Seven Arts Pictures plc

November 28, 2008 04:45 ET

Conversion of Preference Shares / Issue of Equity / Holdings in Company

                                      SEVEN ARTS PICTURES PLC
                                  ("Seven Arts" or "the Company")
             Conversion of Preference Shares  / Issue of Equity / Holdings in Company

Seven Arts Pictures Plc (PLUS: SAPP and OTCBB: SAPXF), the PLUS-quoted feature films producer  and
distributor,  announces that, pursuant to the announcement made on 11 November 2008  stating  that
the  Company had received notice to exercise the conversion rights attached to the  0%  Redeemable
Convertible Preference Shares ("Preference Shares"), in respect of 2,500,000 Preference  Shares to
convert  into  10,000,000 Ordinary of 5 par value in the capital of the Company. Accordingly,  The
Trustee  of  the Seven Arts Pictures Employee Benefit Trust now holds 10,000,000 Ordinary  Shares,
representing approximately 29.1 per cent. of the Company's issued share capital.

Application  has been made for 10,000,000 Ordinary Shares to be admitted to trading  on  the  PLUS
market and dealings are expected to commence on 28 November 2008. The shares will rank pari  passu
with the existing shares in issue.

As  a result, Seven Arts' issued share capital will comprise 34,416,500 shares of common stock  of
par value 5 pence each. All of these Ordinary Shares carry voting rights. The above figure may  be
used  by shareholders as the denominator for the calculations by which they will determine if they
are  required  to notify their interest in, or change to their interest in, Seven Arts  under  the
FSA's Disclosure and Transparency Rules.

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The Directors of the Issuer accept responsibility for this announcement.

For further information please contact:

Seven Arts Pictures plc US contact:
Peter Hoffman                                         Tel:  +1-323-692-5010

Seven Arts Pictures plc UK contact:
Elaine New, Finance Director                          Tel: +44 (0) 20 3006 8222

Corporate Adviser & Broker
Daniel Stewart & Co Plc
Stewart Dick                                          Tel: + 44 (0) 20 7776 6550

About Seven Arts:

Seven  Arts  Pictures  plc  was founded in 2002 as an independent motion  picture  production  and
distribution company engaged in the development, acquisition, financing, production, and licensing
of  theatrical motion pictures for exhibition in domestic (i.e. the United States and Canada)  and
foreign  theatrical  markets,  and  for subsequent worldwide release  in  other  forms  of  media,
including home video and pay and free television.

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