09:58     GOLD-FACE HOLD<00396> - Announcement (2)                            

    13.49(6) of the Rules Governing the Listing of Securities                 
    ("Listing Rules") on The Stock Exchange of Hong Kong Limited              
    ("Stock Exchange"), an issuer is required to publish in                   
    newspapers its annual results and despatch its annual report              
    to its shareholders not later than four months after the date             
    upon which the financial period ended and to publish in                   
    newspapers its interim results and despatch its interim report            
    for the first six months of the financial year to its shareholders        
    not later than three months after the end of that six-month period.       
    Accordingly,                                                              
                                                                              
    (i)     the announcement of the results ("2003 Interim Results            
    Announcement") and the interim report of the Group for the six            
    months ended 30 September 2003 ("2003 Interim Report") are                
    required to be published and despatched on or before 31 December          
    2003;                                                                     
                                                                              
    (ii)    the announcement of the audited results ("2004 Annual             
    Results Announcement") and the annual report of the Group ("2004          
    Annual Report") for the year ended 31 March 2004 are required             
    to be published and despatched on or before 31 July 2004; and             
                                                                              
    (iii)   the announcement of the results ("2004 Interim Results            
    Announcement") and the interim report of the Group for the six            
    months ended 30 September 2004 ("2004 Interim Report") are                
    required to be published and despatched on or before 31 December          
    2004.                                                                     
                                                                              
    The auditors of the Company are still in the process of reviewing         
    the financial data of the Group and more time is required before          
    the auditors can form an opinion on the financial data of the             
    Group.                                                                    
                                                                              
    It is expected that (i) the review and audit work on the accounts         
    for the six months ended 30 September 2003, the year ended 31             
    March 2004 and six months ended 30 September 2004 will be                 
    completed before 31 March 2005; (ii) the results announcements            
    will be published before 30 April 2005; and (iii) the reports             
    will be despatched before 31 May 2005.                                    
                                                                              
    Further announcement will be made by the Company when the                 
    timetable in respect of the publication of the 2003 Interim               
    Results Announcement, the 2004 Annual Results Announcement and            
    the 2004 Interim Results Announcement and the despatch of the             
    2003 Interim Report, the 2004 Annual Report and the 2004 Interim          
    Report can be ascertained.                                                
                                                                              
    The Directors acknowledge that the delay constitutes a breach             
    of Rules 13.46(2)(a), 13.46(2)(b), 13.48(1), 13.49(1) and                 
    13.49(6) of the Listing Rules and that the Stock Exchange                 
    reserves its rights to take appropriate actions against the               
    Company and/or its directors in respect of the breach. The delay          
    in holding the 2003 and 2004 annual general meetings of the               
    Company contravenes the bye-laws of the Company and the Companies         
    Act 1981 of Bermuda. The Registrar of Companies in Bermuda has            
    granted a sanction to the Company on 29 March 2004 for the late           
    holding of an annual general meeting for the calendar year 2003.          
                                                                              
    Each director of the Company is aware of and will comply with             
    Rule A3 of Appendix 10 to the Listing Rules.                              
                                                                              
    The directors of the Company have respectively confirmed that             
    they have not dealt in the shares of the Company since 19 May             
    2003 and have also undertaken not to deal in the shares of the            
    Company until the publication of the 2004 Interim Results                 
    Announcement.                                                             
                                                                              
    At the request of the Company, trading in the Company's shares            
    was suspended from 9:30 a.m. on 19 May 2003 and