09:18     JOYCE BOUTIQUE<00647> - Announcement (2)                            

    in itself, affect the underlying assets, business operations,             
    management or financial position of the Company or the interests          
    of the shareholders of the Company as a whole.                            
                                                                              
    Reasons for the Share Premium Reduction                                   
                                                                              
    The Board considers that the elimination of the accumulated               
    losses of the Company in full will give the Company more                  
    flexibility to declare dividends to its shareholders at the               
    earliest opportunity in the future as and when the Board                  
    considers appropriate. The Board believes that the Share Premium          
    Reduction is beneficial to the Company and its shareholders as            
    a whole.                                                                  
                                                                              
    Conditions of the Share Premium Reduction                                 
                                                                              
    The Share Premium Reduction is conditional on:                            
                                                                              
    (a)     the passing by the shareholders of the Company of a special       
    resolution to approve the Share Premium Reduction at the SGM;             
    and                                                                       
                                                                              
    (b)     the proper compliance with the requirements of section 46(2)      
    of the Companies Act, including (i) the publication of a notice           
    in relation to the Share Premium Reduction in an appointed                
    newspaper in Bermuda at a date not more than thirty days and              
    not less than fifteen days before the date on which the Share             
    Premium Reduction is to have effect; and (ii) the passing of              
    a board resolution on the date the Share Premium Reduction is             
    to be effected, confirming that there are no reasonable grounds           
    for the belief that the Company is, or after the Share Premium            
    Reduction, unable to pay its liabilities as they become due.              
                                                                              
    In the event that the above conditions are fulfilled, it is               
    expected that the Share Premium Reduction will become effective           
    on the date of passing of the special resolution to approve the           
    Share Premium Reduction.                                                  
                                                                              
    GENERAL                                                                   
                                                                              
    A circular containing details regarding the Share Premium                 
    Reduction together with a notice convening the SGM will be                
    despatched to the shareholders of the Company as soon as                  
    practicable.                                                              
                                                                              
    As at the date of this announcement, the Board comprises Mr.              
    Walter K. W. Ma, Mrs. Joyce E. Ma, Ms. Adrienne M. Ma, Mr. Michael        
    E. Brillhart, Mr. Antonio Chan, Mr. Michael C. Kalyk, Ms. Doreen          
    Y. F. Lee, Mr. Eric F. C. Li, Mr. Gonzaga W. J. Li, Mr. Eric              
    K. K. Lo, Ms. Yvette T. Ma, Mr. Stephen T. H. Ng, Mr. T. Y. Ng            
    and Mr. Paul Y. C. Tsui.                                                  
                                                                              
    DEFINITIONS                                                               
                                                                              
    In this Announcement, unless the context requires otherwise,              
    the following expressions have the following meanings:                    
                                                                              
    "Board" board of directors of the Company                                 
                                                                              
    "Company"       Joyce Boutique Holdings Limited, an exempted              
    company incorporated in Bermuda with limited liability and whose          
    securities are listed on The Stock Exchange of Hong Kong Limited          
                                                                              
    "Companies Act" the Companies Act 1981 of Bermuda (as amended)            
                                                                              
    "HK$"   Hong Kong dollars                                                 
                                                                              
    "Hong Kong"     the Hong Kong Special Administrative Region