09:46     MIDLAND REALTY<01200>-Announcement&Resumption of Trading(13)        

    Independent Shareholders) as to whether the terms of                      
    the Subscription and the Whitewash Waiver are fair                        
    and reasonable so far as the EVI Independent                              
    Shareholders are concerned and are in the interests                       
    of EVI and the EVI Shareholders as a whole.                               
                                                                              
    AMS Corporate Finance Limited, an independent                             
    financial adviser, has been appointed to advise the                       
    independent board committee of EVI and the EVI                            
    Independent Shareholders with respect to the                              
    Subscription and the Whitewash Waiver.                                    
                                                                              
    Access Capital has been engaged by Midland as its                         
    financial adviser.                                                        
                                                                              
    Somerley has been engaged by EVI as its financial                         
    adviser.                                                                  
                                                                              
    The EVI Circular containing, among other things,                          
    details of the Subscription and the Whitewash Waiver,                     
    the advice from the independent board committee of                        
    EVI, the letter of advice from the independent                            
    financial adviser to the independent board committee                      
    of EVI and the EVI Independent Shareholders, and the                      
    notice of the Extraordinary General Meeting will be                       
    dispatched to the EVI Shareholders as soon as                             
    practicable.                                                              
                                                                              
    Warning: Midland Shareholders, potential investors                        
    of Midland Shares, EVI Shareholders and potential                         
    investors of EVI are advised that the Subscription                        
    and the Whitewash Waiver are subject to a number of                       
    conditions. The issue of this announcement does not                       
    in any way imply that the Subscription Agreement will                     
    be implemented or completed. Midland Shareholders,                        
    potential investors of Midland Shares, EVI                                
    Shareholders and potential investors of EVI should                        
    exercise extreme caution when dealing in the Midland                      
    Shares and the EVI Shares.                                                
                                                                              
    8.      SUSPENSION AND RESUMPTION OF TRADING                              
    At the request of Midland and EVI, trading in the                         
    Midland Shares and EVI Shares was suspended with                          
    effect from 9:30 a.m. on 25 January 2005 pending the                      
    issue of this announcement. Midland and EVI have                          
    requested a resumption of trading in their shares with                    
    effect from 9:30 a.m. on 27 January 2005 following                        
    the publication of this announcement.                                     
                                                                              
    9.      DEFINITIONS                                                       
    "Access Capital"        Access Capital Limited, the                       
    financial adviser to Midland. It is a licensed                            
    corporation under the SFO and engaged in types 1, 4,                      
    6 and 9 regulated activities                                              
                                                                              
    "acting in concert"     as defined in the Takeovers Code                  
                                                                              
    "associate"     in relation to a director, chief executive                
    or substantial shareholder or management shareholder                      
    of a company listed on the Main Board and/or GEM, has                     
    the same meaning ascribed thereto in the Main Board                       
    Listing Rules and/or GEM Listing Rules (as the case                       
    may be)                                                                   
                                                                              
    "Completion"    completion of the Subscription                            
    Agreement                                                                 
                                                                              
    "Completion Date"       the third business day after                      
    fulfillment or waiver of the last of the conditions                       
    of the Subscription Agreement or such other date as                       
    the parties involved may agree in writing prior to                        
    Completion, on which completion of the subject                            
    transaction is to take place