Company News

Company News

05 November 2009
Noble Investments (UK) PLC, the AIM listed coin and stamp dealer, is pleased to announce its preliminary results for the year ended 31 August 2009.

Financial Highlights:

Operating profit of GBP 1.952m up 16% (2008 GBP 1.684m);

EBITDA up 19% to GBP 2.081m (2008: GBP 1.745m);

Total dividend recommended of 3.0p up 20% (2008: 2.5p);

Basic earnings per share of 9.59p up 11% (2008 8.65p);

Diluted earnings per share of 9.45p up 14% (2008 8.32p);

Strong ungeared balance sheet with Net Asset value of GBP 13.8m (2008: GBP 13.7m); and

Cash balance of GBP 2.7m after expenditure on buyback and cancellation of 10% of equity.

Year ended 31 August 2009

Revenue GBP 12.097m
Operating profit GBP 1.952m
Profit before tax GBP 2.006m
Cash GBP 2.732m
Collectibles inventory GBP 8.608m

Basic earnings per share 9.59 pence

Diluted earnings per share 9.45 pence

Operational highlights

Strong retail sales led by demand for high quality rarities;

Numismatic auction department revenue steady with auctions conducted in London, Hong Kong and New York during the period under review;

Apex Philatelics Ltd (Apex) revenues and profits strong with 4 postal and 3 public auctions during the period; and

Significant growth in website traffic over the period. The combined three websites of Noble, A H Baldwin and Apex attracted over 11 million hits during the year and an average of over 11,000 visits per month.

Chairman's Statement

I am delighted to be making my first statement as Chairman since stepping up from Deputy Chairman last year.

Financial overview
The financial results for the year to 31 August 2009 show an increase over the equivalent period last year of approximately 19% in revenue. Operating profit increased by 16% and profit before tax by 5%, which reflects a considerable reduction in interest income on our cash balances during the year. Underlying these results is robust improvement in trading of rare coins along with satisfactory results from the auction division and a maiden full year contribution from Apex Philatelics Limited (Apex) which was acquired at the very end of last year. We are very pleased with the performance of Apex and the business and individuals have integrated well with the team at AH Baldwin & Sons Limited (A H Baldwin).

We believe that the business has been managed on a conservative and prudent basis on behalf of the shareholders during the period, particularly in view of the prevailing economic conditions.

Economic conditions
Towards the start of the year, financial markets were in freefall, reeling from the collapse of Lehman Brothers and the considerable and essential infusion of liquidity into the banking system by governments worldwide. Throughout this turmoil the businesses of A H Baldwin and Apex continued trading very satisfactorily.
The trading businesses of Noble were well positioned in the event being debt free and with very comfortable cash reserves and comprehensive inventories. It is our enviable stock of numismatic, philatelic and other collectibles which differentiates us from many of our peers both in the United Kingdom and overseas as it constantly attracts collectors to our London premises and to our stands at international coin fairs.

Dividend
We intend to recommend a final dividend of 2.00p, making a total of 3.00p for the year (2008: 2.50p). This represents a 20% increase on last years total dividend. The full year dividend is more than three times covered by earnings per share.

The final dividend will be paid, subject to shareholders approval, on 8 January 2010 to shareholders on the register on 11 December 2009.

We intend to maintain a progressive dividend policy as conditions permit.

Prospects
Looking to the future we hope for continuing organic growth of the existing businesses both at home and internationally. We are very much attuned to the prospect of making further acquisitions of businesses which are in areas that complement our existing strengths and bring additional specialists with them. We remain as a business, extremely well capitalised with a very strong balance sheet and we are determined to increase shareholder returns through prudent expansion.

I am sure that shareholders will wish to join with me in commending Ian and his team in their efforts on behalf of the Group during such a difficult economic climate.

Jasper Allen
Non-Executive Chairman
5 November 2009

Managing Director's Review

I am pleased to be able to report that further progress has been made since the Group's interim results.

Financial results
Revenue up 19% to GBP 12.097m (2008: GBP 10.141m);
Operating profit up 16% to GBP1.952m (2008: GBP1.684m);
EBITDA up 19% to GBP 2.081m (2008: GBP 1.745m);
Basic earnings per share up 11% to 9.59p (2008: 8.65p);
Diluted earnings per share of 9.45p up 14% (2008 8.32p);
Total dividend up 20% to 3p (2008: 2.5p); and
Strong ungeared balance sheet of GBP 13.8m (2008: GBP 13.7m) despite GBP 1.8m expenditure on buyback and cancellation of 10% of equity, dividends and Apex deferred consideration.

Financial overview
The results for the year showed an increase in revenue of 19% to GBP 12.097m (2008: GBP 10.141m). This was mainly due to the acquisition of Apex at the very end of the last financial year. Operating profit was up 16% to GBP 1.952m (2008: GBP 1.684m). It is pleasing, especially in this time of global instability and turmoil to be able to report that EBITDA rose 19% to GBP 2.081m (2008: GBP 1.745m) during the period.

Profit before tax rose slightly to GBP 2.006m from GBP 1.918m in 2008. This was a creditable performance especially when factoring in the substantial drop in bank interest income to GBP 54,000 from GBP 234,000 in 2008. The reduction was mainly due to the significant fall in deposit rates but also due to a reduced cash balance reduced following the buy back of GBP 1.1m of Noble shares, the payment of dividends and the first payment of deferred consideration for Apex. The cash balance was still a very healthy GBP 2.732m as at year end. It is therefore pleasing to show that the income derived from the acquisition of Apex more than offset the drop in bank interest.

Basic earnings per share were up 11% to 9.59p (2008: 8.65p). The increased earnings allow us to continue to raise the dividend, as mentioned at the time of the interim report. To this end, we propose a 20% increase for the year to 3p (2008: 2.5p). As the dividend is more than three times covered, we feel comfortable with this increase.

Operational overview
Retail:
The numismatic retail division had its best year ever primarily driven by demand for top quality rarities. A H Baldwin holds one of the most diversified and largest stock of coins in the world and we are constantly acquiring additional varieties. Coin fairs attended during the year included those in London, York, Harrogate, New York, Hong Kong, Paris, Munich, Berlin, Los Angeles and Tokyo. The retail division also produced Winter 2008 and Summer 2009 fixed price lists. Both were well received by our regular customers and we aim to continue producing two lists each year.

Auction:
The A H Baldwin auction department again had a very busy year although it produced slightly lower revenues from the previous record year. During this period, the department produced 17 catalogues for auctions held in London, New York and Hong Kong.

Apex:
Apex has just completed its first full year under the Noble umbrella. During the year under review, revenues reached a record level in their 15 year history, up 15% on the previous year. Consignments for the next six months are already in place. We hope to see the benefits of the Apex part of the Group continue in the future and for the brand to continue to grow. To this end, we are actively pursuing additional philatelic specialists to expand this area. Our combined databases of over 10,000 clients should give us potential for offering new products in the future.

Website:
We are in the current process of totally renovating and upgrading our website and standardising brands across the group. We continue to see more traffic through the websites and believe that additional funds directed at this medium will bear fruit in the long term. During the period, the Noble, A H Baldwin and Apex websites attracted over 11 million hits and averaged over 11,000 visits per month. We are hoping that the website will incorporate noticeable changes and advanced capabilities during the current financial year.

Overheads:
We continue to keep a close control on overheads whilst attempting to reward our employees for their continued hard work and dedication. Overheads for the year grew 44% however this was primarily due to the acquisition of Apex Philatelic. With that acquisition and a number of additions at A H Baldwin, average employee numbers grew from 14 to 21 during the year. We intend to continue to monitor overheads closely.

Employee Benefit Trust
On 29 September 2009 the Noble Investments (UK) PLC Employee Benefit Trust was approved and adopted. The Trust will be used to enable the incentivisation and reward of directors and employees through the issue of share options over the Company's shares held by the Trust.

Strategy
The business has, over the last six years since admission to AIM, grown steadily in revenues, profits, dividends and asset value. It has been suggested that we have been too cautious over the years, however we do not see it that way. Whilst we are a small company in stock market terms, we believe there are many opportunities available in the field of collectibles for a well capitalised ungeared company such as Noble. We consider many opportunities in the course of any given year and there have been several during the period under review.

We continue to source specialists to join our team and to look for suitable acquisitions in order to expand the products offered to our client base.

Employees
Once again, it is appropriate to thank the enlarged team from A H Baldwin and Apex for their tireless efforts over the past year. With so many auctions and fairs being held abroad or over weekends, it takes a strong commitment and dedication to keep the business running smoothly and maintain high standards.

Prospects
At the interim stage, I mentioned the economic uncertainty and our conservative approach. I believe this approach has benefitted the Group. However, we now feel that we are seeing opportunities to expand and we are actively seeking this expansion both organically and through exploring acquisitions. We are only two months in to the current year but have already completed two London auctions in September that included coins, banknotes, military decorations and commemorative medals, an Apex philatelic postal auction and in October an Islamic coin auction, also held in London. We are now preparing for our January 2010 New York auction and a February 2010 Hong Kong auction.

We continue to be very mindful that there is a great deal of uncertainty in the world at present and this is likely to continue in to 2010 and probably beyond. We do, however, believe our strong ungeared balance sheet gives us the necessary firepower to grow by selective acquisition.

02 September 2009

Copies of our London Coinex Auctions 62 & 63 catalogues for Tuesday 29th & Wednesday 30th September are available at our office. Both auctions will commence at 10am and take place in London next to our showroom in The Council Chamber, CIPFA, 3 Robert Street, WC2N 6BH.
The catalogues are available online by clicking on the right hand side of our home page and clicking on Auction 62 or 63.
Auction No.62 takes place of 29 Sept and contains over 970 lots of Ancient Greek, Roman and Byzantine, Anglo-Saxon, British hammered & milled, Danish, Spanish & South American, Greek, Italian and Georgian with many other coins from around the world.

Auction 63 takes place on Wednesday 30 September and contains over 780 lots including Orders, Decorations & Military Medals, Commemorative Medals, and over 300 lots of Indian coins.

