365.L Regulatory News (365)

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Vphase Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Disclosure due to new DTR 5.3 Rule

V

3. Full name of person(s) subject to the notification obligation: iii

GAM UK Hedge Investments Inc

4. Full name of shareholder(s)  (if different from 3.):iv

5. Date of the transaction and date on which the threshold is crossed or reached: v

1st June 2009

6. Date on which issuer notified:

2nd June 2009

7. Threshold(s) that is/are crossed or reached: vi, vii

4%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary shares

GB00B2423515

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/ Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

CFDs

29,433,560

Nominal

Delta

4.204%

1

Total (A+B+C)

Number of voting rights

Percentage of voting rights

29,433,560

4.204%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

GAM UK Hedge Investments Inc: 29,433,560 CFDs, 4.204%

Proxy Voting:

10. Name of the proxy holder:

Institutional Shareholder Services

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

15. Contact telephone number:

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name 

(including legal form of legal entities)

GAM UK Hedge Investments Inc 

Contact address 

(registered office for legal entities)

12 St. James's Place

London

SW1A 2NX

Phone number & email

Other useful information 

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Jeannot Huijnen

Contact address

As above

Phone number & email

020 - 7917 2254

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.