09:28     EAGLE NICE<02368> - Announcement & Resumption (2)                   

    (2)     Barits Securities (Hong Kong) Limited (which is                   
    not a connected person (as defined in the Listing                         
    Rules) of Eagle Nice).                                                    
                                                                              
    Time Easy holds 148,500,000 Eagle Nice Shares,                            
    representing approximately 43.68% of the existing                         
    issued share capital of Eagle Nice. Upon completion                       
    of the Vendor Placing and on the basis that all the                       
    Vendor Placing Shares are placed by the Placing Agent,                    
    Time Easy's interest in Eagle Nice will be reduced                        
    to 126,500,000 Eagle Nice Shares, representing                            
    approximately 37.21% of the existing issued share                         
    capital of Eagle Nice.                                                    
                                                                              
    Placees:                                                                  
    Not less than 6 placees. The placees of the Vendor                        
    Placing will be independent investors who are not and                     
    will not after completion of the Vendor Placing be                        
    connected or acting in concert with the connected                         
    persons (as defined in the Listing Rules) of Eagle                        
    Nice.                                                                     
                                                                              
    Number of Vendor Placing Shares:                                          
    22,000,000 Eagle Nice Shares, representing                                
    approximately 6.47% of the existing issued share                          
    capital of Eagle Nice.                                                    
                                                                              
    Placing Price:                                                            
    HK$4.125 per Vendor Placing Share, representing a                         
    discount of approximately 5.71% to the closing price                      
    of HK$4.375 per Eagle Nice Share as quoted on the Stock                   
    Exchange on 3 March 2005, being the last day of trading                   
    in the Eagle Nice Shares prior to the release of this                     
    announcement.                                                             
                                                                              
    Conditions of the Vendor Placing:                                         
    The Vendor Placing is conditional upon, inter alia,                       
    there having been, prior to completion of the Placing,                    
    no material breach of the representations, warranties                     
    and undertakings given by Time Easy.                                      
                                                                              
    Completion of the Vendor Placing:                                         
    Completion of the Vendor Placing is currently                             
    expected to take place on 7 March 2005.                                   
                                                                              
    PUBLIC FLOAT UNDERTAKING                                                  
    As stated in the announcement issued by Eagle Nice                        
    dated 28 February 2005, one of the remaining                              
    unfulfilled conditions of the Amendment Agreement is                      
    the compliance by Mr. Chung and Time Easy with the                        
    undertaking (the "Public Float Undertaking") that                         
    within 45 days (or such other date as may be agreed                       
    by Eagle Nice, Mr. Chung, Time Easy, the Subscriber                       
    and Yue Yuen) after the date of obtaining the                             
    approvals from the Independent Eagle Nice                                 
    Shareholders by way of a poll at the EGM on the                           
    Amendment Agreement and the New Whitewash Waiver,                         
    they will ensure that the public float of the Eagle                       
    Nice Shares is increased to such extent so that                           
    immediately upon full conversion of the Convertible                       
    Note, the public float of the Eagle Nice Shares (as                       
    required under the Listing Rules from time to time)                       
    will not be breached.                                                     
                                                                              
    The following table sets out the shareholding                             
    structure of Eagle Nice (i) as at the date of this                        
    announcement; (ii) immediately upon completion of the                     
    Vendor Placing; and (iii) immediately upon completion                     
    of the Vendor Placing and the Early Conversion:                           
                                                                              
    Immediately upon                                                          
    completion of the                                                         
    Immediately upon        Vendor Placing (Note)