PHOENICIAN III ALLOTS SHARES

Phoenician  Corporation  III  Limited  today announces that it has today allotted 204,520 ordinary shares of no par value  in  payment of interest due on 3 October 2007 on its Series A and Series B debentures.

As  a result of this allotment the number of ordinary shares in  issue  in  the capital of the Company has increased to 9,060,987.

Octavian  Growth  Partners LP has informed the Company that as a result of this allotment its holding  of  ordinary  shares  in  the capital of the Company has increased from 1,666,666 (18.82%) to 1,825,570 (20.15%).

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