, or (ii) is material to the Company's
         business, has been duly and validly executed by the Company, is in
         full force and effect and is enforceable against the Company and,
         to the Company's knowledge, the other parties thereto, in
         accordance with its terms, except (x) as such enforceability may be
         limited by bankruptcy, insolvency, reorganisation or similar laws
         affecting creditors' rights generally, (y) as enforceability of any
         indemnification or contribution provision may be limited under the
         federal and state securities laws, and (z) that the remedy of
         specific performance and injunctive and other forms of equitable
         relief may be subject to the equitable defences and to the
         discretion of the court before which any proceeding therefore may
         be brought, and none of such agreements or instruments has been
         assigned by the Company, and neither the Company nor, to the
         Company's knowledge, any other party is in breach or default
         thereunder and, to the Company's knowledge, no event has occurred
         that, with the lapse of time or the giving of notice, or both,
         would constitute a breach or default thereunder.

2.3      There are no facts known, or which could on reasonable and proper
         enquiry have been known to the Company or any of the Directors
         which are not disclosed in the Admission Document and which would
         or might reasonably be considered to:

         (a)      be likely to affect the import of the information contained
                  therein; or

                                      35

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<PAGE>

         (b)      make any statement therein (whether of fact or opinion)
                  inaccurate or misleading; or

         (c)      invalidate or qualify any assumption made in support of
                  any statement therein (whether of fact or opinion); or

         (d)      be material for disclosure to Peel Hunt as Nominated
                  Adviser in relation to the Placing, or to a potential
                  subscriber for the Units.

2.4      The Admission Document contains all such information as investors
         would reasonably expect to find there for the purpose of making an
         informed assessment of:

         (a)      the assets and liabilities, financial position, profits and
                  losses and prospects of the Company; and

         the rights attaching to the Subscription Units, Warrants and Common
         Shares.

2.5      So far as the Company is, or any of the Directors are, aware at the
         date of the publication of the Admission Document there is no fact
         or circumstance which is not disclosed in the Admission Document
         which if disclosed might reasonably be expected to affect the
         decision of CRT or Peel Hunt to enter into this Agreement or of
         Peel Hunt to act as Nominated Adviser and Broker to the Company for
         the purposes of the AIM Rules or of any person to acquire any of
         the Units.

3.       VERIFICATION NOTES

         The information contained in the replies to the Admission Document
         Verification Notes is true and accurate in all material respects and
         not misleading in any material respect and all expressions of opinion
         and expectation therein contained are honestly held and fairly based,
         such replies have been prepared or approved by persons having
         appropriate knowledge and responsibility to enable them properly to
         provide such replies and all such replies have been given in good
         faith.

4.       US SECURITIES LAWS

4.1      Neither the Company nor any of its affiliates:

         (a)      has, directly or indirectly, solicited any offer to buy,
                  sold or offered to sell or otherwise negotiated in respect
                  of, or will solicit any offer to buy, sell or offer to sell
                  or otherwise negotiate in respect of, in the United States
                  or to any United States citizen or resident, any security
                  which is or would be integrated with the sale of the Units
                  in a manner that would require the offered Units, Common
                  Shares or Warrants to be registered under the Securities
                  Act;

         (b)      will offer or sell the Units other than:

                  (i)      in offshore transactions to non-US persons in
                           accordance with Regulation S;

                  (ii)     to persons whom it reasonably believes to be
                           qualified institutional buyers within the meaning
                           of Rule 144A under the Securities Act; or

                  (iii)    sales to certain affiliates of the Company in
                           accordance with Regulation D;

                                      36

<PAGE>
<PAGE>

         (c)      has engaged or will engage, in connection with the
                  Placing, in any form of general solicitation or general
                  advertising within the meaning of Rule 502(c) of the
                  Securities Act; and

         (d)      has engaged in or will engage in, in connection with the
                  Placing, any directed selling efforts (within the meaning
                  of Regulation S).

