10:04 MELCO INT'L DEV<00200> - Announcement & Resumption (4) * approximately HK$2,787 million will be financed by way of equity, from a combination of internal resources of Melco Entertainment and additional equity to be funded by further contributions of equity in, or advances of shareholders loans to, Melco Entertainment Fund Raising Exercises Carried Out by the Company in the Past Twelve Months Save for the following fund raising exercises, the Company has not undertaken any fund raising exercise in the past twelve months: (i) as part of the Group reorganization as disclosed in two announcements and a circular of the Company respectively dated 23rd March 2004, 1st April 2004 and 23rd April 2004, the Company acquired 80% equity interests in Mocha Slot on 9th June 2004 for a total consideration of HK$398 million which was settled by way of issue of a total of 153,478,261 Shares at the then issue price of HK$2.3 per Share and HK$45 million for a shareholder's loan of the same face value previously granted by Better Joy to Mocha Slot which was settled by way of issue of two convertible notes by the Company to Better Joy in the aggregate sum of HK$45 million with a conversion right to convert the same into 19,565,216 Shares at a conversion price of HK$2.3 per Share. On 11th April 2005, Better Joy exercised the said conversion right in full, resulting in a total of 19,565,216 Shares issued to Better Joy; (ii) as disclosed in the announcement and circular of the Company respectively dated 13th September 2004 and 11th October 2004, the Company has entered into an agreement with STDM pursuant to which the Company has agreed to acquire 50% equity interests in Great Wonders from STDM for a consideration of HK$100 million, which would be settled by way of issue of the First Convertible Bond (as defined in the announcement of the Company dated 13th September 2004) to STDM with the principal amount of HK$100 million with a conversion right to convert the same into 25,000,000 Shares at a conversion price of HK$4.0 per Share. After obtaining the independent shareholders' approval (by way of poll) of the agreement, the First Convertible Bond and the issue and allotment of Shares upon conversion of the First Convertible Bond at the extraordinary general meeting of the Company held on 2nd November 2004, the Company issued the First Convertible Bond to STDM on 9th November 2004; (iii) as disclosed in the announcement and circular of the Company respectively dated 23rd November 2004 and 5th January 2005, the Company has entered into an agreement with STDM pursuant to which the Company has agreed to acquire additional 20% equity interests in Great Wonders from STDM for a consideration of HK$56 million, which would be settled by way of issue of the Second Convertible Bond (as defined in the announcement of the Company dated 23rd November 2004) to STDM with the principal amount of HK$56 million with a conversion right to convert the same into 6,829,268 Shares at a conversion price of HK$8.2 per Share. After obtaining the independent shareholders' approval (by way of poll) of the agreement, the Second Convertible Bond and the issue and allotment of Shares upon conversion of the Second Convertible Bond at the extraordinary general meeting of the Company held on 20th January 2005, the Company issued the Second Convertible Bond to STDM on 8th February 2005; and (iv) as disclosed in the announcement of the Company dated 15th October 2004, the Company has carried out a top-up placing of 75,900,000 Shares at a placing price of HK$5.2 per Share on 15th October 2004. The net proceeds generated from the top-up placing were approximately HK$377 million, out of which approximately HK$94 million was earmarked for the expansion of the business of Mocha Slot, as to approximately HK$207 million for the development of the "Park Hyatt" luxury hotel project and as to the remaining approximately HK$75 million as working capital for the Group. As at the date of this announcement, the Company has utilized a total sum of approximately HK$29.3 million mainly for acquisition of hardware and systems for the business of Mocha Slot and a total sum of approximately HK$56.4 million in connection with the "Park Hyatt" luxury hotel project. It is the present intention of the Company to utilize the net proceeds of the top-up placing according to the intended application thereof as disclosed in the announcement dated 15th October 2004. To the extent that the net proceeds from the top-up placing are not immediately required for the above purposes, the Company has placed such funds in short-term deposits with banks and/or financial institutions. Conditions: The Subscription is conditional upon: (a) the Listing Committee of the Stock Exchange granting listing of and permission to deal in the Subscription Shares; and