09:28 PIONEER GLOBAL<00224> -Announcement&Resumption of Trading(5) No shareholder or his associates have any interest in the transaction which is different from other shareholders of the Company. No shareholder shall be required to abstain from voting if the Company were to convene a general meeting for the approval of the transaction. A shareholders' meeting will therefore not be convened for the purpose of obtaining shareholders' approval. A circular relating to this transaction will be dispatched to the shareholders as soon as practicable and within 21 days from the date of publication of this announcement. INFORMATION FOR MAJOR TRANSACTION The Company acquainted with the Vendors via Asia Asset Limited. The Company confirms that to the best of the directors' knowledge, information and belief having made all reasonable enquiry, Vendors and Party II and their ultimate beneficial owners are third parties independent of each other, Vendor D, the vendor in the acquisition as announced by the Company in May 2004 and their respective ultimate beneficial owners and the Company and its connected persons and do not hold any shares in the Company. DISCLOSEABLE TRANSACTION PROPERTY ACQUISITION AT GREAT EAGLE CENTRE PROPERTY D Date of the agreement: 4 February 2005 Purchaser: Anpona Investments Limited, a wholly owned subsidiary of the Company Vendor: Nedcor Asia Limited, a wholly owned subsidiary of Nedcor Group, a leading financial institution in South Africa, is an independent third party not connected with any directors, chief executives or substantial shareholders of the Company or its subsidiaries or their respective associates Property: Units 8-11 on the 18th floor, Great Eagle Centre, No. 23 Harbour Road, Hong Kong Consideration: HK$34,000,000 payable in cash Payment Terms: HK$3,400,000 was paid to the vendor as deposit on signing of the Agreement. Balance of the purchase price HK$30,600,000 shall be paid upon completion of the transaction on or before the date of completion. Date of completion: On or before 29 April 2005 The property has a gross floor area of approximately 6,630 square feet. It shall be delivered in vacant possession on the date of completion. There were no rental revenue generated by Property D for the last two financial years of the Company immediately preceding the agreement. Agent commission to FPDSavills (Hong Kong) Limited of HK$165,650, legal fees and stamp duty will be payable by the Company for the acquisition of Property D. REASONS AND BENEFITS OF THE ACQUISITION OF THE PROPERTY AT GREAT EAGLE CENTRE The principal business activities of the Group consist of investment and management of property and hotel, and investment in securities. The vendor is a financial institution. The property is an office premise in a high-grade commercial building located at the harbour front of Wan Chai, Hong Kong. The objective of acquisition is to generate rental revenue for the group. The Directors confirm that the consideration for the property has been determined after arm's length negotiations between the parties by reference to recently completed market transactions of similar property within the estate in the last quarter of 2004. No independent valuation was carried out for the property. The Directors consider the terms of the Agreement are fair and reasonable and in the best interest of the Company and shareholders as a whole. Acquisition of the property will be funded by internal resources and bank financing which has not yet finalized as at the date of this announcement. DISCLOSEABLE TRANSACTION OF THE COMPANY The transaction contemplated under the agreement constitutes a discloseable transaction of the Company under Chapter 14.06(2) of the Listing Rules. A circular in connection with the acquisition of the property will be dispatched to the shareholders of the Company as soon