4.2      The Common Shares and Warrants are eligible for resale pursuant to
         Rule 144A and will not be, at Admission, of the same class as
         securities listed on a national securities exchange registered
         under Section 6 of the Securities Act, or quoted in a United States
         automated interdealer quotation system, and the Company reasonably
         believes that there is no substantial U.S. market in the Units,
         Common Shares or Warrants. The Company shall provide the
         information to holders and purchasers of the Units described under
         Section 144A(d)(4)(i) of the Securities Act.

4.3      The registration of the Units, Common Shares and Warrants under the
         Securities Act is not necessary in connection with the offer, sale
         and delivery of the Units in the manner contemplated by this
         Agreement and the Admission Document.

5.       ACCOUNTING INFORMATION

5.1      The historic financial information of the Company for the period
         since incorporation to the Accounts Date as summarised in the Short
         Form Report:

         (a)      has been prepared in accordance US GAAP;

         (b)      gives a true and fair view of the state of affairs of the
                  Company as at the Accounts Date and of the loss for the
                  period then ended; and

         (c)      in so far as required by and where appropriate in accordance
                  with US GAAP fairly sets out the assets, liabilities and
                  reserves of the Company and either makes proper provision
                  for or (where appropriate in accordance with US GAAP)
                  includes a note in respect of all material liabilities or
                  commitments, whether actual, deferred or contingent of the
                  Company as at the relevant dates and, in particular,
                  provides for or (where appropriate in accordance with US
                  GAAP) makes a proper disclosure of, all material liabilities
                  whether actual, deferred, contingent or disputed of the
                  Company for income tax or corporation tax measured by
                  reference to actual or deemed taxable profits (including
                  both income and chargeable gains) made or deemed to have
                  been made during the relevant financial periods, and for any
                  other taxes, duties or other fiscal impositions of any kind
                  whatsoever including any interest on any amounts and any
                  penalties or charges imposed in relation to such amounts
                  (arising under the laws of any jurisdiction) in relation to
                  or in consequence of any event occurring on or before the
                  relevant balance sheet date.

5.2      All information requested by the Reporting Accountants in the
         course of preparation of the Short Form Report in Part III of the
         Admission Document has been supplied to them and all information
         and documentation supplied by the Company to the Reporting
         Accountants for the purposes of the Short Form Report was when
         given and remains (save to the extent amended, varied or updated
         subsequently but prior to the date of the Short Form Report) true
         and accurate and not misleading in any material respect.

                                      37

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<PAGE>

6.       FINANCIAL PROCEDURES

6.1      The Company has established procedures which the Directors believe
         provide a reasonable basis for the Directors to make proper
         judgements of the financial position of the Company.

6.2      The Company maintains a system of internal accounting controls
         sufficient in the opinion of the Directors to provide reasonable
         assurances that (a) transactions are executed in accordance with
         management's general specific authorisation; (b) transactions are
         recorded as necessary to permit preparation of financial statements
         by the Company in conformity with US GAAP and to maintain
         accountability for assets; (c) access to assets is permitted only
         in accordance with management's general or specific authorisation;
         and (d) the recorded accountability for assets is compared with the
         existing assets at reasonable intervals and appropriate action is
         taken with respect to any differences.

7.       POSITION SINCE THE ACCOUNT DATE

         Save as disclosed in the Admission Document, the Company has not
         traded in any business sector, incurred any material liabilities or
         material assets and has not had any employees.

8.       WORKING CAPITAL

8.1      The cash flow and working capital projections which form the basis
         of the Working Capital Report have been approved by the board after
         due and careful enquiry on the basis of the assumptions set out in
         such projections and the Directors believe that such assumptions
         are fair and reasonable and, so far as the Directors are aware,
         there are no other assumptions on which that report ought to have
         been based which have not been made, and which could reasonably be
         expected to have an effect thereon.

8.2      All information requested from the Company by CRT and Peel Hunt and
         the Reporting Accountants in connection with the review of the
         working capital requirements of the Company was when given, and
         remains, true and accurate and not misleading.

