The salient terms of the Amendment Agreements are as follows :
PT Berau Karetindo Lestari (“PT BKL”)

(1) 50% of the US$1,000,000 downpayment paid by Puncak to the Sellers under PT NPN CSPA will be allocated as a downpayment under the PT BKL CSPA.
(2) the deadline to achieve the Completion (as defined in the PT BKL CSPA) shall be extended to 31 March 2011 or another later date to be mutually agreed by the Sellers and Puncak.

PT Natura Pasific Nusantara (“PT NPN”)

(1) the original downpayment of US$1,000,000 will be split as such 50% of such amount (i.e. US$500,000) will be allocated as a downpayment under the PT BKL CSPA;
(2) the deadline to achieve the Completion (as defined in the PT NPN CSPA) shall be extended to 31 December 2010 or another later date to be mutually agreed by the Sellers and Puncak; and
(3) Completion shall no longer be conditioned upon the completion of the PT BKL CSPA.

Financial Effects of the Amendment Agreements

The Amendment Agreements will not have any effect on the share capital and major shareholders of the Company as it was satisfied entirely by cash.

In addition, it will also not have any significant effect on the net assets per share of the Company and the Glenealy Group [hereinafter referred to as "the Group"] and earnings per share of the Group for the current financial year.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the directors and persons connected to the directors of the Company, has any interest, direct or indirect in the above matter. To the best knowledge of the directors, none of the major shareholders or persons connected to the major shareholders of the Company has any interest, direct or indirect, in the above matter.


By order of the Board


Tan Ghee Kiat (MICPA 811)
T V Sekhar a/l T G Venkatesan (MICPA 1371)

9 August 2010

Cc: Securities Commission