The catalogues can also be viewed now and bids submitted via the website: www.the-saleroom.com
Live internet bidding on these auctions is available at www.the-saleroom.com

12 June 2009
Baldwin's is please to announce that it has just issued its Summer 2009 Fixed Price list, containing over ¬£1m of Ancient Greek, Roman, Byzantine and British coins. Copies of the list will be posted out today and are available at our showroom. The catalogue is also available online by clicking on the Baldwin's logo on the right side of our home page and clicking on NEW 2009 SUMMER FIXED PRICE LIST.

01 May 2009

Copies of our 26 May 2009 London Auctions No.61 catalogue are available at our office. The auctions will take place in London next to our showroom in The Council Chamber, CIPFA, 3 Robert Street, WC2N 6BH.
The catalogue is available online by clicking on the right hand side of our home page and clicking on Auction 61.
Auction No.61 takes place of 26 May and contains over 500 lots of British 18th & 19th century Tokens including many extremely rare varieties.

The catalogue can also be viewed now and bids submitted via the website: www.the-saleroom.com
Live internet bidding on these auctions is available at www.the-saleroom.com

30 April 2009

Noble Investments (UK) PLC

Interim results for the six months ending 28 February 2009

Noble Investments (UK) PLC, the AIM listed coin and stamp dealer, is pleased to announce its interim results for the six months ending 28 February 2009.

Financial highlights:

- Revenue up 38% to ¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ä†‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®¬¨¬£6,348,000 (2008:¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ä†‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®¬¨¬£4,610,000)

- Operating profit up 30% to ¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ä†‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®¬¨¬£866,000 (2008:¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ä†‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®¬¨¬£667,000)

- Adjusted* profit before tax up 26% to ¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ä†‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®¬¨¬£1,032,000 (2008:¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ä†‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®¬¨¬£817,000)

- Interim dividend up 18% to 1p per share (2008: 0.85p per share)

- Basic earnings per share up 24% to 4.35p(2008:3.51p)

- Diluted adjusted* earnings per share up 38% to 4.52p (2008: 3.28p)

- Strong ungeared balance sheet of ¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ä†‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®¬¨¬£13.07m despite buy back of 10% of equity for ¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ä†‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®¬¨¬£1m
(2008:¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü‚Äö√Ñ√∂‚àö‚Ä†‚àö‚àÇ‚Äö√†√∂‚àö‚à´¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ‚Äö√†√∂‚àö√∫¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®‚àö√ú¬¨¬®¬¨¬Æ¬¨¬®¬¨√Ü¬¨¬®¬¨¬Æ¬¨¬®¬¨¬£12.92m)

* Adjusted for amortisation, change in the market value of available for sale financial assets and share option charges.

Operational highlights:

- Very buoyant retail operations, aided by high quality rarities in great demand.

- Strong AH Baldwin coin auctions, London in September 2008, a $6.25m New York auction in January 2009 and a London Islamic and Indian coin auction in February 2009.

- Apex Philatelics held two postal and one public auction during the period generating strong demand.

Commenting on the interim results, Ian Goldbart, Managing Director said:

Despite the global turmoil of the financial markets, Noble has delivered another solid set of interim results and has continued to expand and diversify its business. Both our auction business and retail side have performed extremely well and, although only two months into the second half, we have started this period with philatelic auctions in March and April and a very successful numismatic and banknote auction in Hong Kong.

We are delighted to propose an 18% increase in the interim dividend to 1p and remain excited and confident about our prospects for the year as a whole.

12 April 2009
Copies of our 5 & 6 May 2009 London Auctions No.59 and No.60 catalogues are available at our office. The auctions will take place in London next to our showroom in The Council Chamber, CIPFA, 3 Robert Street, WC2N 6BH.
The two catalogues are available online by clicking on the right hand side of our home page and clicking on Auction 59 and 60.
Auction No.59 takes place of 5 May and is The Diana Collection Part 3, containing over 400 lots of high quality coins of the British Empire such as Hong Kong, Ionian Islands, Isle of Man, Cyprus and South Africa.
Auction No. 60 takes place on 5 & 6 May and contains over 750 lots including Ancient, world, British coins, Commemorative and Military Medals and Coin Cabinets.

Both catalogues can also be viewed now and bids submitted via the website: www.the-saleroom.com
Live internet bidding on these auctions is available at www.the-saleroom.com

03 April 2009
Our next Stamp auction held by our subsidiary, Apex Philatelic Auctions, (PUBLIC Sale No.93) will be held on April 19th 2009 at Lingfield racecource. The catalogue is available at our office or by telephoning our office and requesting a copy. Thousands of stamps from around the world will be auctioned.Viewing is available from Monday 6th at the Lingfield office, also singles and folders in London on 8th & 9th.
Information about consigning and dates for future auctions are available at the following: www.apexstamps.com

The 1,100 lots can be viewed by going to the following web address: www.apexstamps.com and then clicking on 'auctions'.

12 March 2009
Copies of our 02 April 2009 Hong Kong Auction No.46 catalogue are available at our office. The auction will take place in Kowloon, Hong Kong commencing 09.30 (HK time)on 02 April 2009.
The catalogue is available online by clicking on the right hand side of our home page and clicking on Overseas auctions. The auction contains 1,508 lots of coins and banknotes from around the world.
The catalogue can also be viewed now and bids submitted via the website: www.the-saleroom.com
Live internet bidding on this auction is available at www.the-saleroom.com

27 February 2009
Copies of the 17 March 2009 Islamic Coin Auction catalogue are available at our office. The auction will take place in the building ajoining our office at 1.30pm in The Council Chamber, CIPFA, 3 Robert Street, WC2N 6BH. Viewing is available on the morning of the sale at our 11 Adelphi Terrace showroom or before by appointment.
The catalogue is available online by clicking on the right hand side of our home page and clicking on Islamic coin auction.
Live internet bidding is available at www.the-saleroom.com

04 February 2009
Copies of the 14 February 2009 Argentum Auction catalogue are available at our office. Lots can be viewed up to 13th February at our offices, 11 Adelphi Terrace, WC2N 6BJ or on the day of the sale at The Holiday Inn, Coram Street, London WC1. The catalogue can be downloaded and viewed on line by clicking on the right side of the home page and then clicking on the Argentum auction notice.

24 December 2008
Auction catalogues for our forthcoming NEW YORK SALE XX on 07 January 2009 featuring Ancient, Islamic, Indian and other world coins and our NEW YORK SALE XXI and XXII on 08 January 2009 including Russian coins and medals are available from our office. All three catalogues can be viewed online at www.the-saleroom.com

24 October 2008
Copies of the auction catalogue for the Argentum Saturday 8 November sale at 2pm at the London Coin Fair are available at our offices. The sale will take place at The Holiday Inn, Coram Street, London WC1.

17 October 2008
Please telephone or email the office for our new Winter Fixed Price list published today. The list includes, Ancient Greek, Roman, Celtic and British Coins together with a section on Numismatic Literature. The Fixed price list contains over 400 high quality coins, 45 Numismatic publications and a list of the last 56 Baldwin auctions back catalogues available to purchase.

16 October 2008
Life-time Collection of Musical Medals to be auctioned by Baldwin's on 8 November at 2pm at The Holiday Inn Hotel, Russell Square, Bloomsbury, London.

Little is known about Paul Niggl, the collector of an extraordinarily extensive set of 1181 musical medals being offered for sale by Baldwin?s Auctions, but his life long passion for a range of musicians and composers and their portrayal in medals formed the backbone of his book, Muiker Medallien, published in 1965 and obviously inspired his second work Grosse Dirigenten auf Medallion, published in 1967.

The collection was begun by Karl Andorfer and Richard Epstein and was published as Musica in Nummis in 1907. It was subsequently purchased by Niggl of Amsterdam who, in collecting medals of any musician he came across to add to the collection, was able to obtain a number of very rare and very fine pieces by renowned portrait artists. This auction of his collection offers a portrait of Claude Joseph Rouget de L?Isle, the composer of ?Marseillaise?, the French national anthem, by the prominent medallist and sculptor Pierre-Jean David d'Angers (lot 53) and a beautifully sculpted bust of violinist, composer and conductor Eug?ne Yas?e crafted by Alexandre-Louis-Marie Charpentier (lot 42). Medals by both of these artists are very rare and seldom offered for sale on the open market.

Stylistically the medals cover the Secessionist, Art Deco and Art Nouveau periods and there are a number of contemporary pieces commemorating anniversaries of births and deaths. Highlights of the collection include a medal depicting Richard Strauss, famous composer of the 1936 ?Olympische Hymme? who had rather unfortunately lost his position as President of the Reichmusickammer by the time the games came around (lot 132), and a intricately fashioned medal of the mezzo-soprano opera star Faustina Bordoni, infamously remembered for her very public on-stage row with her rival Madam Cozzini in 1726 when Caroline, Princess of Wales, was in the audience (lot 160).

Sold previously in 1998 as a single lot a few of the pieces have since been sold, but Baldwin?s cataloguers maintain this is still the most comprehensive collection of musical medals that they are aware of. The extensively illustrated catalogue with index of both sitters and medallists will undoubtedly ensure it stands alongside Musiker Medallien as a work of reference.

The collection forms part of a 750 lot public auction of coins and medals due to be sold at auction as part of the UK?s largest Numismatic fair, The London Coin Fair on Saturday 8th November. The auction begins at 2pm GMT and is open to the public for participation. The lots are available to view from 9am at the fair to be held at The Holiday Inn Hotel, Russell Square, Bloomsbury, London, or by appointment at A. H. Baldwin & Sons Ltd in the 2 weeks prior to the auction

The extensively illustrated catalogue can be viewed online at www.sixbid.com and Live Internet Bidding is available through www.the-saleroom.com

For more information about the collection or any of the other lots available in the sale please contact Seth Freeman on +44(0)207 9309808 or at auctions@baldwin.co.uk

18 September 2008
Catalogues for Baldwin auctions 57 and 58 (23 & 24 September) are available at our office and can also be viewed online by clicking on the right side of our home page and then clicking on 'forthcoming auctions'.
The two days of auctions include ancient, English, Russian, British Empire and world coins.

