09:34 UNIVERSAL HOLD<00419> - Announcement The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. UNIVERSAL HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 419) FURTHER POSTPONEMENT OF DESPATCH OF THE CIRCULAR REGARDING THE VERY SUBSTANTIAL ACQUISITION AND CONNECTED TRANSACTIONS RELATING TO THE PROPOSED ACQUISITION OF ANGLO ALLIANCE WHICH INVOLVES THE ISSUE OF NEW SHARES AND CONVERTIBLE NOTE AND APPLICATION FOR THE WHITEWASH WAIVER The despatch of the circular to the Shareholders regarding the very substantial acquisition and connected transactions relating to the proposed acquisition of Anglo Alliance which involves the issue of new Shares and Convertible Note and application for Whitewash Waiver will be further postponed. It is currently expected that the Circular will be despatched on or before 9 May 2005. The long-stop date of the Deed and the UHL SP Agreement has been extended to 31 May 2005. The board of Directors refers to the announcements dated 2 February 2005, 31 March 2005 and 22 April 2005 (together, the "Announcements") regarding the very substantial acquisition and connected transactions relating to the proposed acquisition of Anglo Alliance which involves the issue of new Shares and Convertible Note and application for the Whitewash Waiver (the "Transaction"). Capitalised terms used in this announcement have the same meanings as defined in the Announcements. As set out in the Announcements, the Circular regarding the Transaction will set out, among other things, a letter of advice from the independent financial adviser, the accountants' reports on Orient Ventures, Anglo Alliance, Hao Ge, and the Media Company (together, the "Accountants' Reports") and the reports on the Target Profit, would be despatched on or before 30 April 2005. As additional time is required to finalise the Accountants' Reports, the reports on the Target Profit from the consultant accountants and financial adviser of the Company and the letter of advice from the independent financial adviser, the Company has applied to the Stock Exchange and the Securities and Futures Commission for a further extension of the deadline for the despatch of the Circular from 30 April 2005 to 9 May 2005. It is expected that the Circular will be despatched on or before 9 May 2005. In view of the further delay in the despatch of the Circular, the long-stop date of the Deed and the UHL SP Agreement has been extended from 30 April 2005 to 31 May 2005. As at the date of this announcement, the board of directors of the Company comprises Mr. Ko (Chairman and executive Director), Mr. Shen Ka Yip, Timothy (Acting Chief Executive Officer and executive Director), Mr. Tsoi Tong Hoo Tony and Mr. Cheong Chow Yin (each of whom is an non-executive Director), Mr. Yuen Kin, Mr. Wilton Timothy Carr Ingram and Dr. Wong Yau Kar, David (each of whom is an independent non-executive Director). By Order of the Board UNIVERSAL HOLDINGS LIMITED Chan Kam Kwan, Jason Company Secretary Hong Kong, 30 April 2005 The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable inquiries that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.