8.3      No material indebtedness of the Company has become payable before
         its stated maturity nor do any circumstances exist such that (with
         the giving of notice or the lapse of time) any secured or unsecured
         borrowings of the Company would become repayable prior to its
         stated date of maturity.

8.4      Having regard to available bank facilities and the proceeds of the
         Placing, the Company will have sufficient working capital for its
         present requirements, that is for at least the next 12 months from
         the date of publication of the Admission Document.

9.       WORKING CAPITAL REPORT, SHORT FORM REPORT AND OPINIONS

9.1      All information supplied by the Company or any of such person's
         officers or employees to the Reporting Accountants for the purposes
         of their Working Capital Report and/or the Short Form Report, and
         to the Company's solicitors for the purposes of providing any legal
         opinions required to be provided in relation to Admission
         (collectively, the "Reports") and in respect of any updates to such
         information was when supplied true and accurate in all material
         respects and so far as the Directors are aware no further
         information has been withheld the absence of which might reasonably
         have affected the contents of the Reports in any material respect.

9.2      The Directors believe that the Reports are fairly presented and all
         information contained in the Reports was and remains true and
         accurate in all material respects and is not misleading in

                                      38

<PAGE>
<PAGE>

         any material respect and no fact or matter has been omitted from the
         Reports which would be necessary to make the information therein not
         misleading in any material respect save to the extent that the same
         has been affected by events subsequent to the date of such Reports
         and such events are disclosed accurately in all material respects and
         without omission in the Placing Documents: and the Company and the
         Directors have read and do not disagree to any material extent with
         the statements of opinion contained in, or the contents of, the
         Reports and (where relevant) the statements of opinion, intention or
         expectation attributed to the Company or the Directors in the Reports
         are accurate statements of the opinions, intentions or expectations
         held by the Company which are fairly based upon facts within the
         knowledge of the Company.

10.      TAX

10.1     All returns of the Company for Taxation purposes that the Company is
         required to make under applicable law and regulation have been made
         and all such returns are correct and, so far as the Warrantors are
         aware, are not the subject of any dispute with or claim by any
         relevant Taxation Authority which would be material for disclosure in
         the Admission Document and are not expected to be the subject of any
         such dispute or claim.

10.2     The Company has, within any applicable time limit, paid all Tax
         which it has become liable to pay, duly made all returns, given all
         notices and supplied all other information required to be made,
         given or supplied to any Tax Authority, and all such returns,
         notices and information were and remain true and accurate in all
         material respects and were made on a proper basis and the Company
         is not involved in any dispute with, or subject to any
         investigation by, any Tax Authority and, so far as the Directors
         are aware, there are no facts or circumstances which are likely to
         give rise to any such dispute or investigation. Other than as
         fairly and specifically disclosed in the Admission Document, there
         are no outstanding claims from any Tax Authority or any amounts
         that the Company may be required to pay in connection with any Tax
         liability.

10.3     So far as the Directors are aware having made all reasonable
         enquiry all payments made by the Company to any person which ought
         to have been made under deduction of Tax have been so made and the
         Company has, where appropriate, duly accounted to the relevant Tax
         Authority for such Tax.

11.      CORPORATE MATTERS

11.1     All sums due in respect of the issued capital of the Company have
         been paid to and received by the Company and there are, other than
         as disclosed in the Admission Document, no outstanding options or
         other rights to subscribe for or call for the issue or allotment of
         any share or loan capital (or any other securities) of the Company.

11.2     Save to the extent disclosed in the Admission Document, the
         shareholders of the Company are the beneficial owners free from all
         encumbrances of the whole of the issued share capital of the
         Company.

11.3     Save as disclosed in the Admission Document, none of the owners or
         holders of Shares will, following Admission, have any rights, in
         their capacity as such, in relation to the Company other than as
         set out in the Certificate of Incorporation and Bylaws of the
         Company.

