09:52 ZIDA TECH<00859> - Announcement (2) the commencement of the Offers, the Offeror and the parties acting in concert with it were interested in an aggregate of 147,916,000 Shares, representing approximately 72.46% of the existing issued share capital of the Company. There have been no dealings in all securities of the Company by the Offeror, its beneficial owners and parties acting in concert with any of them during the Relevant Period other than entering into the S&P Agreement. Taking into account the valid acceptances in respect of 4,702,000 Shares under the Share Offer (subject to completion of the transfer of those Shares to the Offeror), the Offeror and parties acting in concert with it will become interested in an aggregate of 152,618,000 Shares immediately after the closing of the Offers, representing approximately 74.76% of the existing issued share capital of the Company and of the voting rights which may be exercised at general meetings of the Company. As at the date of this announcement, the Offeror and parties acting in concert with it do not own any outstanding warrants, options or securities convertible into Shares. Upon the closing of the Offers, approximately 24.98% of the existing issued share capital of the Company remains to be held by the public who are independent of the directors, chief executive or substantial shareholders of the Company or its subsidiaries or any of their respective associates (as defined in the Listing Rules). Accordingly, an application has been made by the Company to the Stock Exchange for a waiver from strict compliance with Rule 8.08 of the Listing Rules on the 25% minimum public float requirement for a period of one month from the date of this announcement and the Company will take appropriate steps as soon as practicable to ensure that at least 25% of the issued share capital of the Company will be held in public hands in order to comply with the minimum public float requirement under Rule 8.08 of the Listing Rules. The Board also wishes to announce that with effect from 20 May 2005 immediately after the closing of the Offers at 4:00 p.m., (i) Mr. Chang Chung Wa, Eddie and Ms. Tang Kit Ching, Venus ceased to be executive Directors; and (ii) Dr. Li Chi Kwong, Prof. Pan Xiao Mei and Mr. Henry Fung ceased to be independent non-executive Directors. On the same day, Mr. Ng Chun For Henry has been re-designated as the Chairman of the Board and Mr. Ian Ng has been appointed as Chief Executive Officer of the Company and such re-designation and appointment will take effect from 21 May 2005. Each of the resigning Directors has confirmed that he/she has no disagreement with the Board and there are no matters relating to his/her resignation that need to be brought to the attention of the holders of the securities of the Company. The Board further announces that the principal place of business of the Company will be changed to 28/F, Henry House, 42 Yun Ping Road, Causeway Bay, Hong Kong, with effect from 21 May 2005. Reference is made to the announcement of the Company dated 25 January 2005, the joint announcements dated 1 April 2005 and 11 April 2005 respectively made by the Company and the Offeror, the offer document dated 22 April 2005 (the "Offer Document") and the response document of the Company dated 29 April 2005 (the "Response Document") despatched to the Independent Shareholders and the Optionholders, and the announcement dated 29 April 2005 made by the Company, in respect of the Offers. Unless otherwise stated, capitalised terms used in this announcement shall have the same meanings as those defined in the Offer Document. CLOSING OF THE OFFERS AND ACCEPTANCE LEVELS The Offeror and the Board wish to announce that the latest time for acceptance of the Offers was 4:00 p.m. on 20 May