10:06 GLOBAL GREEN<00274> - Announcement (2) (ii) the Listing Committee of The Stock Exchange of Hong Kong Limited ("Stock Exchange") granting listings of, and permission to deal in, the 2007 Warrants and any Shares which may fall to be issued upon exercise of the subscription rights attaching to the 2007 Warrants. The Bonus Issue of the 2008 Warrants is conditional upon: (i) the passing of an ordinary resolution approving the Bonus Issue of the 2008 Warrants and the issue of Shares pursuant to the exercise of the subscription rights attaching thereto at the forthcoming annual general meeting of the Company; and (ii) the Listing Committee of the Stock Exchange granting listings of, and permission to deal in, the 2008 Warrants and any Shares which may fall to be issued upon exercise of the subscription rights attaching to the 2008 Warrants. The Stock Exchange is currently reviewing the terms of the 2007 Warrants and the 2008 Warrants, in particular, the basis for determining the subscription price for each of the 2007 Warrants and the 2008 Warrants. The listing approvals referred to above may or may not be obtained by the Company. In the event that the Company fails to obtain such listing approvals, the Bonus Issues will not proceed. Under such circumstances, further announcement will be made by the Company. Subscription Price The 2007 Warrants and the 2008 Warrants will entitle the holders to subscribe for new Shares at a price of HK$1.5 and HK$2.5 per Share in cash respectively, subject to adjustments. Based on 928,373,283 Shares in issue as at the date of this announcement and on the assumption that no Shares would be issued or repurchased by the Company prior to 27 May 2005: (i) exercise in full of the 2007 Warrants will result in the issue of 92,837,328 new Shares, representing about 9.09 per cent. of the issued share capital of the Company as enlarged by the allotment and issue of the Shares upon full exercise of the 2007 Warrants; (ii) exercise in full of the 2008 Warrants will result in the issue of 92,837,328 new Shares, representing about 9.09 per cent. of the issued share capital of the Company as enlarged by the allotment and issue of the Shares upon full exercise of the 2008 Warrants; and (iii) exercise in full of both of the 2007 Warrants and the 2008 Warrants will result in the issue of 185,674,656 new Shares, representing about 16.67 per cent. of the issued share capital of the Company as enlarged by the allotment and issue of the Shares upon full exercise of the 2007 Warrants and the 2008 Warrants; It is expected that the Company will receive net proceeds of about HK$139 million and HK$232 million upon exercise in full of the 2007 Warrants and the 2008 Warrants respectively. Subscription Period The 2007 Warrants may be exercised at any time on 8 July 2005 and up to 7 July 2007 (if that day is not a business day, the business day immediately preceding that day) (both days inclusive). The 2008 Warrants may be exercised at any time on 8 July 2005 and up to 7 July 2008 (if that day is not a business day, the business day immediately preceding that day) (both days inclusive). Record Date and Closure of Register The register of members of the Company will be closed from 24 May 2005 to 27 May 2005, both days inclusive, in order to determine entitlements to the Bonus Issues. Shareholders are reminded that in order to qualify for the Bonus Issues, they must ensure that all transfers accompanied by the relevant share certificates are lodged with the Company's Branch Registrar in Hong Kong, Tengis Limited at Ground Floor, Bank of East Asia Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong for registration not later than 4:00 p.m. on 23 May 2005.