09:54 CHINESE EST H<00127>-Announcement & Resumption of Trading-5 distribution of Shares, the declaration of a dividend in Shares and other dilutive events. In lieu of delivery of some or all of the Shares required to be delivered upon the valid exercise of a Conversion Right, the Company may elect to make a cash settlement payment in respect of all or any portion of a Bondholder's Bonds deposited for conversion. If the average of the closing prices of the Shares (the Average Market Price) for a period of 20 consecutive Trading Days immediately prior to 20 April 2006 (the Reset Date) is less than the Conversion Price on the Reset Date (taking into account any adjustments as described in the terms and conditions of the Bonds which may have occurred prior to the Reset Date), the Conversion Price shall be adjusted on a one-time basis on the Reset Date so that the Average Market Price will become the adjusted Conversion Price with effect from the Reset Date. In any event, the Conversion Price shall not be adjusted to less than 85% of the Conversion Price prevailing on 20 April 2006 (subject to adjustment), nor reduced to below the then par value of the Shares (currently HK$0.10 per Share). The resetting of the Conversion Price is a term and condition of the Bonds which has been agreed between the Company and Deutsche Bank on an arm's length basis. An announcement and a circular containing details of the resetting of the Conversion Price including the discount to the initial Conversion Price will be made in the event such resetting of the Conversion Price occurs. Ranking of Conversion Shares Conversion Shares will rank pari passu in all respects with the Shares then in issue on the relevant date of registration of holders of such Shares on the register of members of the Company. Transfer The Bonds are transferable without restrictions. Maturity Unless previously redeemed, purchased and cancelled or converted, the Company will redeem each Bond at 100% of its principal amount on the Maturity Date. Redemption at the Option of the Bondholders On the Put Option Date, the holder of each Bond will have the right at such holder's option to require the Company to redeem all or some only of the Bonds of such holder on the Put Option Date at 100% of their principal amount. Redemption at the Option of the Company On or at any time after 20 April 2007 and prior to the Maturity Date, the Company may, having given not less than 30 nor more than 60 days' notice to the Bondholders, the Trustee (as defined in the Subscription Agreement) and the Principal Paying Agent (as defined in the terms and conditions of the Bonds) (which notice will be irrevocable), redeem all and not some only of the Bonds at a redemption price equal to the Early Redemption Amount, provided, however, that no such redemption may be made unless (i) the closing price of the Shares (as derived from daily quotations sheet of the Stock Exchange or, as the case may be, the equivalent quotation sheet of an Alternative Stock Exchange (as defined in the terms and conditions of the Bonds)) for each of the 30 consecutive Trading Days, the last day of such 30-Trading Day period falls within five Trading Days prior to the date upon which notice of such redemption is given was at least 130% of the Conversion Price in effect on such Trading Day or (ii) at least 90% in principal amount of the Bonds has already been converted, redeemed or purchased or cancelled. Redemption for Taxation Reasons At any time the Company may, having given not less than 30 nor more than 60 days' notice to the Bondholders (which notice shall be irrevocable) redeem all, and not some only, of the Bonds at a redemption price equal to the Early