09:31 MAGICIAN IND<00526>-Announcement & Resumption of Trading(5) The 24 December SGM The Company had been advised by its legal advisers that the convening of the 24 December SGM was invalid on the basis that the dispatch of the notice of the meeting was not approved by the Board. The Company issued an announcement dated 21 December 2004 to this effect and stating that the 24 December SGM would not take place. Further, on 23 December 2004, the Company obtained an injunction from the High Court of Hong Kong restricting Messrs. Kong, Ku and Chan and Ms. Katrina Kok Zhi Yi (a non-executive director of the Company and the daughter of Ms. Chan Ying Gi, Dorice) from holding or purporting to hold the 24 December SGM. The injunction was granted upon the Company giving an undertaking to the High Court of Hong Kong that the Company shall, amongst other things, not permit or procure any alteration in the composition of the Board until (i) the hearing of the Summons regarding the application by the Company for a court order that, amongst other things, Messrs. Kong and Ku, shall not hold themselves out as executive directors of the Company, (ii) further order, or (iii) otherwise resolved at any general meeting of the Company (whichever is earlier). Accordingly, the 24 December SGM was not convened and did not take place. Convening of a special general meeting Further to the Requisition Notice (as referred to in the above), Primewell Investment Limited and Ms. Chan Ying Gi, Dorice published a letter and a notice ("Letter and Notice") both dated 11 January 2005 in The Standard and Sing Tao Daily of the same date convening a special general meeting of the Company to be held on 1 February 2005 for the purposes of the appointment of two additional independent non-executive directors and the fixing of a maximum number of directors of the Company. The meeting convened by these shareholders of the Company is to be held on 1 February 2005 at 9:00 a.m. at Basement, Function Room II, Luk Kwok Hotel, 72 Gloucester Road, Wanchai, Hong Kong. The Company has been advised by its Bermudan legal adviser that the special general meeting to be held on 1 February 2005 has been properly convened in accordance with the Bye-laws of the Company and the Companies Act 1981 of Bermuda and the Company has taken steps to distribute copies of the Letter and Notice to its shareholders. In addition, on 12 January 2005, Ms. Chan Ying Gi, Dorice served a notice pursuant to Bye-law 88 of the Company's Bye-laws, of her intention to propose at the special general meeting to be held on 1 February 2005 a further six persons to be appointed as non-executive directors of the Company. On 14 January 2005, Ms. Chan Ying Gi, Dorice, on behalf of Primewell Investment Limited and on her own behalf, published a second letter (the "Second Letter") dated the same date in The Standard and Sing Tao Daily setting out the biographical details of the six persons proposed to be appointed as non-executive directors of the Company. Set out at the end of this announcement are brief biographical details of the six persons proposed to be appointed as additional directors of the Company pursuant to, and as set out in, the notice served under Bye-law 88 and the Second Letter together with the biographical details of the two persons named, and as set out, in the original Requisition Notice. At the request of the Company, trading in the securities of the Company has been suspended since 2:30 p.m. on 10 December 2004 pending the publication of this announcement and application has been made for the trading of the securities of the Company to be resumed with effect from 9:30 a.m. on 17 January 2005.