09:52     RADFORD CAPITAL<00901> - Announcement (3)                           

                                                                              
                        time to time                                          
                                                                              
    28th October, 2004   Open Offer   754,930,000   33.33   0.02              
    14,300,000   The whole amount has been fully utilised                     
                        to invest in listed and unlisted                      
                        enterprises based in Hong Kong and                    
                        the PRC pursuant to the investment                    
                        objective adopted by the Company                      
                                                                              
                                                                              
                   44,700,000                                                 
                                                                              
                                                                              
    Use of Proceeds                                                           
                                                                              
    The proceeds of the Subscription will be used as to HK$15 million for     
    repayment of debts due to a non-bank lender and the balance for general   
    working capital.                                                          
                                                                              
    Definitions                                                               
                                                                              
    The following terms are used in this announcement within the meanings     
    set opposite them:-                                                       
                                                                              
    "Agreement"   the agreement dated 26th January, 2005 between the Company  
     and the Subscriber in relation to the Subscription;                      
                                                                              
    "Company"   Radford Capital Investment Limited, a company incorporated    
    in the Cayman Islands the shares of which are listed on the Stock         
    Exchange;                                                                 
                                                                              
    "Completion"   the second business day after the date on which all of     
    the conditions to the Agreement have been satisfied;                      
                                                                              
    "Connected Person(s)"   has the meaning ascribed thereto in the Listing   
    Rules;                                                                    
                                                                              
    "Directors"   the directors of the Company;                               
                                                                              
    "Group"   the Company and its subsidiaries;                               
                                                                              
    "Listing Rules"   the Rules Governing the Listing of Securities on the    
    Stock Exchange;                                                           
                                                                              
    "Mr. Au Yeung"   Au Yeung Kai Chor                                        
                                                                              
    "Shares"   shares of a par value of HK$0.02 each in the Company;          
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited;               
                                                                              
    " Subscriber "   Success Future Limited;                                  
                                                                              
    "Subscription"   the subscription of the Subscription Shares by the       
    Subscriber;                                                               
                                                                              
    "Subscription Price"   HK$16,400,000 in aggregate representing HK$0.0328  
     per Subscription Share; and                                              
                                                                              
    "Subscription Share"   500,000,000 new Shares to be subscribed by the     
    Subscriber under the Agreement.                                           
                                                                              
    As at date of this announcement, the board of directors of the Company    
    comprises Mr. Chung Yuk Lun, Mr. Greer Thomas Francis Jr., Mdm. Ma Chi    
    Wing, Mr. Nakajima Toshiharu and Mr. Szeto Siu Kit as executive           
    Directors; Mr. Chan Sze Hung, Dr. Lin Michael, Mr. Shimazaki Koji, Mr.    
    Wong Kai Cheong and Ms. Kwok Wai Ming as independent non-executive        
    Directors.                                                                
                                                                              
    By Order of the Board                                                     
    Radford Capital Investment Limited                                        
    Chung Yuk Lun                                                             
    Chairman                                                                  
                                                                              
    Hong Kong, 26th January, 2005