Phoenician Corporation V Limited - Half-yearly Report

PHOENICIAN CORPORATION V LIMITED
INTERIM REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2010

PHOENICIAN CORPORATION V LIMITED
CHAIRMAN's STATEMENT
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2010

Since admission to PLUS in January 2009, the Company has sought investment opportunities, if deemed commercially appropriate, not only in the Eastern and Central Asia regions but also Western Asia, which includes the Middle East.

Currently, the Company is in discussions with Prime Investments Group Limited ("Prime"), a special purpose vehicle incorporated in the Cayman Islands regarding a possible reverse takeover of Prime by the Company (the "Proposed Transaction"). The Proposed Transaction would constitute a reverse takeover ("RTO") under the PLUS Rules for Issuers and hence the Company has asked for a suspension in trading of the Company's shares. The Directors believe the transaction will be completed in the third quarter of the 2010 fiscal year.

Jason R. Futko
Chairman
14 May 2010

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