05 September 2008

Noble Investments (UK) Plc ('Noble' or 'the Company')
Purchase of own securities, exercise of options and directors' dealings

Noble announces that it made market purchases of 114,500 ordinary shares of 1 pence each for cancellation representing 0.7% of the current issued share capital of the Company on 5 September 2008. The shares were purchased at a price of 158 pence each from two directors of the company, Dimitri Loulakakis and Stuart Mollekin.

Dimitri Loulakakis, Executive Director of the Company, exercised options over 137,615 ordinary shares at a price of 23 pence per share and sold 77,000 ordinary shares at a price of 158 pence per share, resulting in the admission under the block listing of 137,615 new ordinary shares in the share capital of the Company. The shares sold were to cover the exercise price and tax liabilities arising on the exercise of share options awards which, if not exercised would expire in October 2008 during the company's closed period. As a result of these transactions, Dimitri Loulakakis has now increased his holding to 166,219 ordinary shares of 1 pence each representing 0.9 per cent. of the current issued share capital.

Stuart Mollekin, Non-Executive Director of the Company, sold 37,500 ordinary shares at a price of 158 pence per share. As a result of this transaction, Stuart Mollekin now holds 67,592 ordinary shares of 1 pence each representing 0.4 per cent. of the current issued share capital. Stuart Mollekin had exercised 75,000 ordinary shares at a price of 58 pence per share, as previously announced on 22 January 2008.

The Company was prepared to undertake this purchase on the basis of reasonableness, considering the remuneration and incentivisation of these key contributors to the business over the last five years.

22 August 2008

Noble Investments (UK) Plc ('Noble' or 'the Company')

Purchase of own securities

Noble announces that it made market purchases of 15,000 ordinary shares of 1 pence each for cancellation representing 0.09% of the issued share capital of the Company on 21 August 2008. The shares were purchased at a price of 142.5 pence each.

21 August 2008

NOBLE INVESTMENTS (UK) PLC

Acquisition of Apex Philatelics Limited

Noble Investments (UK) plc ('Noble' or the 'Group') the AIM listed coin dealer and auctioneers, is pleased to announce the acquisition of Apex Philatelics Limited ('Apex') for an aggregate consideration of up to ?1,250,000, comprising initial
consideration of ?875,000, deferred consideration of ?150,000 and contingent earn-out consideration of ?225,000.

The initial consideration of ?875,000 is to be satisfied on completion as to ?800,000 payable in cash and by the issue of 54,153 ordinary shares in the capital of Noble at an agreed valuation of 138.5p per share, being the average mid-market
price per Noble ordinary shares over the three dealing days ended on the day prior to completion. The deferred consideration will be settled in two tranches (of ?100,000 and ?50,000 respectively) payable in cash after one year and after two
years following completion and any earn-out consideration will be payable in cash if certain profit figures are achieved in the two year period following completion.

Apex, based near Lingfield, Surrey, was established in 1994 and is a trader in and auctioneer of postage stamps from around the world. Apex conducts approximately three public and four postal auctions a year and has in the region of 5,000 active
clients including approximately 1,000 stamp dealers.

For the year ended 31 July 2007, Apex had an annual turnover of ?1.9m and profit before tax of ?249,000 and as at 31 July 2007 had net assets of ?335,000, based upon its unaudited accounts. The acquisition of Apex significantly
increases the amount of stamp stock available to Noble's current client base.

Apex has now become a wholly owned subsidiary of Noble and, over the next few months, all its operations will be transferred to Noble's premises in London at 11 Adelphi Terrace. The directors of Apex will continue managing the business and intend to
grow it as the stamp division of Noble. This is expected to increase the number of auction catalogues produced within the Noble Group to approximately 22 from the present 15.

Ian Goldbart, Managing Director of Noble, said: 'The acquisition of Apex is an important step in the expansion of our product range. It also adds to our customer database which will now exceed 10,000 people. The team at Apex, including Rick Warren and
Tim Francis, is well respected and will bring significant philatelic expertise to Noble. We are very much looking forward to working with them.

'Trading for the Noble Group in the second half of the year remains very strong and the Board is pleased with the performance of the Group in the year as a whole.'

09 August 2008
Auction catalogues for the Dr Norman Jacobs Hong Kong auction (27 August)and general world coins auction (28 August) are available on request from our London offices. Bidding is available online.

01 June 2008

The 7th June 2008 Summer Argentum auction catalogue is now available at our offices or can be viewed online. The auction contains 651 lots of world coins and medals. Click on the right side of the 'Baldwin's home page' to view the catalogue online in PDF format.
The auction will take place next Saturday at 2pm at The Holiday Inn, Bloomsbury,Coram Street WC1 with viewing available that morning at the hotel. Viewing will also be available this Monday to Friday 9am-5pm at 11 Adelphi Terrace, London WC2N 6BJ.

08 May 2008

Baldwin?s Auctions hold the largest ever white glove auction

Baldwin?s sale of the Diana Collection of coins of British India on May 6th could well be the largest ?white glove? auction ever conducted. In a marathon 11 hour day with only a couple of short breaks, Baldwin?s sold every one of the 1101 lots, for a total of ?655,000 (including premium). This success reflects not only the strength of demand for British Indian coins in the very best obtainable grade, but also the power of live internet bidding. Most lots attracted Internet bidders and over 16% of the sale was sold online via www.the-saleroom.com including the most expensive coin ever sold online with this system - ?10,000 for a William IV 2-Mohur of 1835.

Baldwin?s have established themselves as the specialists for selling Indian coins of all periods. This outstanding auction underlines this supremacy.

Over the two days of auctions, sales totalled over ?1.35 million including buyers premium.

29 April 2008
Catalogues for London Auctions 54, 55 and 56 (6 & 7 May 2008)are available from our 11 Adelphi Terrace office or can be viewed by clicking on the right side 'Baldwins' logo on the home page.

19 March 2008
The catalogue for our April Hong Kong auction is now available. Please call our office to receive a copy.

31 January 2008
Viewing for St James's auction is not available at our newly refurbished offices at 11 Adelphi Terrace. We look forward to welcoming our clients back.

04 January 2008

Auction catalogues for our forthcoming NEW YORK SALE XVII 9 January 2008 featuring Ancient, Islamic, Indian and other world coins and our NEW YORK SALE XVIII 10 January 2008 including
Russian coins and medals are available from our office.

02 December 2007

IMPORTANT ANNOUNCEMENT.

Please click on the Baldwin's logo on the home page to go to our new 'Fixed Price lists' issued today.
There are 4 seperate PDF files. (1) English/Scottish coins. (2) Ancient Greek, Roman and Byzantine. (3) Commemorative Medals. (4)Numismatic Books.

23 November 2007

Please call or email our office to ensure you receive a copy of our Winter Fixed Price List.
The lists contain English Hammered and Milled,Scottish, Ancient Greek, Roman and Byzantine and lastly, a comprehensive list of over 300 commemorative medals.

b> 8 November 2007

Major Building Works at Baldwin?s

For the six weeks from 12th November until the New Year Baldwin?s will be having some major re-structuring work at the office in London to expand the available space. This will mean that the office will only be open for pre-arranged appointments. Please contact Baldwin?s and arrange to meet a staff member before travelling to the office. Facilities will be limited during this period but we will do all that we can to try to keep ?business as normal?.

1 November 2007

PRESS RELEASE

Noble Investments (UK) PLC (?Noble?, the ?Company? or the ?Group?)
Preliminary results for the year ending 31 August 2007
Preliminary results for Noble Investments (UK) plc, the only UK quoted coin trading company
Highlights for the year include:
Financial:
? Turnover increased by 42% to ?10,558,000 (2006: ?7,426,000)
? Operating profit before amortisation of negative goodwill, exceptional costs and share option charge up 48% to ?1,524,000 (2006: ?1,028,000)
? Profit on ordinary activities before taxation, amortisation of negative goodwill, exceptional costs and share option charge up 51% to ?1,670,000 (2006: ?1,104,000)
? Basic earnings per share increased 73% to 10.32p (2006: 5.96p)
? Diluted earnings per share increased 75% to 9.72p (2006:5.54p)
? Adjusted earnings per share increased by 22% to 7.57p (2006: 6.21p)
? Diluted adjusted earnings per share increased by 23% to 7.13p (2006: 5.78p)
? Strong un-geared balance sheet with net assets of ?11,640,000 including ?5,280,000 cash and ?5,942,000 in stocks. (net assets of ?12,414,000 excluding negative goodwill)
? Proposed final dividend of 1.25p per share. (2p for the year compared to 1p for 2006)
Operational:

? Placing of 1,500,000 new ordinary shares to raise ?2,775,000 before expenses in August 2007

? Expansion of collectible activity into the stamp market in collaboration with Andrew Lajer and Andrew Claridge and Nick Mansell

? AIM listed Avarae Global Coins plc, the specialist investment company dedicated to the rare and antique coin collecting sector to which Noble is numismatic advisor, increased its ability to fund investments in rare coins and coin collections through a further ?6 million institutional fundraising in July 2007

? Continued expansion in size of auctions held in London, Hong Kong and New York

? Demand for rare and high grade coins remains strong

? Board appointments and management strengthening

Commenting, Ian Goldbart, Managing Director said:
"There is more economic uncertainly in the world than at the corresponding period last year. In addition, closer to home, the much publicised recent subprime issues, increases in interest rates and funding problems cannot be ignored. Although, when compared to the multi billion dollar corporations of today, Noble is a relative minnow, we do operate internationally with worldwide purchases and sales. It is important to emphasise the strong financial position that our un-geared balance sheet gives us. We continue to explore potential acquisition targets.

