09:43 PIONEER GLOBAL<00224>-Announcement&Resumption of Trading(5) 13.13 of the Listing Rules has arisen upon the provision of the shareholder's loan by Pine International to the Joint Venture following the Completion. A circular containing further details of the Joint Venture Agreement as required under Rule 14.38 of the Listing Rules will be despatched to the shareholders of the Company within 21 days after the publication of this announcement. At the request of the Company, trading in the shares of the Company on the Stock Exchange was suspended with effect from 9:30 a.m. on 29 March 2005 pending the issue of this announcement. Application has been made to the Stock Exchange for the resumption of trading in the shares of the Company with effect from 9:30 a.m. on 13 April 2005. DEFINITIONS In this announcement, the following expressions have the meanings set out below unless the context otherwise requires. "Company" Pioneer Global Group Limited, a company incorporated in Bermuda with limited liability the shares of which are listed on the Stock Exchange "Completion" completion of the Joint Venture Agreement which has taken place on the date of the Joint Venture Agreement "Directors" directors of the Company "Group" the Company and its subsidiaries "HK$" Hong Kong dollars, the lawful currency of Hong Kong "Hong Kong" The Hong Kong Special Administrative Region of the PRC "Joint Venture" Valuedrive Investments Ltd., a joint venture company incorporated in the British Virgin Islands on 8 March 2005, which following Completion is owned as to 50% by Pine International, 30% by Wachovia and 20% by MSREF; "Joint Venture Agreement" an agreement dated 5 April 2005 entered into among the Company, Pine International, Wachovia and MSREF in relation to their co-investment in the Joint Venture "Listing Rules" the Rules Governing the Listing of Securities on the Stock Exchange "Macau" the Macau Special Administrative Region of the PRC "MSREF" MSR Asia Acquisitions III, Inc., a company incorporated in the Cayman Islands and a wholly-owned subsidiary of MSREF V International Funding, L.P. "Parties" named parties to the Joint Venture Agreement, meaning the Company, Pine International, Wachovia and MSREF "Pine International" Pine International Limited, a company incorporated in the British Virgin Islands and a wholly-owned subsidiary of the Company "PRC" People's Republic of China "Property" FECHO BPG - ZONA - LOTE 7, a 22-storey commercial building located on 251A-301 Avenida commercial de Macau in Macau (with 17 office floors and 5 floors of retail space and parking spaces) which has a total gross floor area of approximately 437,000 square feet "Stock Exchange" The Stock Exchange of Hong Kong Limited "Underlying Joint Venture" a company incorporated in the Cayman Islands on 7 March 2005 and a wholly-owned subsidiary of MSREF as at the date of this announcement "US" the United States of America "US$" United States dollars, the lawful currency of US "Wachovia" Wachovia Development Corporation, a company incorporated in the state of North Carolina, the US, and a wholly-owned subsidiary of Wachovia Corporation By Order of the Board Kenneth Gaw Managing Director Hong Kong, 12 April 2005 As at the date of this announcement, the executive directors of the Company are Mrs. Rossana Wang Gaw, Mr. Goodwin Gaw, Mr. Kenneth Gaw and Ms. Jane Kwai Ying Tsui and the independent non-executive directors of the Company are Dr. Charles Wai Bun Cheung, J.P., The Hon. Bernard Charnwut Chan and Mr. Arnold Tin Chee Ip.