09:33 SNP LEEFUNG<00623> - Announcement (3) must be lodged (together with the relevant share certificate(s)) with the Company's branch share registrars in Hong Kong by 4:00 p.m. (Hong Kong time) on Wednesday, 15 June 2005. The branch share registrar of the Company in Hong Kong is: Tengis Limited Ground Floor Bank of East Asia Harbour view Centre 56 Gloucester Road Wanchai Hong Kong The Company will send the Rights Issue Documents, including the Prospectus, the PALs and the EAFs, to the Qualifying Shareholders. The Company will send the Prospectus only to the Excluded Shareholders for information purposes. As at the date of this announcement, the Company has certain Shareholders whose addresses as shown on the register of members of the Company were located in 2 places outside Hong Kong, being United States of America and Singapore. In determining whether there will be Excluded Shareholders, the Company will make enquiry regarding the legal restrictions (if any) under the laws of the relevant places and the requirements of the relevant regulatory bodies or stock exchanges in relation to the Company's offering of the Rights Issue to the Excluded Shareholders in compliance with Rule 13.36(2)(a) of the Listing Rules. The Company will make further announcement regarding the Excluded Shareholders on or before the Posting Date, which is expected to be on Thursday, 23 June 2005. Closure of register of members The register of members of the Company will be closed from Thursday, 16 June 2005 to Wednesday, 22 June 2005, both dates inclusive. No transfers of Shares will be registered during this period. Subscription Price HK$1.20 per Rights Share, payable in full by a Qualifying Shareholder upon acceptance of the provisional allotment of the Rights Shares under the Rights Issue or application for excess Rights Shares or when a renouncee of any provisional allotment of the Rights Shares or a transferee of nil-paid Rights Shares applies for the Rights Shares. The Subscription Price represents: (i) a discount of approximately 14.29% to the closing price of HK$1.40 per Share as quoted on the Stock Exchange on 25 May 2005, being the last trading day of the Shares on the Stock Exchange prior to the publishing of this announcement; (ii) a discount of approximately 15.49% to the average closing price of HK$1.42 per Share as quoted on the Stock Exchange for the 5 consecutive trading days up to and including 25 May 2005, being the last trading day of the Shares on the Stock Exchange prior to the publishing of this announcement; (iii) a discount of approximately 15.49% to the average closing price of HK$1.42 per Share as quoted on the Stock Exchange for the 10 consecutive trading days up to and including 25 May 2005, being the last trading day of the Shares on the Stock Exchange prior to the publishing of this announcement; (iv) a discount of approximately 22.58% to the average closing price of HK$1.55 per Share as quoted on the Stock Exchange for the 30 consecutive trading days up to and including 25 May 2005, being the last trading day of the Shares on the Stock Exchange prior to the publishing of this announcement; (v) a discount of approximately 11.76% to the theoretical ex-right price of HK$1.36 based on the closing price of HK$1.40 per Share as quoted on the Stock Exchange on 25 May 2005, being the last trading day of the Shares on the Stock Exchange prior to the publishing of this announcement; and (vi) a discount of approximately 35.83% to the audited consolidated net assets value per Share of approximately HK$1.87 as at 31 December 2004. The Subscription Price was arrived at after arm's length negotiation between the Company and the Underwriter with reference to the market