The worldwide market for coins remains significant. We account for an extremely small fraction of this market in terms of global coin sales. We continue to see demand for top quality rarities far outstrip supply as collectors and investors realise just how individual certain coins are. In addition coins minted outside the US still fetch a fraction of their US counterparts. We therefore feel it still appropriate to be optimistic about the Company?s future whilst being mindful of economic uncertainties."

27 October 2007
To ensure you receive copies our our forthcoming 'fixed price list' due for posting in November, please call or email the office before 15 November. Lists will include ancient Greek and Roman coins, English hammered and milled, European coins and a significant number of commemorative medals.

12 October 2007
Catalogues for Baldwin's Islamic Coin Auction No.13 to be held in London on 30th Oct 2007 are now available at 11 Adelphi Terrace WC2N 6BJ. In addition, the catalogue is available online by clicking on the auction section of our website.

08 September 2007

Catalogues for Baldwin's Auction 52 and 53 to be held in London on 25 & 26 September are now available at 11 Adelphi Terrace WC2N 6BJ.

20 August 2007

NOBLE INVESTMENTS (UK) PLC

Placing to raise approximately ?2.8m
Expansion of Collectible Activity into Stamp Market

Noble Investments (UK) Plc (?Noble? or ?the Company?), the UK?s only quoted coin trading and auction company, has raised approximately ?2.8m before expenses through a private placing by Collins Stewart to provide additional working capital in part to expand its collectible activity from a focus on antique coins into the trading of stamps.

Noble has issued 1,500,000 shares at 185p per share to raise approximately ?2.8m before expenses. The issue has been placed with an institutional investor and Vincent Tchenguiz.

Expert philatelists, Andrew Claridge of Grosvenor Philatelic Auctions and Andrew Lajer will be working closely with Noble?s subsidiary A. H. Baldwin & Sons Limited to develop its stamp trading activity.

Ian Goldbart, managing director of Noble, said: "We have been exploring possible ways to diversify our business for a while and feel that stamps and coins are a natural fit. We are delighted with the institutional support and that of Vincent Tchenguiz and are extremely fortunate to have the stamp expertise of Andrew Claridge and Andrew Lajer.

We continue to explore further diversification into other collectibles and are looking forward to the next phase in Noble?s development with optimism and enthusiasm.?

Notes:

Andrew Claridge

Andrew Claridge is a leading expert in the field of Great Britain stamps and postal history. Andrew began his career at the Phillips Stamp Department in 1976 and helped the department to grow to an outstanding position. Among the many important collections that Andrew handled and prepared for sale were the ?Harold Fisher?, ?Douglas Latto?, ?A.J. Lowe?, ?Ken James?, as well as the exceptional ?Alphonse? series of auctions.

Moving to Harmers of Switzerland in 1992, he continued with the "Shaida" Great Britain sales and was called upon to turn his hand to such diverse areas as Mafeking and the "Liphschutz" Russia.

Andrew has been involved as a Partner and a Director of Grosvenor Philatelic Auctions Limited since its inception in 1997 and is primarily responsible for its specialised Great Britain Auction. He is a member and director of the B.P.A. Expert Committee and past secretary of the Great Britain Philatelic Society.

Andrew Lajer

Andrew Lajer is a former Vice President of The Great Britain Philatelic Society and has been an independent stamp dealer for 14 years, previously working at Stanley Gibbons Ltd for 17 years where he was Director of the Great Britain Specialist Rare Stamp Department. Andrew left Stanley Gibbons 14 years ago to start his own business.

In this time Andrew has sold the famous ?Shaida? Collection of King George V, the finest ever assembled, including the 1935 Silver Jubilee section which contained no less than 22 examples of the famous ?Prussian blue?.

04 August 2007

Our largest ever Hong Hong auction catalogue is now available to view and download from our website. The sale will take place in Hong Kong on 30 August 2007 and bidders will be able to bid online live during the auction. The auction includes a superb selection of Chinese/Hong Kong coinage, coins from the United States of America and an extemely rare selection of English gold including the 1703 Anne VIGO Five Guinea, Guinea and Half Guinea. Go to our 'home page' and click on the 'Baldwins' logo to view the auction catalogue.

03 August 2007

Our new ISLAMIC COIN LIST is now available to view on our website. Please go to our 'home page' and click on the 'Baldwins' logo and view our latest list at the top left corner of the page.

30 April 2007

NOBLE INVESTMENTS (UK) PLC

Interim results for the six months ended 28 February 2007

Noble delivers another strong result

Noble Investments (UK) plc ("Noble" or the "Group") the AIM listed coin dealer
and auctioneers, is pleased to announce its interim results for the six months
ended 28 February 2007.

Financial highlights:

* Half year turnover up 94 per cent. to GBP5,251,000 from GBP2,701,000 in the
same period last year

* Half year profit before tax up 263 per cent. to GBP1,057,000 from GBP291,000.

* Half year operating profits before goodwill amortisation, share option
charges and exceptional costs up 84 per cent. to GBP872,000 from GBP474,000 in
the same period last year

* Interim basic earnings per share increased by 226 per cent to 5.08p from
1.56p.

* Interim diluted adjusted earnings per share increased by 29 per cent. to
4.12p from 3.20p

* Proposed maiden interim dividend of 0.75p per share.

* Strong un-geared balance sheet with net assets of GBP8,196,000 including
GBP3,850,000 in cash and GBP6,295,000 in stock (net assets GBP9,100,000 excluding
negative goodwill)

Operational highlights:

* The period under review included a strong London auction in September 2006
and our largest ever overseas auction in New York 2007.

* Continued investment in back office, administration and website. Unique
visitors to the website averaged over 2,000 per month with hits of over
1.27m for the period under review.

Commenting on the interim results, Ian Goldbart, Managing Director said:

"We have made excellent progress over the last six months and are pleased to
announce the development of our dividend policy with the inauguration of an
interim dividend. Given the current strength of the worldwide coin market we
fully expect to deliver a strong set of results for the year as a whole. I am
looking forward to the next six months with confidence and excitement.

Our forward auction consignments for the next 12 months are one of the strongest
in Baldwin's 135 year history. This bodes well for our auctions to be held in
Hong Kong August 2007, London September 2007 and New York in January 2008. "

Enquiries:

Ian Goldbart Noble Investments (UK) plc 0207 930 6879

Richard Kauffer KBC Peel Hunt 020 7418 8850

David Haggie/Alexandra Parry Haggie Financial 020 7417 8989

www.nobleinvestmentsplc.com www.baldwin.sh
___________________________________________________________________________

Managing Director's statement

Financial Overview

The results for the first half to 28 February 2007 show turnover of GBP5,251,000
(2006: GBP2,701,000) and profit before tax in the first half ofGBP1,057,000 against
GBP291,000 in the comparable period last year.

Since the acquisition of Baldwin's took place half way through the corresponding
period last year, like for like figures cannot provide a comparable picture.
However, we are pleased to report that despite having a very strong second half
last year, turnover in the first half of this year showed an increase of 11%
over the previous six months and more importantly, operating profits increased
by 48%.

I am glad to be able to report that we have been able to increase turnover
whilst maintaining administration expenses at a similar level to last year.

The Group has a strong un-geared balance sheet with net assets of GBP8,196,000
(2006: GBP6,206,000) including GBP3,850,000 in cash (2006: GBP2,754,000) and
GBP6,295,000 in stock (2006: GBP2,817,000). There are certain figures for 28
February 2006, principally stock and intangible assets, that are not strictly
comparable with the current year figures as the full fair value exercise
following the acquisition of the Baldwin companies in November 2005 had not been
completed when the interim results for the period to 28 February 2006 were
announced.

Stock increased during the period principally due to a significant purchase made
in the last month of the financial period under review. It is our strategy that
high quality, high value coins will be held in stock in order to attract high
net worth collectors. We believe that Baldwin's now maintains one of the most
diversified inventories of coins in the world.

Cash inflow from operations was GBP651,000 (2006: GBP427,000). The high level of
cash available on the balance sheet allows the Group to offer prospective
sellers the option of either selling through auction or directly to us. Since
the end of the first half we have been fortunate to acquire several diversified
collections that are currently being researched and catalogued for future sale.

Dividend

In light of the progress made in the first half the board has decided to
recommend a maiden interim dividend of 0.75p per share which will be paid on 8
June 2007 to shareholders on the register on 11 May 2007.

Operational Overview

Having just concluded our April auctions we now head towards the summer during
which we will hold our small 'Argentum' London auction in June and what is
shaping up to be our largest ever Hong Kong auction in August.

The summer period will be followed by a significant London Auction in September.
In addition, consignments are already coming in for New York for January 2008.

These auctions will include lots consisting of Ancient, English, European,
Middle East, Far East, US and World coins together with commemorative medals,
trade tokens, orders, decorations, military medals and numismatic publications.

Following our appointment last year as numismatic advisers to Avarae Global
Coins plc, the arrangement has added a valuable new source of consistent revenue
for the Group.

Strategy

Since the acquisition of Baldwin's nearly 18 months ago, it has been the Group's
intention to build the Baldwin's brand in order to attract high quality
consignments. It is therefore pleasing to report that our forward auction
consignments for the next 12 months are one of the strongest in Baldwin's 135
year history.

An exciting development concerns part of the stock acquired as part of the
Baldwin's acquisition; namely the 'Brussels Hoard', a hoard of tens of thousands
of Henry III (AD 1216-1272) silver pennies discovered by builders in Brussels in
1908 and purchased at auction by Baldwin's in 1909. For over ten years the
analysis and classification of the hoard has taken place. Later this year
Baldwin's and the British Numismatic Society will jointly publish 'An analysis
of the Brussels Hoard of 1908 and its effect on the Classification of the Long
Cross Coinage 1247-1279'. At the time of publication it is our intention to
offer part of the hoard to collectors, via a fixed price list and on our
website.

Rationalisation of the business continues with increasing efficiencies being
implemented. We continue to examine ways to broaden the business and product
range and also the online market through the use of our website.

