09:14     MIRABELL INT'L<01179> - Announcement (2)                            

    recourse to its shareholders), a personal guarantee                       
    of HK$34,100,000 given by Madam Chung Wai Lan, a joint                    
    and several guarantee of HK$74,400,000 given by Mr.                       
    Tang Yiu, Ms. Tang Ming Wai Mandy and Mr. Sheng Baijiao                   
    and a charge over Lai Wah's 100% equity interests in                      
    Lai Zhou Footwear (Shenzhen) Co Ltd (the owner of the                     
    Factory development).                                                     
                                                                              
    The purpose of the Facility is to finance the payment                     
    of the land acquisition, the construction costs and                       
    the purchase of machineries for the Factory.                              
    Construction of the Factory is currently expected to                      
    be completed within five years. The Facility is                           
    divided into three loans, a land tranche of                               
    HK$35,000,000, a construction tranche of                                  
    HK$105,000,000 and a machinery loan of HK$15,000,000                      
    and carries an interest rate of 1.5% over one month                       
    Hong Kong Interbank Money Market Offer Rate (HIBOR)                       
    and has a maturity date of five years after the first                     
    drawdown date. The principal is repayable by 16 equal                     
    quarterly instalments commencing 12 months after the                      
    first drawdown. As at the date of this announcement,                      
    Lai Wah has not utilized the Facility. The terms of                       
    the Facility and the Guarantee were negotiated on an                      
    arm's length basis based on the Bank's standard forms                     
    and are on normal commercial terms.                                       
                                                                              
    The amount of the Guarantee given for the Facility                        
    represented approximately 9.2% of the Total Assets                        
    and 4.9% of the Market Capitalisation. Accordingly,                       
    the provision of the Guarantee constitutes a                              
    discloseable transaction of the Company. As the                           
    Percentage Ratio of the Guarantee exceeds 8%, the                         
    Company is also required to disclose details of the                       
    Guarantee pursuant to Rule 13.13 of the Listing Rules.                    
                                                                              
    DISCLOSURE PURSUANT TO RULE 13.16 OF THE LISTING RULES                    
    Details of the financial assistance provided by the                       
    Company by way of loans to, and guarantees given for                      
    facilities granted to, affiliated companies of the                        
    Company as at 17 February 2005 (i.e. excluding the                        
    Guarantee), which, when aggregated with the Guarantee,                    
    in aggregate represented 12.4% of the Total Assets                        
    and 6.7% of the Market Capitalisation and are required                    
    to be disclosed under Rule 13.16 of the Listing Rules,                    
    are as follows:                                                           
                                                                              
    Attributable interest   Advance Guarantee                                 
            Guaranteed banking                                                
    Affiliated company      held by the Group       and                       
    interest        given   facilities utilized                               
    (HK$'000)       (HK$'000)                                                 
                                                                              
    1.      Lai Wah 30%     nil     10,800  8,330                             
                                                                              
    2.      Lai Wah and Staccato*   30%     nil     5,400   4,568             
                                                                              
    *       This represents facilities made available to Lai                  
    Wah and Staccato jointly, which is not included in                        
    the amount of guarantee solely given for Lai Wah as                       
    shown in item 1 above.                                                    
                                                                              
    As at the date of this announcement, the Company does                     
    not have any commitment to inject capital into any                        
    of its affiliated companies. Save for the disclosures                     
    in this announcement, no other obligations of the                         
    Company arise under Rules 13.13 to 13.19 of the                           
    Listing Rules.                                                            
                                                                              
    The Company will comply with the relevant                                 
    requirements to make disclosures in its interim and                       
    annual reports according to Rules 13.20 and 13.22