11.4     Save as disclosed in the Admission Document, there are in force no
         options or other agreements which call for the issue of or accord
         to any person the right to call for the issue of any Common Shares,
         warrants or other securities in the capital of the Company now or
         at any time hereafter.

                                      39

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<PAGE>

12.      SECURITIES

         The Common Shares and Warrants will, upon allotment, be free from all
         claims, mortgages, charges, pledges, liens, encumbrances and equities
         and any third party rights or interests (legal or equitable) or
         restrictions of any nature whatsoever (other than as set out in the
         Bylaws) and will, save as provided in the Admission Document, rank
         pari passu in all respects with the Common Shares and Warrants (as
         applicable) in the issued share capital of the Company.

13.      CAPACITY

13.1     The Company has been duly incorporated under the laws of the State
         of Delaware and has the requisite power and authority to conduct
         its business as described in the Admission Document and is duly
         qualified to transact business in each jurisdiction in which such
         qualification is required, and is operating in accordance with its
         Certificate of Incorporation and Bylaws.

13.2     The Directors have all necessary power under the Certificate of
         Incorporation and Bylaws of the Company to create, allot and issue
         and the Common Shares and Warrants constituting the Units, to enter
         into this Agreement and the Placing Documents and to perform its
         obligations under this Agreement and the Common Shares and Warrants
         will, following the passing of the necessary resolutions of the
         board of directors of the Company, be validly issued and the Common
         Shares be credited as fully paid.

13.3     The creation, allotment and issue of the Common Shares and Warrants
         constituting the Units will not infringe or exceed any limits,
         powers or restrictions or the terms of any contract, obligation or
         commitment or other arrangement binding on the Company.

14.      LITIGATION

         Neither the Company nor any Director nor any other person for whose
         acts and defaults the Company is or may be vicariously liable is
         engaged in any legal or arbitration proceedings or is the subject of
         any disciplinary proceedings or enquiries by any governmental or
         regulatory bodies which individually or collectively may have, or
         have had during the 12 months preceding the date of this Agreement, a
         significant effect on the financial position of the Company and so
         far as the Warrantors are aware, no such legal or arbitration
         proceedings are threatened or pending nor are there any circumstances
         of which the Warrantors are aware which may give rise to any such
         legal or arbitration proceedings being threatened or commenced,
         which, in any such case, may have or is likely to have a material
         effect on the financial position of the Company.

15.      INSOLVENCY

         The Company has not taken any action nor have any other steps been
         taken or legal proceedings started or, to the best of the knowledge,
         information and belief of the Warrantors, are threatened against the
         Company for its winding-up, striking-off or dissolution or for it to
         enter into any arrangement with or composition for the benefit of
         creditors (including any moratorium prior to a voluntary
         arrangement), or for the appointment of a receiver, administrator,
         administrative receiver, trustee or similar officer of the Company or
         any of its properties, revenues or other assets, including the filing
         of any administration application, notice of intention to appoint an
         administrator or notice of appointment of an administrator or for the
         occurrence of any event in a jurisdiction outside England and Wales
         of any form of insolvency proceeding or event similar or analogous to
         any of those referred to in this paragraph.

                                      40

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16.      DIRECTORS' RESPONSIBILITIES

         The Directors have been provided with, and have read, a memorandum
         prepared by the Company's solicitors the nature of their
         responsibilities and obligations as directors of a listed company
         under the AIM Rules.

17.      LONDON STOCK EXCHANGE

17.1     The Company has informed CRT and Peel Hunt in writing of all
         discussions which it or its agents (apart from CRT and Peel Hunt)
         have had with the London Stock Exchange in relation to the AIM
         Application or the interpretation of and AIM Application of the AIM
         Rules to the Company.

17.2     All statements made by or on behalf of the Company in connection
         with any AIM Application to the London Stock Exchange for certain
         information to be omitted from the Admission Document as being
         inapplicable or of minor importance only and not such as would
         influence an assessment of the assets and liabilities, financial
         position, profits and losses and prospects of the Company or any
         other reason permitted by the AIM Rules were when made and continue
         to be true and accurate.