Prospects

The worldwide coin market continues to be strong giving us confidence in the
future and this is underpinned by our strong forward auction consignments. This
bodes well for our auctions to be held in Hong Kong in August 2007, London in
September 2007 and New York in January 2008. We are also looking forward to the
marketing of the "Brussels Hoard" later this year.

The success of the business is largely down to the hard work and enthusiasm of
our highly qualified and experienced group of employees without whose commitment
these results could not have been achieved.

Ian Goldbart

Managing Director

30 April 2007

Consolidated Profit and Loss Account

for the half year ended 28 February 2007

Note Half Year Half Year Year
to 28/2/07 to 28/2/06 to 31/8/06
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------- -------- --------
Turnover 3 5,251 2,701 7,426

Cost of sales (3,710) (1,863) (5,386)
-------- -------- --------
Gross profit 1,541 838 2,040
Administrative expenses (555) (564) (1,098)
=-------------------- ----- -------- -------- --------
Operating profit before negative
goodwill amortization, share option
charges and exceptional costs 872 474 1,028

Negative goodwill amortisation 119 (12) 181
=-------------------- ----- -------- -------- --------
Share option charges 2 (5) (38) (88)
Exceptional costs 4 - (150) (179)
=-------------------- ----- -------- -------- --------
Operating profit 986 274 942
Net interest receivable 71 17 76
-------- -------- --------
Profit on ordinary activities before
taxation 1,057 291 1,018

Taxation (283) (134) (277)
-------- -------- --------
Profit attributable to ordinary
shareholders 774 157 741

Dividends (150) - -
-------- -------- --------
Retained profit for the period 624 157 741
-------- -------- --------
Earnings per share: Pence Pence
Basic earnings per share 5 5.08 1.56 5.96
-------- -------- --------
Diluted earnings per share 5 4.83 1.46 5.54
-------- -------- --------
Adjusted earnings per share 5 4.33 3.41 6.21
-------- -------- --------
Adjusted diluted earnings per share 5 4.12 3.20 5.78
-------- -------- --------

There is no difference between the profit on ordinary activities before taxation
and the retained profit for the six months ended 28 February 2007 and their
historical cost equivalents.

The Group has no recognised gains or losses other than those included in the
results above.

The profit and loss account has been prepared on the basis that all operations
are continuing.

Consolidated Balance Sheet

as at 28 February 2007

Note As at As at As at
28/2/07 28/2/06 31/8/06
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Fixed assets
Intangible assets - Negative
goodwill (904) 1,002 (1,013)
Tangible assets 1,782 1,755 1,802
Investments - 3 -
-------- ------- -------
878 2,760 789
-------- ------- -------
Current assets
Stocks 6,295 2,817 5,564
Debtors 748 551 1,016
Cash at bank and in hand 3,850 2,754 3,136
-------- ------- -------
10,893 6,122 9,716
-------- ------- -------
Creditors: amounts falling due
within one year (2,614) (131) (1,952)
-------- ------- -------
Net current assets 8,279 4,329 7,764
-------- ------- -------

Total assets less current
liabilities 9,157 7,089 8,553

Provisions for liabilities and
charges (961) (883) (1,129)
-------- ------- -------
Net assets 8,196 6,206 7,424
-------- ------- -------
Capital and reserves
Called up equity share capital 156 751 150
Share premium account 5,206 19,976 5,069
Capital redemption reserve 50 50 50
Profit and loss account 2,784 (14,571) 2,155
-------- ------- -------
Equity shareholders' funds 6 8,196 6,206 7,424
-------- ------- -------

Consolidated Cash Flow Statement

for the half year ended 28 February 2007

Half Year Half Year Year
to 28/2/07 to 28/2/06 to 31/8/06
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note

Net cash inflow from operating
activities 7 651 427 630
------- ------- -------
Returns on investment and servicing of
finance
Net interest received 71 17 56
------- ------- -------
Taxation
UK corporation tax - - (19)
------- ------- -------
Capital expenditure and financial
investment
Purchase of tangible fixed assets (1) (39) (102)
------- ------- -------
Net cash outflow from capital expenditure
And financial investment (1) (6) (102)
------- ------- -------

Acquisitions
Purchase of subsidiary undertakings - (3,907) (4,285)
Net cash acquired with subsidiaries - 975 991
------- ------- -------
Net cash outflow from acquisitions - (2,932) (3,294)
------- ------- -------

Equity dividends paid (150) - -
------- ------- -------
------- ------- -------
Net cash inflow/(outflow) before
financing 571 (2,527) (2,729)
------- ------- -------
Financing
Proceeds from issue of shares (net of
expenses) 143 4,578 5,162
------- ------- -------
Net cash inflow from financing 143 4,578 5,162
------- ------- -------
Increase in cash 8 714 2,051 2,433
------- ------- -------

Notes to financial information

1. Basis of preparation

The financial information included in this interim statement for the six months
ended 28 February 2007 does not constitute statutory accounts within the meaning
of section 240 of the Companies Act 1985 and is neither audited nor reviewed.
The financial information has been prepared on the basis of accounting policies
consistent with those set out in the statutory financial statements for the year
ended 31 August 2006, which have been filed with the Registrar of Companies and
on which the auditors gave an unqualified opinion.

2. Share option charges

In preparing the financial statements for the 6 months ended 28 February 2007,
the Group has adopted the following Financial Reporting Standard:

FRS 20 Share-Based Payment (IFRS 2).

The adoption of FRS 20 Share-Based Payment (IFRS 2) requires the recognition of
equity-settled share-based payments at fair value at the date of the grant and
the recognition of liabilities for cash-settled share-based payments at the
current fair value at each balance sheet date. Prior to the adoption of FRS 20,
the Group did not recognise the financial effect of share-based payments until
such payments were settled.

In accordance with the transitional provisions of FRS 20, the Standard has been
applied retrospectively to all grants of equity instruments after 7 November
2002 that were unvested as of 1 January 2005.

Comparative figures for the 6 months ended 28 February 2006 and the year ended
31 August 2006 have been restated to apply the provisions of FRS 20, increasing
administrative expenses and consequently reducing operating profit for those
periods, as follows:

Half Year Year
28/2/06 31/8/06
Unaudited Audited
GBP'000 GBP'000

Operating profit as previously stated 312 1,030
FRS 20 Share option charge (38) (88)
-------- --------
Operating profit as restated 274 942
-------- --------

The related credit is reflected in the profit and loss reserve and therefore the
net effect on the balance sheets at 28 February 2006 and 31 August 2006 is GBPnil.

3. Turnover

All of the Group's turnover is derived from the Group's sole activity of trading
in rare coins and other collectibles.

4. Exceptional costs

Half Year Half Year Year
to 28/2/07 to 28/2/06 to 31/8/06
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------- --------- --------
Administrative expenses:
AIM Admission costs - 105 134
Directors bonus and associated national
insurance costs - 45 45
--------- --------- --------
- 28 179
--------- --------- --------

5. Earnings per share

The calculation of basic earnings per share for the half year ended 28 February
2007 is based on the profit attributable to ordinary shareholders of GBP624,000
(2006 half year: GBP157,000; 2006 full year: GBP741,000) divided by the average
number of shares in issue of 15,243,951 (2006 half year: 10,096,021; 2006 full
year: 12,438,769).

The adjusted earnings per share figures are based on profit attributable to
ordinary shareholders after adding back goodwill amortisation, share option
charges and exceptional costs, as follows:

Half Year Half Year Year
to 28/2/07 To 28/2/06 to 31/8/06
Unaudited Unaudited Audited
GBP'000 P GBP'000 P GBP'000 P
Profit attributable to
ordinary 774 5.08 157 1.56 741 5.96
shareholders
Goodwill amortisation (119) (0.78) 12 0.12 (181) (1.46)
Share option charges 5 0.03 38 0.38 88 0.71
Exceptional costs - - 150 1.48 179 1.44
Tax effect - - (13) (0.13) (54) (0.44)
------- ------ ------- ------ -------
------
Adjusted profit and
earnings per 660 4.33 344 3.41 773 6.21
share ------- ------ ------- ------ ------- ------
Diluted adjusted profit
and 660 4.12 344 3.20 773 5.78
earnings per share ------- ------ ------- ------ ------- ------

At 28 February 2007, there were 734,032 (2006 half year: 1,742,831; 2006 full
year: 1,742,831) share options in issue of which 778,030 (2006 half year:
664,041; 2006 full year: 935,486) were dilutive potential ordinary shares on
average during the period.

6. Reconciliation of movements in equity shareholders' funds

Half Year Half Year Year
28/2/07 28/2/06 31/8/06
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000

Profit retained for the period 624 157 741
Share option charges 5 38 88
Issue of shares 143 4,578 5,162
-------- -------- ---------
Net addition to equity shareholders' funds 772 4,773 5,991

Equity shareholders funds at start of period 7,424 1,433 1,433
-------- -------- ---------
Equity shareholders funds at end of period 8,196 6,206 7,424
-------- -------- ---------

7. Reconciliation of operating profit to net cash inflow from operating
activities

Half Year Half Year Year
to 28/2/07 to 28/2/06 31/8/06
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000

Operating profit 991 312 1,030
Depreciation 21 11 27
Goodwill amortisation (119) 12 (181)
(Increase)/decrease in stock (731) 737 1,255
Decrease/(increase) in debtors 270 (454) (42)
Increase/(decrease) in creditors 219 (191) (1,459)
-------- -------- --------
Net cash inflow from operating activities 651 427 630
-------- -------- --------

8. Reconciliation of net cash flow to movement in net funds

Half Year Half Year Year
to 28/2/06 to 28/2/06 to 31/08/06
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000

Increase in cash in the period 714 2,051 2,433
-------- -------- --------

Change in net funds resulting from
cashflows 714 2,051 2,433
-------- -------- --------
Movement in net funds in period 714 2,051 2,433

Net funds at start of period 3,136 703 703
-------- -------- --------
Net funds at end of period 3,850 2,754 3,136
-------- -------- --------

9.

