09:31 MAGICIAN IND<00526> - Announcement & Resumption (4) 4. Resignation of Independent Non-executive Directors, General Manager, Chief Financial Officer and Company Secretary Due to his personal reason, Mr. Tsui Sing Kee Rawdon could not spare time required and resigned as Independent Non-executive Director and Chairman of Audit Committee of the Company with effect from 31 January 2005. He confirmed that there is no matter that needs to be brought to the attention of the shareholders of the Company in relation to his resignation. Mr. Cheung Sun Lung resigned as Independent Non-executive Director with effect from 2 February 2005 since he cannot spare time required to effectively carry out the duties in that capacity of the Company. He confirmed that there is no matter that needs to be brought to the attention of the shareholders of the Company in relation to his resignation. As Mr. Tsui also resigned as member of Audit Committee, Mr. Lee Kwan Hung Eddie and Mr. U Keng Tin, both being Independent Non-executive Directors, and Mr. Hui Yat On Kelvin, an Non-executive Director, have been appointed as members of Audit Committee. Mr. Patrick Zee has tendered his resignation as General Manager of the Group effective 7 February 2005. In acceptance of his resignation, the Board resolved to re-designate him from Executive Director to Non-executive Director and to appoint Mr. Chan Chun Hing Kenneth, as the CEO and Executive Director of the Company, to replace his position in the Office of Chairman effective 4 February 2005. Mr. Patrick Zee, aged 32, is an investment manager of Transpac Capital Limited. Mr. Zee has not held directorship in other listed companies in the last three years. Mr. Zee is a colleague of Mr. Will Hoon Wee Teng and Mr. Wong Kwong Chi in Transpac Capital Limited. Mr. Zee does not have interests in any shares in the Company or any of its associated companies within the meaning of Part XV of SFO. Save as disclosed above, Mr. Zee does not have any relationship with any other directors, senior management, or substantial or controlling shareholder of the Company. Mr. Zee's length of service as Non-executive Director has not been determined and Mr. Zee will hold office until the next following annual general meeting of the Company and will then be eligible for re-election at that meeting, in accordance with the bye-laws of the Company. The Board has not determined the emolument of Mr. Zee as at the date of this announcement. Mr. Kwong Alvin Lin-pik has resigned as Chief Financial Officer (the "CFO") and Company Secretary with effect from 8 February 2005 and 5 February 2005 respectively for personal reason. Ms. Chow Shuk Kuen Monica has been appointed as CFO of the Company. She is a fellow member of The Association of Chartered Certified Accountants and an associate member of The Hong Kong Institute of Certified Pubic Accountants. 5. Appointment of Company Secretary Ms. Li Fun Replen has been appointed as the Company Secretary of the Company with effect from 5 February 2005. Ms. Li has over 7 years' working experience in the company secretarial field. She is an associate member of both The Institute of Chartered Secretaries and Administrators and The Hong Kong Institute of Company Secretaries. The Board will commence its review on the internal control and operational procedures of the Group and the Board believes that such actions shall benefit and improve the effectiveness and efficiency of the business. Further announcement will be made in due course with the relevant details regarding (1) the emolument of Directors; and (2) clearance letters from two resigned Directors stating whether they have disagreement with then the Board of the Company in respect of their resignations (the Company is taking necessary actions for collection of that clearance letters) in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.