18.      DIRECTORS AND MANAGEMENT

18.1     No Director has given notice to, or received notice from, the
         Company terminating his position as Director and no such person has
         threatened or, so far as the Warrantors are aware, is expected to
         give such notice.

18.2     The Directors are all the directors of the Company and there is no
         other person who is or could be deemed to be a shadow director of
         the Company within the meaning of section 741 of the Act.

18.3     Save as set out in the Admission Document, none of the Directors has:

         (a)      been adjudged bankrupt in the United Kingdom or elsewhere;

         (b)      at any time been party to a deed of arrangement or made any
                  other form of composition with his creditors;

         (c)      been a director of any company or other body corporate which
                  was liquidated (other than by a members' voluntary
                  winding-up) or had a receiver appointed while he was a
                  director or within six months after he ceased to be one;

         (d)      ever been censured by or refused admission to any
                  professional or regulatory body; or

         (e)      been convicted of an indictable offence.

19.      CONFLICTS OF INTEREST

         The Admission Document contains all information concerning any actual
         or, so far as the Directors are aware, potential conflicts of
         interest between the Company and any Director or any company of which
         any Director is a director or in which he has a material interest and
         all statements contained in the Admission Document concerning such
         conflicts or concerning the future relationship between such Director
         and the Company are truly and honestly made and are not misleading
         and so far as the Directors are aware there are no other facts
         concerning the same the omission of which makes any statement therein
         false or misleading.

                                      41

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20.      SUBSIDIARIES

         The Company has no subsidiaries.

                                      42

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                                  SCHEDULE 3

                           DOCUMENTS TO BE DELIVERED

Except as otherwise stated, the parties shall procure that the following
documents are delivered to Peel Hunt on Impact Day or as soon as possible
thereafter (or as soon thereafter as the Company and CRT and Peel Hunt shall
agree):

1.       One copy of the Admission Document signed by each Director or by
         his agent or attorney duly authorised in writing (together with the
         original of any such authorisation and such number of certified
         copies as CRT and Peel Hunt may require).

2.       An original signed copy of the Admission Document Verification
         Notes (including the analogous notes produced in respect of the
         Presentation Materials) duly signed by or on behalf of each of the
         Directors (and any other person indicated therein as being
         responsible for any of the questions contained therein).

3.       A form of definitive share certificate for the Common Shares.

4.       A form of definitive warrant certificate for the Warrants.

5.       An original signed copy of the Short Form Report in terms
         previously agreed with CRT and Peel Hunt prepared by the Reporting
         Accountants.

6.       An original signed copy of the report in terms previously agreed
         with CRT and Peel Hunt reporting on the working capital projections
         of the Company prepared by the Reporting Accountants.

7.       An original signed copy of the report in terms previously agreed
         with CRT and Peel Hunt on the financial reporting procedures
         adopted by the Company prepared by the Reporting Accountants.

8.       An original of each of the following comfort letters:

         8.1      from the Reporting Accountants about the Company's financial
                  reporting procedures and suitability for AIM;

         8.2      from the Reporting Accountants confirming the accuracy of
                  financial information in the Admission Document;

         8.3      from the Reporting Accountants in relation to the section on
                  UK taxation in the Admission Document;

         8.4      from the Company in relation to financial reporting
                  procedures.

9.       The original signed written consent of the Reporting Accountants to
         the inclusion in the Admission Document of the Short Form Report
         and the references thereto and to their name in the form and
         context in which they are included.

10.      An original of the letter from the Company addressed to CRT and
         Peel Hunt confirming that the working capital available to the
         Company is sufficient for its present requirements.

                                      43

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<PAGE>

11.      An original of each of the letters required to be provided pursuant
         to Rule 39 of the AIM Rules.

12.      An original signed copy of the power of attorney, responsibility
         statement and statement of Directors' interests (in a form
         previously approved by CRT and Peel Hunt) signed by each Director.

