10:29 CHINA SCI-TECH<00985> - Announcement & Resumption (11) Shares at of the is retained the placing registered as general price of capital of working HK$0.04 Shuanghuan capital of and/or for the property Company. investment in Macau for retail or commercial purposes when opportunitie s are identified and as the Directors think appropriate or retained as general working capital when no appropriate opportunity identified. RENEWAL OF GENERAL MANDATES TO ISSUE NEW SHARES AND REPUCHASE NEW SHARES As the general mandate granted to the Board to allot, issue and deal with Shares pursuant to the resolution passed at the annual general meeting of the Company on 24 September 2004 has been nearly fully utilized by the placing of new Shares as detailed in the announcement of the Company dated 7 January 2005. As at the date of this announcement, the Company is only able to allot, issue and deal with 400 Shares pursuant to the general mandate granted at the annual general meeting of the Company on 24 September 2004 As a result of the Consolidation, the Board wishes to propose ordinary resolutions at the EGM to refresh the general mandates to the Board to exercise the power of the Company (i) to allot and issue New Shares up to a maximum of 20% of the aggregate nominal amount of the issued share capital of the Company following completion of the Consolidation and/or the New Shares Placing and (ii) to repurchase New Shares up to a maximum of 10% of the aggregate nominal amount of the issued share capital of the Company following completion of the Consolidation and/or the New Shares Placing. A separate resolution will also be proposed at the EGM to top up the total number of New Shares which may be issued under the general mandate to issue New Shares by the number of New Shares repurchased by the Company following the granting of the general mandate to repurchase New Shares. The general mandates for the issue and repurchase of Shares approved by Shareholders in the annual general meeting of the Company on 24 September 2004 will be replaced, to the extent of the general mandates for the issue and repurchase of Shares not being exercised, by the new mandates to issue the New Shares and to repurchase the New Shares, if approved by the Shareholders at the EGM. GENERAL A circular containing, among other things, further details of the Consolidation, the New Shares Placing, the CN Placing, the renewal of general mandates to issue and repurchase New Shares and the extension of the general mandate to issue further New Shares repurchased by the Company under the authorization of the Repurchase Mandate and a notice of the EGM for the purpose of approving, inter alia, (i) the Consolidation; (ii) the New Shares Placing, (iii) the CN Placing and (iv) the renewal of general mandates to issue and repurchase New Shares and the extension of the general mandate to issue further New Shares repurchased by the Company under the authorization of the Repurchase Mandate will be despatched by the Company to the Shareholders as soon as practicable in accordance with the Listing Rules. Pursuant to the Listing Rule, any refreshment of the general mandates to issue and repurchase New Shares before the next annual general meeting requires any controlling shareholders and their associates or, where there are no controlling shareholders, directors (excluding independent non-executive directors) and the chief executive of the issuer and their respective associates to abstain from voting in favour. An independent board committee will be established and an independent financial adviser will be appointed to advise the independent Shareholders in respect of the renewal of the general mandates to issue and repurchase New Shares. Trading in the Shares was suspended at the request of the Company with effect from 9:30 a.m. on 1 February 2005 pending the release of