09:32     SKYNET(INTL GP)<00577> & PAUL Y-ITC<00498> - J. Ann. (2)            

    The Placing is conditional on the release of an                           
    announcement stating the expected date for the resumption                 
    of trading of the Consolidated Shares. Accordingly,                       
    following the release of the Announcement, the Placing has                
    become unconditional. Further announcement will be made                   
    upon completion of the Placing (which is expected to be                   
    published on Friday, 28th January, 2005 instead of 27th                   
    January, 2005 as stated in the Announcement).                             
                                                                              
    Following completion of the Placing, the public float of                  
    Paul Y Engineering will be restored to approximately 34.8%.               
                                                                              
    SUSPENSION AND RESUMPTION OF TRADING IN SHARES OF PAUL Y                  
    ENGINEERING                                                               
    Trading in the shares of Paul Y Engineering on the Stock                  
    Exchange has been suspended at the request of Paul Y                      
    Engineering with effect from 9:30 a.m. on 16th October,                   
    2003.                                                                     
                                                                              
    As at the date of this announcement, no winding up petition               
    has been filed against any member of the Paul Y Engineering               
    Group. As a result of the postponement of the completion                  
    of the Placing and issue of the resumption announcement,                  
    it is expected that the trading of shares of Paul Y                       
    Engineering will resume on Friday, 28th January, 2005                     
    (instead of 27th January, 2005 as stated in the                           
    Announcement). Application will be made by Paul Y                         
    Engineering for the resumption of trading in shares of Paul               
    Y Engineering with effect from 9:30 a.m. on Friday, 28th                  
    January, 2005.                                                            
                                                                              
    REVISED TIMETABLE FOR TRADING ARRANGEMENTS                                
    Set out below is an indicative revised timetable for                      
    resumption of trading in the Consolidated Shares, the                     
    associated trading arrangements for the Capital                           
    Reorganisation, the change of board lot size and odd lot                  
    trading facility. Shareholders will be informed of any                    
    changes to the expected timetable by press notice:                        
                                                                              
       2005                                                                   
    First day of free exchange of existing light grey share                   
    certificates (for the Old Shares under old name) for light                
    green share certificates (for the Consolidated Shares                     
    under old name)   Wednesday, 5th January                                  
                                                                              
    Change of company name became effective   Tuesday, 18th                   
    January                                                                   
                                                                              
    First day of free exchange of existing light grey share                   
    certificates or light green share certificates (both under                
    old name) for new orange share certificates under new name                
    Monday, 24th January                                                      
                                                                              
    Completion of the Placing   Thursday, 27th January                        
                                                                              
    Publication of resumption announcement (together with                     
    announcement of completion of the Placing)   Friday, 28th                 
    January                                                                   
                                                                              
    Trading in the shares of Paul Y Engineering resumes   9:30                
    a.m. on Friday, 28th January                                              
                                                                              
    Change of board lot from 5,000 shares to 2,000 Consolidated               
    Shares becomes effective   Friday, 28th January                           
                                                                              
    Original counter for trading in Consolidated Shares                       
    (represented by new share certificates in board lot of                    
    2,000 Consolidated Shares) commences   Friday, 28th                       
    January                                                                   
                                                                              
    Establishment of temporary counter for trading in                         
    Consolidated Shares (represented by share certificates                    
    for the Old Shares) in board lot of 20 Consolidated Shares                
    Friday, 28th January                                                      
                                                                              
    Parallel trading commences   Friday, 28th January                         
                                                                              
    First day of operation of odd lot trading facility   Friday,              
    28th January                                                              
                                                                              
    Closure of temporary counter for trading in Consolidated                  
    Shares (represented by share certificates for the Old                     
    Shares) in board lot of 20 Consolidated Shares   4:00 p.m.                
    on Wednesday, 23rd February                                               
                                                                              
    Parallel trading ends   Wednesday, 23rd February