13.      Originals of the responses to the Directors' questionnaires
         prepared by Peel Hunt.

14.      Copy of the Registrar's agreement duly executed by the Company and
         the Registrar.

15.      A certified copy of the minutes of the meeting of Directors in a
         form previously agreed with the Company by CRT and Peel Hunt at
         which, inter alia, resolutions were passed approving and
         authorising the issue of the Placing Documents, authorising the
         execution of this Agreement by the Company, conditionally allotting
         the Subscription Units and adopting the Dealing Code and the
         Company's financial reporting procedures.

16.      A certified copy of the minutes of the meeting of Directors in a
         form previously agreed with the Company by CRT and Peel Hunt at
         which, inter alia, resolutions were passed approving and
         authorising the issue of the Admission Document and the AIM
         Application and approving the terms of the Placing.

17.      A certified copy of the Certificate of Incorporation and Bylaws of
         the Company.

18.      The original signed AIM Application in the appropriate form issued
         by the London Stock Exchange.

19.      A certified copy of the warrant instrument for the Warrants.

20.      The Press Release.

21.      The original signed Lock-in Deeds executed by each Founding
         Shareholder, the Company and Peel Hunt.

22.      Original copies of the legal opinions being provided by the
         Company's solicitors in relation to certain matters of US law.

                                      44

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<PAGE>

                                  SCHEDULE 4

                            LIMITATION OF LIABILITY

1.       Neither the Directors nor the Company shall have liability in respect
         of any claim for breach of the Warranties or under the Indemnity
         unless written notice of the claim identifying its source and
         circumstances (so far as within the knowledge of CRT and Peel Hunt at
         that date) shall have been given by CRT and Peel Hunt to the person
         against whom the claim is being made and in the case of the Directors
         only, such written notice must be made prior to the date which is
         three months after the publication of the audited accounts of the
         Company for the financial year ending 31 December 2007. There shall
         be no time limitation for giving notice of any claim against the
         Company for breach of the Warranties or under the Indemnity.

2.       The maximum aggregate liability of each of the Directors under
         clause 12 and Schedule 2 and clause 13 of this Agreement shall not
         exceed the amount set out opposite his name in Schedule 1.

3.       The maximum liability of the Company under clause 12 and Schedule 2
         and clause 13 of this Agreement shall be the aggregate value of the
         Subscription Units acquired or subscribed for pursuant to the
         Placing at the Placing Price and before taking into account the
         expenses of the Placing.

4.       Neither the Company nor the Directors shall have any liability in
         respect of any claim under the Warranties if and to the extent that
         such a claim occurs or is increased as a result of any change in
         legislation after the date of this Agreement (or any legislation
         not in force at the date of this Agreement) which takes effect
         retrospectively or the withdrawal after the date of this Agreement
         with retrospective effect of any published concession, or published
         general practice by any Tax Authority.

5.       Neither the Company nor the Directors shall be liable to any of the
         Indemnified Persons for or in respect of:

         (a)      indirect loss or damage, special or punitive damages; or

         (b)      loss of profits;

         suffered or incurred by any Indemnified Person arising out of, or
         in connection with or resulting from this Agreement, whether any
         claim for such loss or damage is based on tort (including
         negligence), strict liability, contract (including breach of or
         failure to perform this Agreement or the breach of any
         representation or Warranty hereunder, whether express or implied)
         or otherwise.

6.       For the avoidance of doubt, none of the provisions of this Schedule
         4 shall apply in the event of fraud or dishonesty on the part of
         the relevant person, nor in respect of a breach of clause 12.3.

                                      45

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<PAGE>

                                  SCHEDULE 5

                                  CERTIFICATE

                          [LETTERHEAD OF THE COMPANY]

CRT CAPITAL GROUP LLC
262 HARBOR DRIVE
STAMFORD
CONNECTICUT 06902

KBC PEEL HUNT LTD
111 OLD BROAD STREET
LONDON EC2N 1PH

                                                                [o][o] 2006

Dear Sirs

PLACING OF [o] UNITS

We refer to the placing agreement between us dated [o][o] 2006 relating to
the above-mentioned placing (the "PLACING AGREEMENT"). Words and expressions
defined in the Placing Agreement have the same meanings herein.

