Think Entertainment Shareholder Action Group - Shareholder Newsletter 18/12/2006

To shareholders of Think Entertainment plc
(former shareholders of Newscreen Media Group/formerly Just Group plc) and members/former members of the Just Action Group ___________________________________________________

Dear former shareholder and JAG member,

Since my correspondence early this year, unexpected developments and requests of the FSA and, subsequently, the CID, prevented a statement being issued to you for reasons which will become clear.

I sympathise with those of you who would like information and have written to me and I thank you for your continued patience. I have placed, on the action group website, a witness statement filed today in a High Court application, on behalf of shareholders, pertaining to funds which JAG members raised in 2002 which will hopefully provide, to those of you who are interested, clarification of facts and events.

It is with regret that I must advise you that I have clearly established that major false accounting took place at the Group for two to three years, 1999/2000 - 2001. It is now also clear the false accounting had a significant impact on events in 2001, on the "rescue" in 2002 and, of course, on events post the EGM. It has also now been established that Teather and Greenwood, the former house brokers of the Group in 2001, issued a report and valuation of the Group on the 30th May 2001, valuing the Group at some £400 million, founded on falsified invoices and projections.

In January, this year, I was about to inform you of significant admissions I had obtained from former directors evidencing the fraud and deception, when the FSA informed me that to do so would compromise a potential investigation. The FSA subsequently deferred action to the police for several reasons but, primarily, due to the type of alleged crime and as the FSA was under resourced ( in view of the scale of the fraud).

It is now clear that the false accounting and deliberate attempt to conceal it, had monumental consequences on the collapse of the Group and the dismissals of the CEO and founder, Wilfred Shorrocks and other directors in August 2001. The smokescreen created by all directors and those who were aware of the fraud was most elaborate and, I regret, impossible to detect at the time.

Wilf and Paula Shorrocks and Phillip Ogden were able to allege, in December 2001, that it was Ian Miles and David Newcombe who had a hidden agenda, as the latter were involved in the cover up of the fraud as false RNS statements had been issued in 2001. All directors were responsible under AIM rules for issuing false statements.

I regret that it was necessary to let matters unfold over the months since I obtained the admissions and to establish further information, which I believe you will find will ultimately be proven to have been in your best interests. One of the most difficult things for me has been to be viewed with suspicion by some shareholders for withholding information after your efforts and loyalty in 2002, but I assure you it was for genuine and valid reasons.

Inconsistencies in statements and events after the August 2002 EGM are all explained by the false accounting and the position in which the directors found themselves. One of my primary objectives in 2002, as you may recall, was to carry out a detailed investigation into the collapse of the Group after the EGM, but it transpired that former directors, in particular, Calderbank, could not allow the investigation to proceed. The admissions prove that Nick Underwood was also aware of the false accounting and that Calderbank was extensively involved.

For those of you who have an interest in gaining a clearer understanding of events and the admissions, following extensive speculation, copy emails will be of considerable interest to you and will be posted to the action website over the course of the next few days and weeks. A significant email, dated the 17th March 2006 to the former Group administrator and KPMG partner, Allan Graham, will be posted to the website within 24 hours.

Court hearing today at the Royal Courts of Justice London.

A directions hearing took place today and was attended by the applicants counsel and four respondents, as named on the copy statement on the website. I represented JAG members/shareholders.

The present court application is to determine the rightful owners of the funds currently held by the former subsidiary EDI Realisations Limited (formerly named Marshals Publishing Limited). However, this is a minor matter given the deception of myself and fellow JAG members in 2002.

The case relates to a former subsidiary of Newscreen Media Group plc (formerly Just Group plc) ("the Group"), to which funds were transferred by the former administrators.

A major achievement today for all JAG members and those of you who contributed to the share offer in 2002 is that the administrators/KPMG have been ordered to reply to my witness statement and allegations therein, after evasive replies to my former enquiries for some ten months (refer to copy comments in the statement). I spoke for some ten minutes concerning the fraud and the fact that the funds were obtained from you in 2002 by deception on falsified accounting information and false invoices. This is founded on the grave admission of the CEO and managing director of a major licensee, so effectively has been independently substantiated.

There are, inevitably, several individuals who have been attempting to prevent the truth from being published and have been desperate to blacken my name and my genuine intentions on your behalf. I can only reiterate that all of my letters and statements in 2002 were made honestly and on what I believed (and, indeed, was led to believe by former directors and by KPMG partners), was accurate and factually correct information, as I know the vast majority of you fully accept.

I will write shortly with regard to questions I have been asked about the Andersen claim and provide further contemporaneous correspondence which you will find proves misleading statements were made by other former directors in a Group letter issued in November 2002 (in which I had no involvement) concerning the claim but I said nothing for fear of jeopardising a potential relist. Moreover, at that time, my mum was critically ill in hospital and only had a short time to live, which made other matters pale into insignificance.

I would like to thank all of you who have written to me to offer your encouragement and continued support through a challenging period.

With my very best wishes,

Christopher Jones
For & on behalf of members and/or former members of the Just Action Group

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Broadway House 21 Broadway Maidenhead Berkshire SL6 1NJ England