09:32     RADFORD CAPITAL<00901> - Announcement & Resumption (3)              

    Issue statistics                                                          
                                                                              
    Basis of Rights Issue   :   one Rights Share for every one New Share      
    held on the Record Date assuming that the Capital Reorganisation has      
    become effective on that day                                              
                                                                              
    Number of New Shares in issue   :   assuming that the Capital             
    Reorganisation has already become effective on the Record Date,           
    344,422,700 New Shares based on existing 3,444,227,000 Shares in issue    
                                                                              
    Number of Rights Shares   :   344,422,700 Rights Shares, representing     
    50% of the enlarged issued share capital of the Company upon completion   
    of the Rights Issue                                                       
                                                                              
    Underwriter   :   Get Nice Investment Limited is not a connected person   
    of the Company (as defined in the Listing Rules) and is an independent    
    third party not connected with the Directors, chief executive or major    
    shareholders of the Company or its subsidiaries or any of their           
    respective associates                                                     
                                                                              
    Qualifying Shareholders                                                   
                                                                              
    The Company will send provisional allotment letters and forms of          
    application for excess Rights Shares to Qualifying Shareholders only.     
                                                                              
    To qualify for the Rights Issue, a Shareholder must on the Record Date:   
                                                                              
    (i)   be registered as a member of the Company; and                       
                                                                              
    (ii)   not be a Non-Qualifying Shareholder.                               
                                                                              
    In order to be registered as a member of the Company on the Record Date,  
     Shareholders must lodge any transfer of Shares (together with the        
    relevant share certificate(s)) with the Registrar, on or before 4:00      
    p.m. (Hong Kong time) on 4 August 2005.                                   
                                                                              
    Closure of Register of members                                            
                                                                              
    The register of members of the Company will be closed from 5 August 2005  
     to 9 August 2005, both days inclusive. No transfer of Shares will be     
    registered during this period.                                            
                                                                              
    TERMS OF THE RIGHTS ISSUE                                                 
                                                                              
    Subscription price                                                        
                                                                              
    HK$0.088 per Rights Share, payable in full when a Qualifying Shareholder  
     accepts the relevant provisional allotment of Rights Shares or applies   
    for excess Rights Shares or when a transferee of nil-paid Rights Shares   
    applies for Rights Shares.                                                
                                                                              
    The subscription price of HK$0.088 per Rights Share was arrived at after  
     arm's length negotiations between the Company and the Underwriter with   
    reference to recent closing prices of the Shares on the Stock Exchange    
    and represents:                                                           
                                                                              
    (i)    a discount of approximately 48.24% to the adjusted closing price   
    of HK$0.17 per Share as quoted on the Stock Exchange on the Last Trading  
     Day assuming that the Capital Reorganisation had already become          
    effective on that day;                                                    
                                                                              
    (ii)    a discount of approximately 31.78% to the theoretical ex-rights   
    price of HK$0.129 per Share based on the adjusted closing price of        
    HK$0.17 per Share as quoted on the Stock Exchange on the Last Trading     
    Day assuming that the Capital Reorganisation had already become           
    effective on that day; and                                                
                                                                              
    (iii)    a discount of approximately 59.07% to the average adjusted       
    closing price of HK$0.215 per Share as quoted on the Stock Exchange for   
    the last ten trading days up to and including the Last Trading Day        
    assuming that the Capital Reorganisation had already become effective on  
     those days.                                                              
                                                                              
    The Directors (excluding the independent non-executive Directors)         
    consider that the discount of the subscription price of the Rights Share  
     to the adjusted closing price of the New Share on the Last Trading Day   
    assuming that the Capital Reorganisation had already become effective on  
     that day is reasonable on the basis that the terms of the Rights Issue   
    (including the price) are arrived at after arms-length negotiation with   
    the Underwriter and hopefully will achieve the objective of encouraging   
    existing Shareholders to take up their entitlements, so as to share in    
    the potential growth of the Company.                                      
                                                                              
    Basis of provisional allotments