The Company and each of the Directors hereby confirm to you that:

(a)      each of the Conditions referred to in paragraphs (a) to (f)
         (inclusive) of clause 2.1 of the Placing Agreement has been
         fulfilled in accordance with its terms;

(b)      save as previously notified to CRT and Peel Hunt in accordance with
         clause 12.4 of the Placing Agreement (if relevant), none of the
         Warranties was untrue, inaccurate or misleading at the date of the
         Placing Agreement or would cease to be true or accurate or would
         become misleading if such Warranties were repeated at any time
         before Admission by reference to the facts and circumstances then
         subsisting; and

(c)      the Company and the Directors have complied with or performed their
         respective obligations under the Placing Agreement to the extent
         that the same fall to be performed prior to Admission.

Yours faithfully

............................

[Officer], duly authorised
for and on behalf of Viceroy Acquisition Corporation
and on behalf of the Directors

                                      46

<PAGE>
<PAGE>

                                  SCHEDULE 6

                        FEES, COMMISSIONS AND EXPENSES

                                    PART IA
               AMOUNTS TO BE DEDUCTED FROM PROCEEDS BY PEEL HUNT

Peel Hunt shall pay out of the aggregate subscription monies paid to Peel
Hunt by UK Placees, together with any amounts paid to Peel Hunt by CRT
pursuant to clause 9.1:

1.       For US$ Amounts To The Account Of Peel Hunt, To The Account Held By
         Peel Hunt At Barclays Bank Plc And Having The Following Details:

         Sort Code:                          20-19-90

         Account No:                         79120288

         Account Name:                       KBC Peel Hunt Ltd

         Swift:                              BARCGB22

         Iban:                               GB32 BARC 2019 9079 1202 88

         For UK(pounds) amounts to the account of Peel Hunt, to the account
         held by Peel Hunt at Barclays Bank plc and having the following
         details:

         Sort Code:                          20-19-90

         Account Number:                     60058548

         Account Name:                       KBC Peel Hunt Ltd

         Swift:                              BARCGB22

         Iban:                               GB47 BARC 2019 9060 0585 48

         US$540,000, calculated by deducting from US$810,000 representing
         Peel Hunt's commission of six per cent. of 10 per cent. of the
         aggregate value of the Subscription Units, less US$270,000, being
         that portion of commission that Peel Hunt has agreed to defer until
         the consummation of a Qualified Business Combination; and

2.       US$9,000,000, being the Stabilisation Withholding Amount, into the
         Stabilisation Retention Account, being an account having the
         following details:

         Bank:                               Barclays Bank plc

         Sort Code:                          20-19-90

         Account No:                         79120288

         Account Name:                       KBC Peel Hunt Ltd

                                      47

<PAGE>
<PAGE>

         Swift:                              BARCGB22

         Iban:                               GB32 BARC 2019 9079 1202 88

                                      48

<PAGE>
<PAGE>

                                    PART IB
                  AMOUNTS TO BE DEDUCTED FROM PROCEEDS BY CRT

CRT shall pay out of the aggregate subscription monies paid to CRT by US
Places:

1.       For US$ amounts to the account of CRT, to the account held by CRT
         at The Bank of New York and having the following details:

         ABA #:                              021-000-018

         Beneficiary:                        Pershing LLC

         Beneficiary Account No:             890-051238-5

         Ultimate Beneficiary:               CRT Capital Group LLC

         Ultimate Beneficiary Account No:    4LM-

         US$4,860,000, calculated by deducting from US$7,290,000
         representing CRT's commission of six per cent. of 90 per cent. of
         the aggregate value of the Subscription Units, less US$2,430,000,
         being that portion of commission that CRT has agreed to defer until
         the consummation of a Qualified Business Combination.