The Interim Statement was approved by the Board on 30 April 2007.

10.

Copies of this statement will be sent to shareholders and are available to the
public from the Registered Office at: Barton Hall, Hardy Street, Eccles,
Manchester, M30 7WJ.

20 April 2007
Next weeks three auction catalogues (24/25 April)are now available online. In addition you can participate in the realtime auction with an audio live link via www.the-saleroom.com

23 February 2007
Our latest list of Coins of the Order of St John in Rhodes & Malta is now available.
Please call us on 44(0)207 930 6879 for a copy.

05 February 2007
Copy and paste the link below to view our Saturday 10 February Argentum auction.

http://www.invaluable.com/PartnerPages/Sale.aspx?SaleID=1129916&Page=1&SaleHouseID=1041701

07 January 2007
Baldwin's will be holding their annual New York auctions at the Waldorf Astoria Hotel on 10 and 11 January and will have a stand at the New York coin fair, also at the Waldorf, on 12,13 and 14 January.

22 December 2006

To view our New York auction catalogues and to register in order to bid live online on 10 & 11 January 2007 go to
www.the-saleroom.com/baldwins and view forthcoming auctions.

16 December 2006

Our three New York auction catalogues for sales on 10 & 11 January 2007 can now be viewed on www.sixbid.com. They can also be seen by clicking on the Baldwin logo and scrolling down to the foot of the page where the link to Sixbid can be found. The three catalogues contain a significant number of Ancient, medieval and modern world coins together with Russian coins, medals, orders and badges.

14 December 2006

Noble Investments (UK) PLC

AGM Statement
Noble Investments (UK) plc, the only UK quoted coin trading company, is holding
its Annual General Meeting today at 11am, at which Nicholas Bonham, Chairman,
will make the following statement:

"The Company has just finished its first quarter ending 30 November 2006. This
year the Company has had the added benefit of combined sales from the busy
September auction period and as a consequence is significantly ahead of the same
period last year.

Operating profits for the first three months are in excess of those reported at
the interim stage last year. As is traditional within our business, we expect
the remainder of December to be quiet as we prepare to enter 2007 with our
January New York auction.

As mentioned in our year end report, we intend to review the dividend policy at
the time of our half year figures.

The Board is pleased with current trading, and views future prospects with
continued optimism and confidence."

Noble Investments (UK) plc
Ian Goldbart, Managing Director
020 7930 6879

24 November 2006
Please note that we have added numismatic books for sale to our website. Currently these can be viewed and bought online by clicking on 'view our coins' and clicking on 'books'. For futher details of our complete stock please call Caroline Holmes on 44(0)207 930 6879.

20 November 2006

Our latest Islamic coin list can now be viewed by clicking on the 'Baldwins' logo and viewing our latest list at the top left corner of the page.

03 November 2006

1 November 2006.

PRESS RELEASE

Noble Investments (UK) plc ("Noble" or the "Company")

Preliminary results for the year ending 31 August 2006

Preliminary results for Noble Investments (UK) plc, the only UK quoted coin
trading and investment company

Highlights for the year include:

Financial:

Turnover increased by 302% to ?7,426,000 (2005: ?1,845,000)

Operating profits before goodwill amortisation and exceptional costs up 764% to
?1,028,000 (2005: ?119,000)

Adjusted earnings per share increased by 204% to 6.21p (2005: 2.04p)

Diluted adjusted earnings per share increased by 204% to 5.78p (2005: 1.90p)

Strong un-geared balance sheet with net assets of ?7,424,000 including
?3,136,000 cash and ?5,564,000 in stock. (Balance sheet ?8.44 million excluding
negative goodwill)

Maiden proposed final dividend of 1p per share.

Operational:

Acquisition of A H Baldwin & Sons Limited and Baldwin's Auctions Ltd and
associated placing raising net ?4.58m

Appointment as numismatic advisor to AIM listed Avarae Global Coins Plc

Successful and expanding auctions held in London, New York and Hong Kong

Appointment this month of Douglas Saville, ex Spink director with over 30 years
experience, as a consultant to help develop a numismatic rare book and
publications department

Demand for rare and high grade coins remains strong

Commenting, Ian Goldbart, Managing Director said:

"We are delighted with the performance that the Company has delivered. We have
taken steps to broaden the services that we offer including the recent
appointment as numismatic advisor to Avarae Global Coins Plc and, we are
benefiting from the increased range of opportunities that are available to us.
We anticipate further organic growth and we continue to evaluate a number of
bolt-on acquisitions. We are looking at the future with confidence."

21 October 2006
The Autumn Argentum auction catalogue is now available at our offices or by downloading the PDF file by clicking on the Baldwin icon on the homepage. The auction will take place during the London Coin Fair at 2.30pm on Saturday 4 November at The Holiday Inn, Coram Street WC1.

22 September 2006
Viewing for auctions 47,48 and 49 will take place this Sunday 24th September from 10am-4pm at 11 Adelphi Terrace, London,WC2N 6BJ

14 September 2006
Our 25 & 26 September London auction catalogues,Auctions 47,48,49,including auction 48 featuring 100 rarities, are now available to download online. Please go to our home page and click on the Baldwin's logo. The two day auction is listed on 9 seperate PDF files. It may take a minute or two to download each file. Catalogues will be posted out early next week. The catalogues can also be viewed at: www.the-saleroom.com

12 August 2006
Our 30 August 2006 Hong Kong auction catalogue is now available to view online.

19 July 2006
Our forthcoming London auctions will take place on 25 September 2006 and the evening of 26 September 2006.
These will contain many items from around the world and will include Part 2 of the Gregory Collection and in addition our '100 Great Rarities' from around the World.
Please contact our office for further details or to consign your own coins to be included in these auctions.

30 June 2006
Noble Investments (UK) Plc is delighted to announce that its wholly owned subsidiary, A H Baldwin & Sons Ltd, purchased on behalf of Avarae Global Coins Plc, the Edward III Double Leopard or Double Florin. The coin is one of the most important English coins to come up for sale in the last 100 years and was bought for ?470,500, a new English record. Only two other examples are known, both found in 1854 and now form part of the collection held at The British Museum. This example is therefore the only one available in commerce.

16 June 2006

The catalogue for our 13 July Islamic Coin Auction to be held in London is now available. For a hard copy please call our London office on: (44) 207 930 6879. For further information regarding this catalogue please ask for our Islamic specialist Tim Wilkes.

06 June 2006

Our Summer 'Argentum' Coin auction catalogue is now available online at www.Baldwin.sh on the front page of our website. The auction is to be held at 2.30pm this Saturday 10 June 2006 at The Holiday Inn,Coram Street, London,WC1.

24 May 2006

'AVARAE GLOBAL COINS plc'

FIRST DAY OF DEALINGS

UK's first investment fund dedicated to investment in coins set to
introduce investors to the World of 'Numismatics'

London: 24 May 2006 - Specialist investment company dedicated to the coin
collecting sector, Avarae Global Coins Plc ("Avarae" or "the Company") is
pleased to announce its admission to AIM ("Capital Admission"). The Company
issued 40,000,000 new shares on Admission at 12.5p to raise ?5.0million and will
trade under the symbol AVR.

Avarae is a recently formed investment company, which aims to achieve long-term
capital growth through the purchase, holding and sale of high quality and rare
coins. The capital raised will provide Avarae with the funds to invest actively
in the coin-collecting sector and to build a portfolio of rare coins from around
the world. Coins held in the portfolio will typically be purchased for prices
ranging from a few hundred pounds to ?750,000, although the Company will not be
limited to a particular size of investment.

Avarae intends to build a portfolio of coins both to hold in the long-term (more
than one year) and to enable it to take advantage of short-term trading
opportunities (less than one year). Individual coins may be acquired both
through private contacts and at auctions.

The Company notes the increasing investment interest in the coin collection
sector in recent years, which it claims is a result of a growing awareness of
coins as an investment class, the ability to diversify and the recognition by
investors of the opportunity to achieve attractive returns through such
investments. As a result of these factors, in many cases there have recently
been significant gains in the value of high quality private coin collections.

Commenting on the market, Brian Hatton, Executive Director of Avarae said:

"As an alternative investment class to equities and property, an investment in
coins can provide another form of diversification for investors, particularly in
periods of high capital market volatility, low interest rates and comparatively
low property yields.

"Then there is the historical interest associated with coins, many scarce and
rare, and largely unappreciated. With stamps, a collector's prize asset may date
back as far as 1840, but with coins, we can journey back to the Greek and Roman
periods, and long before that."

Managing the Portfolio

The Avarae Board - which consists of Executive Directors, Brian Hatton and Neil
Orders and Non-Executive Director, Robert Eijkelhof - has engaged the highly
experienced Noble Investments (UK) Plc ("Noble") to act as numismatic adviser to
the Company, advising on coin purchases and its resultant portfolio.

Mr Eijkelhof, experienced in the coin-collecting sector, will be responsible for
evaluating investment opportunities in conjunction with Noble and the other
Directors. The Board will also make use of an advisory panel (independent of
both Avarae and Noble), constituting David Pinckney and The Rt Honourable Sir
John Wheeler J.P DL. The advisers will act as consultants to the Company and
will provide opinions on investment recommendations made by Noble.

In conclusion, Mr Hatton said:

"We are delighted to have raised this initial tranche of funding and to be
joining AIM. The coin-collecting sector is growing all the time, attracting
interest from investment professionals, including banks and IFAs, high net worth
individuals and coin collectors. For those that are prepared to take a medium to
long-term view, who are looking to diversify their portfolio and who perhaps
share a passion for coins, Avarae should prove an attractive alternative. We
anticipate strong interest."

Admission and Subscription statistics

- Subscription price per ordinary share: 12.5p
- Number of Subscription shares issued: 40,000,000
- Gross proceeds of the Subscription: ?5.0 million
- Number of ordinary shares in issue on Admission: 53,333,334
- Available cash resources upon Admission: approximately ?4.9 million
- Net asset value per share on Admission: 9.2p
- Market capitalisation on Admission: ?6.67 million

13 May 2006
2-4 May Auction Report

The three day event attracted 695 different bidders with 468 being successful bidders,
both figures up by more than 50% on the last London auction in October.

