09:09 NEW WORLD CYBER<00276> - Announcement (1) The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. NEW WORLD CYBERBASE LIMITED (Incorporated in Bermuda with limited liability) (Stock code: 276) (1) DESPATCH OF CIRCULAR IN RELATION TO THE WHITEWASH WAIVER TO THE SHAREHOLDERS; AND (2) EXPECTED TIMETABLE OF THE RIGHTS ISSUE Despatch of the Circular The Circular containing, amongst other things, the details of the terms of the Rights Issue and the Whitewash Waiver, a letter of advice from Baron Capital Limited to the Independent Board Committee and the Independent Shareholders in relation to the Whitewash Waiver, a letter of recommendation from the Independent Board Committee to the Independent Shareholders in relation to the Whitewash Waiver, a notice of SGM and a proxy form, will be despatched to the Shareholders on 11 January 2005 in accordance with the Listing Rules and the Takeovers Code. Expected timetable of the Rights Issue The expected timetable of the Rights Issue is set out in this announcement. Reference is made to (i) the announcement issued by New World CyberBase Limited (the "Company") dated 22 November 2004 (the "Announcement"); (ii) the announcement issued by the Company dated 31 December 2004; and (iii) the circular (the "Circular") dated 11 January 2005 to be issued by the Company. Unless the context requires otherwise, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular. DESPATCH OF THE CIRCULAR The Board is pleased to announce that the Circular containing, amongst other things, the details of the terms of the Rights Issue and the Whitewash Waiver, a letter of advice from Baron Capital Limited to the Independent Board Committee and the Independent Shareholders in relation to the Whitewash Waiver, a letter of recommendation from the Independent Board Committee to the Independent Shareholders in relation to the Whitewash Waiver, a notice of SGM and a proxy form, will be despatched to the Shareholders on 11 January 2005 in accordance with the Listing Rules and the Takeovers Code. According to the Announcement, if all of the subscription rights attaching to the outstanding Share Options and Subscription Options are exercised in full and the Shares are allotted and issued pursuant to such exercise on or before the Record Date, the maximum number of Rights Shares was 149,250,329. However, since the maximum number of Shares to be allotted and issued under the Subscription Options was decreased from 5,200,000 Shares to 3,900,000 Shares subsequent to 1 January 2005 pursuant to the terms of the Subscription Options, the aforesaid maximum number of Rights Shares was decreased to 148,600,329 as at the Latest Practicable Date. GENERAL MANDATES The existing general mandates to issue Shares and repurchase Shares were granted pursuant to the Shareholders' ordinary resolutions passed at the general meeting of the Company held on 23 August 2004. As at the Latest Practicable Date, the existing general mandates had not been utilised. After completion of the Rights Issue, the Directors may propose to seek the Shareholders' approval for the granting of the general mandates to issue and repurchase Shares not exceeding 20% and 10% respectively of the issued share capital of the Company immediately after completion of the Rights Issue. If such approval is sought, a circular containing the details of the general mandates will be despatched to the Shareholders in accordance with the requirements of the Listing Rules. EXPECTED TIMETABLE Set out below is the expected timetable of the Rights Issue: 2005 Last day of dealings in the Shares on a cum-rights basis Tuesday, 25 January Commencement of dealings in the Shares on an ex-rights basis Wednesday, 26 January Latest time for lodging transfer of the Shares in order