09:25     ITC CORPORATION<00372> - Announcement (1)                           

    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.                                                             
                                                                              
    ITC CORPORATION LIMITED                                                   
    (Incorporated in Bermuda with limited liability)                          
    (Stock code: 372)                                                         
                                                                              
    CLOSE OF UNCONDITIONAL MANDATORY CASH OFFERS BY                           
    SOMERLEY LIMITED                                                          
    on behalf of                                                              
    GOLDEN HALL HOLDINGS LIMITED                                              
    (Incorporated in Hong Kong with limited liability)                        
                                                                              
    a wholly-owned subsidiary of                                              
    ITC CORPORATION LIMITED                                                   
                                                                              
    FOR ALL THE ISSUED SHARES IN,                                             
    AND FOR CANCELLATION OF ALL OUTSTANDING OPTIONS OF,                       
    TRASY GOLD EX LIMITED                                                     
    (OTHER THAN THOSE ALREADY OWNED BY THE OFFEROR                            
    AND PARTIES ACTING IN CONCERT WITH IT)                                    
                                                                              
    The Offers closed at 4:00 p.m. on 25th May, 2005. At that time,           
    the Offeror had received valid acceptances in respect of                  
    177,251,139 Trasy Shares, representing approximately 6.38% of             
    the issued share capital of Trasy as at the date of this                  
    announcement. No acceptances for the Option Offer had been                
    received.                                                                 
                                                                              
    Subject to completion of the transfer of the Acceptance Shares            
    to the Offeror and taking into account the 1,391,430,000 Trasy            
    Shares (representing approximately 50.07% of the issued share             
    capital of Trasy as at the date hereof) already held by the               
    Offeror and parties acting in concert with it prior to the                
    commencement of the Offers, the Offeror and parties acting in             
    concert with it will be interested in an aggregate of                     
    1,568,681,139 Trasy Shares, representing approximately 56.45%             
    of the issued share capital of Trasy as at the date of this               
    announcement.                                                             
                                                                              
    Assuming the transfer of the Acceptance Shares to the Offeror             
    has been completed, the public float of Trasy is 1,182,327,507            
    Trasy Shares, representing approximately 42.54% of the issued             
    share capital of Trasy as at the date of this announcement.               
                                                                              
    Reference is made to the announcements of ITC dated 6th April,            
    2005 (the "Announcement") and 27th April, 2005 relating to,               
    among other things, the Offers. Capitalised terms used herein             
    have the same meanings as defined in the Announcement unless              
    otherwise stated herein.                                                  
                                                                              
    Close of the Offers and acceptances regarding the Offers                  
    The Offers closed at 4:00 p.m. on 25th May, 2005. At that time,           
    the Offeror had received valid acceptances in respect of                  
    177,251,139 Trasy Shares (the "Acceptance Shares"),                       
    representing approximately 6.38% of the issued share capital              
    of Trasy as at the date of this announcement. No acceptances              
    for the Option Offer had been received. All the acceptances had           
    been verified and confirmed valid. As at the date of this                 
    announcement, no acceptance is subject to verification.                   
                                                                              
    Taking into account the 1,391,430,000 Trasy Shares                        
    (representing approximately 50.07% of the issued share capital            
    of Trasy as at the date hereof) already held by the Offeror and           
    parties acting in concert with it prior to the commencement of            
    the Offers and subject to completion of the transfer of all the           
    Acceptance Shares to the Offeror, the Offeror and parties                 
    acting in concert with it will be interested in an aggregate              
    of 1,568,681,139 Trasy Shares, representing approximately                 
    56.45% of the issued share capital of Trasy as at the date of             
    this announcement. Other than the aforesaid Trasy Shares, the             
    Offeror and parties acting in concert with it do not hold any             
    options, warrants or other securities convertible into Trasy              
    Shares as at the date of this announcement. Save for acceptances          
    of the Trasy Shares under the Share Offer, none of the Offeror            
    or parties acting in concert with it has acquired or dealt in             
    any Trasy Shares or options, warrants or other securities                 
    convertible into Trasy Shares during the period of the Offers.