For release 7.00am 24th January 2007

MICAP PLC (“MIC.L”)
(“MICAP” or “the Company”)

The AIM - quoted technology company specialising in the
microencapsulation of active ingredients

Re: Appointment of new Chairman and New Equity Investment 

“Board strengthened with appointment of Bill Mapstone as non-executive Chairman; £280,000 raised in equity placing”

New Appointment
The Board of Micap is pleased to announce that William ‘Bill’ James Mapstone (aged 53), with a 30 year track record in the food industry, is to join the Board as non-executive Chairman with effect from Admission.

He was previously the major shareholder and Chairman of Pilgrim Foods Group, trading as Chaucer Foods, which he grew from a small single site operation employing 25 people in the UK to be a multi-national supplier of food ingredients with operations in the UK, France, USA and China employing over 500 people when it was sold in October 2004. Additionally, Bill is an investor in and a director of a number of companies in the food and food technology sector.

Along with many years of business experience, Bill will bring considerable knowledge of and commercial contacts within the food market, which Micap will seek to benefit from as the Company looks to build on recent progress and market both its yeast encapsulated flavours and products developed within Micap GmbH and Micap Encapsulates Ltd, to a wider customer base.

Ian McManus, Chairman of Micap since September 2005 will remain on the Board as a non-executive Director.

Equity Placing
At the same time, Bill has subscribed for 18,000,000 shares in Micap at £0.01 and several of the Directors have subscribed for 10,000,000 shares on the same terms. The Directors’ holdings are now as follows:

1. Ian McManus has subscribed £10,000 for 1,000,000 shares.
2. Michael Norris has subscribed £20,000 for 2,000,000 shares.
3. Neil Crabb has subscribed £70,000 for 7,000,000 at shares.
4. William Mapstone has subscribed £180,000 for 18,000,000 shares.
5. Neil Crabb is a director and significant shareholder of Sigma Capital Group plc the holding company of Sigma Technology Management Limited ("STM") and Sigma Technology Investments Limited ("STI"). STM is the manager of Sigma Technology Venture Fund ("STVF"), in which STI has a beneficial interest. He is also one of the beneficiaries and trustees of the Sigma Technology SSA Pension Scheme. STI holds 2,105,018 Ordinary Shares in its own name. STVF holds 2,963,561 Ordinary Shares and the SSA Pension Scheme holds 51,396 Ordinary Shares. The interest of N D Crabb recorded in the table above includes these shares.

Application will be made for the placing shares to be admitted to AIM and trading is expected to commence on 29 January 2007  

Commenting, Ian McManus, Chairman of Micap, said:

“We have been looking to strengthen the Board for some time now, and we are delighted that we have been able to attract a businessman with such a record of success to join Micap. Bill will bring not just invaluable knowledge of the food industry but also considerable experience of growing businesses and increasing shareholder value. I welcome him onto the Board and look forward to working together to take Micap forward.”

In accordance with Schedule 2(g) of the AIM Rules, William Mapstone’s directorships in the past 5 years are set out below:  

Current directorship:
Welcome Food Ingredients Limited
Stiletto Foods (UK) Limited
Nandi Proteins Limited
Member of Tillymint Yacht Charters LLP  

Past Directorships over the last 5 years:
Mr Mapstone was until October 2004 a director of Pilgrim Food Group Plc (and its subsidiary companies below)

PF Hull Limited
Pearts Foods Limited
Pilgrim Pasta Limited
Pearts Bakeries (Holdings) Limited
Perts Bakeries ( Derby) Limited
Hallco 668 Limited
Chaucer Foods Limited
Pilgrim Food Holdings Limited
Pilgrim Food Group Limited
Pilgrim Employee Benefit Trust (Trustees) Limited

There are no further matters which are required to be disclosed pursuant to Schedule 2(g) of the AIM Rules.

For further information please contact:

Notes for editors:

About Micap

Micap is a provider of microencapsulation solutions to a range of customers in fields such as flavour delivery, agrochemicals, healthcare and industrial applications, using both its patented yeast cell technology and novel methods developed by its scientific team. For further details visit http://www.micap.co.uk .

About microencapsulation

Microencapsulation is a process whereby tiny droplets of liquid or particles of solid material are coated with a continuous film of polymeric material. Microcapsules have several benefits, including conversion of liquids to solids; separating reactive compounds; protecting substances against environmental factors; and improving the material handling properties.

Micap’s unique patented technology involves using killed yeast cells as natural capsules to protect the active ingredient. Yeast encapsulation can protect active ingredients against high temperatures, the effects of the sun, pressure and degradation through exposure to the air.