09:44     MIDLAND REALTY<01200>-Announcement&Resumption of Trading (6)        

    financial covenants; and                                                  
                                                                              
    (iv)    Midland as the Subscriber's guarantor.                            
                                                                              
    As at the date of this announcement, neither the                          
    Subscriber nor Midland is acting in concert with the                      
    EVI Directors or the substantial and/or management                        
    shareholder of EVI. Each of the Subscriber and Midland                    
    does not own and will not own any EVI Shares prior                        
    to Completion, and is independent from and is not                         
    connected with EVI and its connected persons.                             
                                                                              
    Midland and the Subscriber have not dealt in the EVI                      
    Shares during the past six months prior to the date                       
    of this announcement.                                                     
                                                                              
    To the best of the Midland Directors' knowledge,                          
    information and belief, and after having made all                         
    reasonable enquiry, EVI is an independent third party                     
    to Midland, is not a connected person of Midland and                      
    is not connected to the directors, chief executive,                       
    substantial shareholders of Midland or its                                
    subsidiaries and their respective associates, or                          
    their connected persons.                                                  
                                                                              
    To the best of the EVI Directors' knowledge,                              
    information and belief, and after having made all                         
    reasonable enquiry, each of the Subscriber and                            
    Midland is an independent third party to EVI, is not                      
    a connected person of EVI and is not connected to the                     
    directors, chief executive, substantial and                               
    management shareholders of EVI or its subsidiaries                        
    and their respective associates, or their connected                       
    persons.                                                                  
                                                                              
    Further information on Midland and EVI are set out                        
    in the section headed "4. Information on Midland and                      
    EVI" below.                                                               
                                                                              
    The new EVI Shares:     The 4,300,000,000 new EVI Shares                  
    represent (i) approximately 107.50% of the issued                         
    share capital of EVI as at the date of this                               
    announcement, or (ii) approximately 51.81% of the                         
    issued share capital of EVI as enlarged by the                            
    Subscription.                                                             
                                                                              
    The issue price per     The issue price per EVI Share                     
    under the Subscription is HK$0.025, which represents:                     
      EVI Share:                                                              
    *       a discount of approximately 58.33% to the closing                 
    price of HK$0.06 per EVI Share on 24 January 2005,                        
    the last trading day prior to suspension of trading                       
    in the EVI Shares on 25 January 2005 pending the issue                    
    of this announcement;                                                     
                                                                              
    *       a discount of approximately 53.70% to the average                 
    closing price of HK$0.054 per EVI Share as quoted on                      
    the Stock Exchange for the last 5 trading days up to                      
    and including 24 January 2005; and                                        
                                                                              
    *       a premium of approximately 431.91% to the audited                 
    net tangible asset value per EVI Share of                                 
    approximately HK$0.0047.                                                  
                                                                              
    The total consideration for the Subscription amounts                      
    to HK$107.5 million and will be satisfied by the                          
    internal resources of the Midland Group.                                  
                                                                              
    Ranking of the new      All new EVI Shares, upon their                    
    issuance, will rank pari passu with all other EVI                         
    Shares in issue                                                           
      EVI Shares:   on the Completion Date in all respects                    
    (including, but without limiting the