?1,192,226 total price realised.(including buyer?s premium)
Items sold for 16% over the pre-sale estimate.

After all the changes at Baldwins over the last six months there were great expectations over the forthcoming auctions and I think that it can safely be said that we managed to impress with both the content and the quality of the three new catalogues.The thumping three-day sale contained almost 3000 lots of extremely high quality material and there was truly something for everybody in the broad range.

For the first time, Baldwins made use of the power of the internet and invited the Antiques Trade Gazette to set up their brand new live bidding programme in the auction room. We were all a little nervous about how the new technology would be received but overall response was very good as people from all over the world tuned into the live audio ? yes, you could actually hear the auctioneer across the internet waves. This made the whole experience extremely atmospheric and one user emailed us his view: ?it worked like a dream?

Almost 100 bidders were registered for live bidding and at one time over fifty were viewing the auction and bidding.

Over the course of the auction there we some incredible prices achieved for many of the rare and top-grade pieces (see below); most notably in the Gregory Collection, in the British Colonial section and in the South African coins.

On the morning of the final day (during the Commemorative Medals), Nicholas Bonham, formally of Bonhams auctioneers, made a welcome return to the rostrum.

If you would like more details on our forthcoming Auctions (June and July in London, August in Hong Kong and October in London and January 07 in New York )or you are considering selling items at auction, please contact Dimitri Loulakakis, Edward Baldwin or Seth Freeman,
Tel: +44 20 7930 9808; Fax +44 20 7930 9450 or Email: auctions@baldwin.sh

04 May 2006

Noble Investments (UK) PLC

Additional Listing

The Company received notification on 3 May 2006 from Mr JPD Geertman that he has
exercised 665,000 options at a price of 88p per share.

Following receipt of the funds, application will be made for 665,000 ordinary
shares arising from the exercise to be admitted to trading on AIM. The shares
will rank pari passu with the existing ordinary shares of the Company and
dealings are expected to commence on 15 May 2006.

Following this transaction, Mr Geertman will hold 2,403,500 ordinary shares
representing approximately 16.0 per cent. of the enlarged issued share capital.

27 April 2006

Noble Investments (UK) PLC

Director's shareholding

Noble received notification yesterday that Ian Goldbart, Managing Director,
yesterday bought 9,303 ordinary shares at 140p per share.

Following this transaction Mr Goldbart is interested in 1,290,000 shares
representing 8.9 per cent. of the issued share capital of the Company.

26 April 2006

NOBLE INVESTMENTS (UK) PLC

Interim Results for the six months ended 28 February 2006

Noble Investments (UK) plc ("Noble" or the "Company") the AIM listed coin dealer
and auctioneers, is pleased to announce its interim results for the six months
ended 28 February 2006.

Financial highlights:

- Half year turnover up 197 per cent. to ?2,701,000 from ?909,000 in the
same period last year

- Half year operating profits before goodwill amortisation and exceptional
costs up 629 per cent. to ?474,000 from ?65,000 in the same period last
year

- Interim adjusted earnings per share increased by 210 per cent. to 3.41p
from 1.10p.

- Interim diluted adjusted earnings per share increased by 208 per cent. to
3.20p from 1.04p

- Strong un-geared balance sheet with net assets of ?6,206,000 including
?2,754,000 in cash and ?2,817,000 in stock.

Operational highlights:

- The acquisitions announced in November 2005 of A H Baldwin & Sons Ltd and
Baldwin's Auctions Ltd.

- numismatic advisor to AVARAE Global Coins plc

- Sale of selected Russian coins achieved what is believed to be the highest
value ever for a collection of Russian coins at auction

Commenting on the interim results, Ian Goldbart, Managing Director stated:

"I am delighted to report that Noble has made major progress in the first half
of the year, following the acquisition and complete integration of the Baldwin
companies in November last year. The appointment as numismatic advisor to AVARAE
Global Coins, announced earlier this week is an important strategic step and the
second half of the year promises to be an exciting and progressive period for
Noble."

24 April 2006
Noble Investments Re Agreement
Re Agreement.

Noble is pleased to announce that it has entered into an agreement to provide
management services to AVARAE Global Coins Limited ("AVARAE"). AVARAE is a newly
formed strategic investment company, whose objective is to achieve long term
capital growth for its shareholders through the purchase, holding and sale of
coins from around the world. The agreement is conditional on AVARAE's admission
to AIM.

Noble will advise AVARAE on coin purchases and its resultant portfolio and will
receive an annual management fee of 1.5 per cent. based on funds under
management and additional transaction fees. Noble will also be entitled to
participate in profits, through a performance fee, if returns exceed 10 per
cent. per annum.

Following last years acquisition of A H Baldwin & Sons Ltd, the enlarged team of
numismatic specialists within Noble now enable it to offer a professional
opinion on coins minted in virtually any country over the past 2,500 years.

AVARAE is in the final stages of Admission documentation together with a ?5m
fund raising and is expected to be admitted to AIM in May 2006.

Commenting on the agreement, Ian Goldbart, Managing Director of Noble
Investments (UK) PLC said,

'We are delighted to have been awarded this three year contract. It will give
Noble its first recurring stream of revenue through management fees and
commissions. In addition, it will also increase our ability and capacity in the
numismatic market to purchase high quality and rare coins from around the
world'.

Commenting on the agreement, Brian Hatton, Director of AVARAE said,

'We are pleased to have signed this contract with Noble Investments (UK) PLC. It
not only gives AVARAE access to a wealth of numismatic experience but also to a
team with global connections and the ability to source coins from all over the
World' .

18 April 2006
Noble Investments (UK) PLC will announce its interim results for the half year to 28 February 2006 on Wednesday 26 April 2006.

8 April 2006
Baldwin's Auctions offer live audio internet bidding in their 2,3,4 May auctions.
For further details go to www.the-saleroom.com.

These catalogues can now be viewed on www.sixbid.com.

23 March 2006
Our wholly owned subsidiary A H BALDWIN & Sons Ltd and Baldwin Auctions will be holding a three day series of auctions on 2,3,4 May in the Council Chamber of The Chartered Institute of Public Finance & Accountability (CIPFA),3 Robert Street WC2. The auctions comprise nearly 3,000 coins, medals, decorations and tokens including items of Ancient Greek, Roman and Byzantine,English hammered and milled,Indian and Islamic,European,Russian, Naval medals and coin cabinets. For a copy of the auction catalogues please email us or come to preview at 11 Adelphi Terrace WC2N 6BJ.

15 March 2006
J P D Geertman acquires 160,000 shares in Noble Investments (UK) PLC increasing his holding to 1,738,500(12.13%)

10 March 2006
Allianz Cornhill Insurance Plc acquires 125,000 shares in Noble Investments (UK) PLC increasing holding to 731,000 shares (5.10%)

7 February 2006
Allianz Cornhill Insurance Plc acquires 75,000 shares in Noble Investments (UK) PLC increasing holding to 606,000 shares (4.23%)

18 January 2006
Noble Investments issues Jan Geertman a 12 month option to purchase 665,000 new Noble Investment(UK)PLC shares at 88p. Noble Investments has the right to put the shares on Mr Geertman at 88p at any date after 17 May until expiry on 17 January 2007.

11 January 2006
Jon Olafsson declares holding in Noble Investments (UK) PLC of 644,136 shares (4.49%)

09 January 2006
J P D Geertman acquires 60,000 shares In Noble Investments (UK) PLC increasing his holding to 1,578,500 (11.01%)

02 december 2005
Mr Ivor and Mrs Denise Spiro declare following an acquisition of 431,035 new shares they now hold 548,426 shares in Noble Investments (UK) PLC representing 3.8%

28 November 2005
At the company's EGM held today the acquisition of A H Balwin & Sons Ltd and Baldwin Auctions Ltd was approved.

26 November 2005
Visit our new A H Baldwin on line shop at www.vcoins.com and click on Baldwins.

04 November 2005

Noble Investments (UK) plc ("Noble")

Proposed acquisition of Baldwins for ?4.45m
Placing to raise ?5m

Key Points

* Proposed acquisition of Baldwins, the family-run coin dealers and
auctioneers in London, for an aggregate consideration of ?4,450,000

* The acquisition will create one of the UK's leading and only listed
coin trading businesses

* The acquisition will be financed by a placing of 8,620,690 new
Ordinary Shares at 58 pence to raise ?5 million before expenses and from
existing cash resources

* Noble is also proposing a Capital Reduction with a view to improving
the Company's future dividend payment capability by eliminating the retained
deficit on Noble's profit and loss reserve

* The Directors and the Proposed Director and/or persons connected with
them have subscribed for Placing Shares having an aggregate value of ?540,000 at
the Placing Price

* It is expected that Admission will become effective and dealings in
the Existing Ordinary Shares and the Placing Shares will commence on AIM on 29
November 2005

Commenting, Ian Goldbart, Managing Director of Noble said: "Today's proposed
acquisition is a major step in Noble's development. It will create one of the
leading UK coin trading business. We believe that with our Chairman's expertise
we will also be able to build the auctions business into a major force within
our sector. Given the current opportunities in the market we believe that this
is a fantastic time to make such an acquisition. We are delighted to be
welcoming a team of specialist staff from Baldwins and look forward with
confidence and excitement."

