Dr Said Ziai, Chairman and Chief Executive Officer of Gladstone, commenting on
the lapsing of Constellation's Offer, said:

"The Board of Gladstone is delighted that Constellation's hostile Offer has
lapsed having been rejected by Gladstone Shareholders. The Board will continue
to build on Gladstone's investments, which are not yet fully reflected in the
trading results of the Company. The Board will also remain focused on pursuing
the options set out in the Defence Circular to enhance value for all
Shareholders."