09:20 CHINA UNITED<00273>-Announcement & Resumption of Trading (5) in the amount of HK$150,000,000 to be made by Alpha Aim to Found Macau shall be satisfied at the Company's election as to a minimum of HK$50,000,000 in cash (partly to be funded from the net proceeds of the Placing and the balance by internal resources) and as to the balance by the issue by the Company of the FM Convertible Note as described in the section headed `FM Convertible Note' below. The New Found Macau Loan will be unsecured, interest free and repayable after 8 years from the date of drawdown on demand and will be evidenced by the Promissory Note to be executed by Found Macau in favour of Alpha Aim. Once advanced, the New Found Macau Loan constitutes an advance to an entity under Rule 13.13 of the Listing Rules. The Company intends to fund the New Found Macau Loan as to the cash portion partly with the net proceeds of the New Convertible Notes and partly by internal resources and the balance by the issue of the FM Convertible Note. GENERAL INFORMATION Found Macau: Found Macau is an investment holding company and it intends to invest in gambling, entertainment and related businesses (currently expected to be businesses including but not limited to the operation of hotels, food and beverage facilities etc.) in Macau through its subsidiaries. Found Macau is intended to act as a holding company and will make investments through subsidiaries to be formed. Found Macau is in the process incorporating subsidiaries for future investments. Found Macau has presently identified two investment targets in Macau and expects to enter into preliminary agreements shortly but no assurance is given that they will be entered into or as to their terms. One of the identified targets is a vacant piece of land in Macau of approximately 260,000 square feet, the acquisition consideration of which is expected to be in the region of HK$240 million to HK$300 million. Found Macau currently intends to build a hotel housing a casino on the land. The second identified target relates to the lease of a property of approximately 10,000 to 15,000 square feet hotel already in operation in Macau and then renovating, decorating, preparation and delivery of this property to a casino or slot machine operator on terms to be agreed . The cost of this investment is expected to be in the region of HK$150 million. The terms and exact details of such investments are subject to negotiation and finalisation. Based on information provided to the Company by Found Macau, Found Macau has no current right or intention to directly engage in the operation of casinos. Found Macau has not conducted any business or made any profits or incurred any losses from its date of incorporation 1st October, 2004 to the date of this announcement. The Found Macau Acquisition is the result of negotiations conducted on the matters referred to in the section headed `Investment in Macau' in the November Announcement. The Founders are the `businessmen' referred to in the November Announcement. The `Investment Target' being a casino with hotel operations in Macau referred to therein is the second identified investment target of Found Macau mentioned above. The Founders The Founders possess substantial experience in managing casino, hotel, entertainment and casino related business in Macau. Mr. Lao Hin Chun , aged 64, has over 40 years of experience in the property development, construction and building material and garment related businesses. Mr. Lao is the Administrador of Companhia De Betao Pronto Lda. Mr. Lao is also very active in participating and supporting charitable social activities in Macau and is currently the Presidente of Fundo De Beneficencia Dos Leitoresdo Jornal Ou Mun and a Membro Permanentes of Associacao Comercial De Macau. Moreover, Mr. Lao is also the Membro Do Comite Nacional Da Conferencia Consultiva Politica Da Republica Popular Da China. Mr. Filipe Lau , aged 61, has over 30 years of experience in providing advice and project management services to several enterprises engaged in property development, operation of casinos, hotels, restaurants and entertainment related businesses in Macau. Mr. Lourenco Cheong, aged 40, has over 15 years of experience in promoting business opportunities and prospects in Macau to international investors as well as helping businessmen in Macau to invest aboard and/or expand their products and businesses overseas. Mr. Cheong was the Executive Director of Macau Trade And Investment Promotion Institute and is the Managing Director of Belor Company Limited and was involved in providing consultancy services to (i) international investors investing in Macau; and (ii) Macau enterprises in seeking joint venture partners and/or expanding their businesses overseas. To the best of the Directors' knowledge, information and belief having made all reasonable enquiries, save and except for Mr. Lao (stepfather of Mr. Ong), the Founders are not Connected Persons of the Company and are otherwise independent of the Company and Connected Persons of the Company. The Group is principally engaged in investment holding. The principal activities of the Group include property investments,