Edward Baldwin, Proposed Director of Noble said: "We are excited to be joining
Noble; they are an established and well respected Company and I look forward to
taking my seat on the Board. With our history dating back to 1872, we are
delighted that the trading company will still be A H Baldwin and Sons Limited
with me in place as chairman. We believe that the opportunity to merge the coin
trading activities of all three companies will lead to the creation of a
significant coin business in London and international market places. Our
combined numismatic expertise and market experience are a powerful formula. "

04 November 2005
Preliminary results for the year ending 31 August 2005

Preliminary results for Noble Investments (UK) plc, the only UK quoted coin
trading and investment company

Highlights for the year include:

* Turnover increased by 97 per cent. to ?1,845,000 (2004:?937,000)
* Operating profits before exceptional costs increased by 83 per cent. to
?119,000 (2004:?65,000)
* Earnings per share of 1.56p (2004: loss per share of 0.28p)
* Strong balance sheet with cash of over ?700,000 and stock of ?686,000
* Acquisition of A H Baldwins & Sons Limited and Baldwin's Auctions Ltd and
associated placing raising ?5 million

Commenting, Ian Goldbart, Managing Director said:

We are delighted with our progress to date. We have delivered strong growth in
turnover and profits and have made excellent progress in building the
foundations for a successful future. We have strengthened the management team
through key, additional senior appointments and made a major acquisition which
will make us the second largest numismatist in Britain. We remain excited about
the prospects for our business and the markets in which we operate and are
confident that we can continue to build on the significant progress we have made
to date.

12 September 2005

Noble Investments (UK) plc appoints Stuart Mollekin as Finance Director with immediate effect.
Stuart has occupied senior positions in a number of private and public companies over the past twenty years.
Commenting on the appointment Noble's Managing Director Ian Goldbart said:'Stuart has made a significant contribution as financial controller and company secretary so we are delighted to welcome him to the PLC board.He brings a wealth of public company experience and his strict financial controls and business skills will be invaluable to the company as we progress our plans for growth'.

2 August 2005

Press release.

Noble Investments (UK) PLC appoints ex Spink experts.

The Directors of Noble Investments (UK) Plc ,the only rare coin trading company quoted on AIM, are pleased to announce the following appointments.

Stephen Hill to become an Associate Director ( 33 ).
Stephen joins Noble on 1 September 2005 after 15 years at Spink where he was Associate Director responsible for English milled coins.
He has been a major contributor on English coinage to the Spink Standard Catalogue,the numismatic bible, from 1998 to the forthcoming 2006 edition. He is an extremely well regarded and respected numismatist with a worldwide reputation

He is a member of The British Numismatic Society,American Numismatic Association,Irish and Yorkshire Numismatic Societies and The International Association of Professional Numismatists.

Paul Hill to become an Associate Director ( 29 ).
Paul joins Noble on 1 September 2005 after 5 years with Spink. He specialises in ancient Greek,Roman and Byzantine coins and was responsible for Spink?s ancient coin dealing over the past two years and a contributor to the Ancient British and Roman sections Coins of England? catalogue.

He has a First Class Honours degree and Masters degree in Ancient History from the University of London. He is a fellow of the Royal Numismatic Society,member of the British Numismatic Society,International Association of Professional Numismatists and the American Numismatic Society.

Commenting on their appointments executive director Dimitri Loulakakis said ? I am delighted that both Stephen and Paul have decided to join Noble Investments (UK) Plc. I have known them both for many years and their decisions to join the team at Noble is a validation of how far we have come since establishing the business in 2003. Their combined knowledge,reputations and expertise will not only strengthen the company?s position but also allow us to expand our customer base and contacts?.

Nicholas Bonham, Chairman of Noble Investments (UK)Plc said ?These appointments fit in very well with Noble?s expansion program and will introduce youth combined with strength of expertise to the company.The enlarged team has over 100 years experience within the numismatic industry.?

13 June 2005

The Board of Noble Investments (UK)PLC is pleased to announce the appointment of KBC Peel Hunt Ltd as nominated adviser and broker with immediate effect.
10 May 2005

NOBLE INVESTMENTS (UK) PLC

Interim Results for the six months ended 28 February 2005

Managing Director?s statement

I am pleased to be able to report to shareholders that further progress has been made since the full year figures for the year end 31 August 2004 were announced.

Turnover for the half year increased from ?151,000 to ?909,000 and operating profit before exceptional costs increased to ?65,000 against ?6,000 for the corresponding period.

It is also pleasing to see that turnover for the first half approached the ?937,000 achieved for the whole of last year. Turnover in the first half of this year was 16% higher than turnover in the second half of last year.

Overheads have remained tightly controlled and are not significantly higher than the previous six months.

Noble is now firmly established as an important player within the British numismatic market and last year became a member of the British Numismatic Trade Association (BNTA). The market continues to be healthy with plenty of liquidity.

I am pleased to say that the client base of collectors continues to grow. Over half of the turnover is still achieved by supplying the numismatic trade although more interest is now being seen from professionals such as banks, independent financial advisors and high net worth individuals.

The balance sheet remains strong with cash balances of ?548,000 and coin stocks of ?746,000 which have been strategically increased during the first half. The cash flow reflects this conversion of cash to coins.

We are starting to develop initiatives with the aim of achieving further growth both organically and by acquisitions, and hope to see significant progress this year. There may be an increase in costs in the short term, but we expect to add significantly to the income flow in the medium term. It is hoped that specific details of one or more of these initiatives can be announced soon.

Ian Goldbart
Managing Director
10 May 2005

11 March 2005

We are in the final stages of producing our first comprehensive list of Ancient coins for sale.
Over 200 gold,silver and bronze coins covering Ancient Greek,Roman Republic,Roman Empire,Roman Provincial and Byzantine.
Prices range from ?10 to over ?3,000. To ensure you are sent a copy please contact us by email or call Eleni Papaefthymiou for further details.

4 November 2004

PRESS RELEASE

Noble Investments (UK) plc
Preliminary results for the year ending 31 August 2004.

Preliminary results for Noble Investments (UK)plc ,the only UK quoted coin trading and investment company.

* Noble Investment (UK) plc announces maiden results for first year of trading.

* Nicholas Bonham joins board as Chairman.

* Dimitri Loulakakis appointed as full time Executive Director.

* Dr Eleni Papaefthymiou joins company as specialist in Ancient Greek and Roman coins.

* Turnover rises in second half to ?786,000 from ?151,000 in first half.

* Profits before exceptionals rise in second half to ?59,000 from ?6,000 in first half.

* Adjusted EPS of 1.23p with fully diluted adjusted EPS 1.16p

* Shareholders funds increased to ?1.34 million

* Current trading for first two months significantly ahead of last year.

Further progress has been made since the Company's interim results were announced on 23 April 2004.

Turnover for the year ended 31 August 2004 reached ?937,000 with operating profits of ?65,000 before exceptional items.

The second half of the year saw turnover rise to ?786,000 from ?151,000 for the first half, and operating profits before exceptional items rise from ?6,000 to ?59,000.

The Company's visibility within the Numismatic market continues to grow and the recent launch of the website adds substance to this. The website went live in September and is an additional platform for displaying a selection of the Company's inventory of coins for sale. The Company continues to buy and sell coins from all over the world via coin fairs, auctions, dealers and private collections.

The Balance sheet was further strenghtened by the fundraising that took place in April this year at 40p per share, raising ?200,000 before expenses.

The Company continues to grow the business organically whilst looking for suitable acquisitions in the UK. Despite the solid progress achieved in the first year of the new business as a public company we still believe there are further opportunities to continue to grow within our sector especially for a company with significant available funds.

7 September 2004
Nick Bonham joins Noble as Chairman
The Directors of Noble Investments(UK)plc are pleased to announce that Mr Nick Bonham has agreed to serve as Chairman of the Company with effect from 6th September 2004.Mr Bonham is retiring as Deputy Chairman of Bonhams Auctioneers after a distinguished career with the firm spanning 38 years. The Board of Noble Investments(UK)plc welcome Mr Bonham whose wise counsel and experience will be of great relevance and importance in the further development of the Company's business.

6 April 2004
Noble Investments (UK) plc is pleased to announce that Eleni Papaefthymiou PhD
has agreed to join the company on a full time basis.

Eleni has previously worked as a Numismatic specialist with Credit de la Bourse
and Argenor Numismatique in Paris.

In both posts she was responsible for Ancient Greek and Roman coins. She has
worked for the Numismatic Museum of Athens specifically with regards to
identification, description, dating and classification of the museum coins.She
has written a book on provincial coins of Edessa of Macedonia and had numerous
articles published.

Ian Goldbart , Managing Director of Noble Investments (UK) plc commented.

' We are delighted that Eleni has decided to join us, not least because she
speaks five languages but she has a wealth of experience in Ancient Greek and
Roman coins, a large network of contacts throughout the world and is highly
regarded within the industry. Her appointment together with the recently
announced appointment of Dimitri Loulakakis now gives the company the necessary
expertise to invest and trade in coins ranging from Ancient Greek and Roman
through to English and European covering a period of over 2000 years. In
addition to trading she will also be responsible for administration, catalogues
and developing a website presence. Her appointment therefore puts in place
another piece of the jigsaw.'

01 March 2004
Noble Investments (UK) plc ('the Company') is pleased to announce the
appointment of Mr Dimitri Loulakakis OSJ (Malta) (aged 69) as a Full time
Executive director of the Company. He was previously a Non-executive Director
of the Company.

Mr Loulakakis is the founder and owner of Chelsea Coins, a long established and
well regarded coin dealing business which started in 1968. Mr Loulakakis has no
other directorships.

Ian Goldbart, Managing Director of Noble Investments (UK) plc, commented:

'I have known Dimitri for over 25 years and am delighted he has decided to cease
trading as Chelsea Coins and to commit to Noble Investments (UK) plc on a full
time basis.

His knowledge of English and European coins is extensive and this coupled with
his reputation throughout the Numismatic Industry will be of significant benefit
to the Company.

Having traded as Chelsea Coins for over 35 years he has established a worldwide
network of contacts and I view his appointment as an essential piece of the
jigsaw in building a Company with professional and respected management for the
future.'

15 January 2004
Mr Newton, Chairman of Noble Investments (UK) plc ('the Company') said at the
AGM held today, 15 January 2004;

'I am pleased to report that, following the change of business on 16 October
2003 to investment and trading in rare coins and collectables, the Company has
now successfully established itself in this marketplace.'