                                      49

<PAGE>
<PAGE>

                                   PART II
           PAYMENTS OF FEES OUT OF WORKING CAPITAL BY THE COMPANY

The Company shall, as at Admission, pay out of its working capital:

1.       all amounts necessary to satisfy all expenses (together with VAT or
         other Tax chargeable thereon) for which the Company may be
         responsible pursuant to clause 11.2 (other than those expenses
         listed in Schedule 6 Part I), and specifically:

1.1      the professional fees and expenses of:

         (a)      Mintz Levin Cohn Ferris Glovsky and Popeo LLP, Mintz Levin
                  Cohn Ferris Glovsky and Popeo P.C. in the amount of
                  US$400,000 to the following account:

                  Bank name:                Bank of America NA

                  Bank address:             5 Canada Square, London E14 5AQ

                  Sort Code:                16-50-50

                  SWIFT Code:               BOFAGB22 (for international wires)

                  Account Name:             Mintz Levin Cohn LLP RE Client Funds

                  Account number:           600868030049

         (b)      KPMG LLP in the amount of (pounds)36,225 to the following
                  account:

                  Sort Code:                20-00-00

                  Bank:                     Barclays Bank PLC
                                            One Churchill Plaza
                                            London EC14 5HP

                  Account Number:           40851590

                  SWIFT ID:                 BARCGB22

         (c)      Bingham McCutchen LLP in the amount of US$75,000 to the
                  following account:

                  Bank:                     Barclays Bank PLC
                                            99 Hatton Garden
                                            London EC1N 8DN

                  Account Number:           48833455

                  SWIFT ID:                 BARCGB22

         (d)      Capital Printing (UK) in an amount of up to US$50,000 to
                  such account as they may notify in writing to the Company.

1.2      to the accounts of Peel Hunt set out at Part IA of this Schedule:

                                      50

<PAGE>
<PAGE>

         (a)      initial AIM listing fees of (pounds)4,340;

         (b)      pro rata payment of AIM annual fee of (pounds)3,127.18

         (c)      a corporate finance fee of US$200,000;

         (d)      an initial fee in respect of Peel Hunt's appointment as
                  Nominated Adviser under the Nominated Adviser Agreement of
                  US$12,500; and

         (e)      out-of-pocket expenses of (pounds)3,997.

1.3      to the account of CRT set out at Part IB of this Schedule a corporate
         finance fee of US$1,350,000.

                                      51

<PAGE>
<PAGE>

SIGNED by CHARLES SEVERS                             )        /s/ Charles Severs

for and on behalf of                                 )

CRT CAPITAL GROUP LLC                                )

SIGNED by ADAM HART                                  )        /s/ Adam D. Hart

for and on behalf of                                 )

KBC PEEL HUNT LTD                                    )

SIGNED by PAUL ANTHONY NOVELLY                       )

/s/ Paul Anthony Novelly                             )

                                                     )

                                                     )

SIGNED by LEE E. MIKLES                              )

/s/ Lee E. Mikles                                    )

                                                     )

                                                     )

SIGNED by DOUGLAS D. HOMMERT                         )

/s/ Douglas D. Hommert                               )

                                                     )

                                                     )

SIGNED by Douglas D. Hommert                         )

for and on behalf of                                 )

VICEROY ACQUISITION CORPORATION                      )

in the presence of: Mary B. Hockle                   )

/s/ Douglas D. Hommert

/s/ Mary B. Hockle

                                      52

<PAGE>
<PAGE>

SIGNED by EDWIN A. LEVY                              )

/s/ Edwin A. Levy                                    )

                                                     )

                                                     )

SIGNED by THOMAS R. EVANS                            )

/s/ Thomas R. Evans                                  )

                                                     )

                                                     )

SIGNED by WILLIAM J. DORE                            )

/s/ William J. Dore                                  )

                                                     )

                                                     )

                                      53

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