09:30 GOLDEN HARVEST<01132> - 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. GOLDEN HARVEST ENTERTAINMENT (HOLDINGS) LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 1132) RESULTS OF RIGHTS ISSUE OF 259,821,875 RIGHTS SHARES (ON THE BASIS OF ONE SHARE FOR EVERY FOUR EXISTING SHARES HELD) Underwriter FB GEMINI The Directors announce that as at 4:00 p.m. on Tuesday, 11 January 2005, being the latest time for application and payment of the Rights Shares and excess Rights Shares, 17 valid applications for the Rights Shares have been received for an aggregate of 183,089,985 Rights Shares (representing approximately 70.5% of the total number of the Rights Shares available for subscription under the Rights Issue) and 8 valid applications for excess Rights Shares have been received for an aggregate of 12,258,499 excess Rights Shares (representing approximately 4.7% of the total number of the Rights Shares available for subscription under the Rights Issue). On the basis of an aggregate of 195,348,484 Rights Shares and excess Rights Shares being applied for, approximately 75.2% of the total number of 259,821,875 Rights Shares offered under the Rights Issue were applied for by the Qualifying Shareholders. The Rights Issue, which was fully underwritten by FB Gemini, became unconditional at 4:00 p.m. on Friday, 14 January 2005. Based on the results above, the Rights Issue was under-subscribed by 64,473,391 Rights Shares, all of which have been taken up by an associate of FB Gemini. It is expected that share certificates in respect of the fully-paid Rights Shares will be despatched by ordinary post to those Qualifying Shareholders who have validly applied and paid for the Rights Shares and excess Rights Shares, at their own risk, on or before Friday, 28 January 2005. Dealings in the fully-paid Rights Shares on the Stock Exchange are expected to commence at 9:30 a.m. on Tuesday, 1 February 2005. Reference is made to the announcement of Golden Harvest Entertainment (Holdings) Limited (the "Company") dated 30 November 2004 and the prospectus dated 22 December 2004 issued by the Company (the "Prospectus") with respect to the Rights Issue. Capitalised terms used herein shall have the same meanings as defined in the Prospectus unless otherwise stated. Pursuant to the Rights Issue, Qualifying Shareholders were entitled to (i) apply for the Rights Shares with assured allotments at the price of HK$0.250 on the basis of one Rights Share for every four existing Shares held on the Record Date; and (ii) apply for excess Rights Shares at the price of HK$0.250 per Rights Share. RESULTS OF THE RIGHTS ISSUE As at 4:00 p.m. on Tuesday, 11 January 2005, being the latest time for application and payment of the Rights Shares and excess Rights Shares, 17 valid applications for the Rights Shares have been received for an aggregate of 183,089,985 Rights Shares (representing approximately 70.5% of the total number of the Rights Shares available for subscription under the Rights Issue) and 8 valid applications for excess Rights Shares have been received for an aggregate of 12,258,499 excess Rights Shares (representing approximately 4.7% of the total number of the Rights Shares available for subscription under the Rights Issue). On the basis of an aggregate of 195,348,484 Rights Shares and excess Rights Shares being applied for, approximately 75.2% of the total number of 259,821,875 Rights Shares offered under the Rights Issue were applied for by the Qualifying Shareholders. As regards the 8 valid applications for excess Rights Shares received for an aggregate of 12,258,499 excess Rights Shares, the Directors have resolved to allot, from among the Rights Shares not taken up under the Rights Issue, to each of the applicants the relevant number of excess Rights Shares which have been validly applied for by each of them.