09:32 BEAUFORTE INV<00021> - Announcement (1) The Stock Exchange of Hong Kong Limited takes no responsibility for the content 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 content of this announcement. BEAUFORTE INVESTORS CORPORATION LIMITED (incorporated in Hong Kong with limited liability) (Stock code: 21) PLACING OF NEW SHARES UNDER GENERAL MANDATE Placing Agent & Financial Adviser TIS Securities (HK) Limited On 30 May 2005, the Company has entered into the Placing Agreement with the Placing Agent & Financial Adviser in relation to the placing of New Shares. Placing of 58,564,000 New Shares Pursuant to the Placing Agreement, the Company agreed to place, through the Placing Agent & Financial Adviser on a best-endeavours basis, 58,564,000 new shares to independent investor(s) at the Placing Price of HK$0.40 per Share. The Placing Agent & Financial Adviser has procured and will conditionally placed a total of 58,564,000 new shares to an individual investor, namely Mr. Christian Emil Toggenburger, who, to the best knowledge of the Directors, are not connected with the Company or its subsidiaries nor any of their directors, chief executives or substantial shareholders nor any of their respective associates (as defined in the Listing rules). As at the date of this announcement, Mr. Christian Emil Toggenburger holds 1,600,000 Shares or 0.55% issued share capital in the Company. Immediately after the Placing, Mr. Christian Emil Toggenburger will hold approximately 17.12% in the enlarged issued share capital of the Company. The New Shares represent approximately 20.0% of the existing issued share capital of the Company and approximately 16.67% of the Company's issued share capital as enlarged by the Placing. The Placing Price represents (i) a premium of approximately 33.33% to the closing price of HK$0.30 per share as quoted on the Stock Exchange on 30 May 2005, being the last trading day before this announcement; and (ii) a premium of approximately 32.01% to the average of the closing price per share of HK$0.303 as quoted on the Stock Exchange for the last 10 trading days ended 30 May 2005, being the last trading day before this announcement. The net proceeds receivable by the Company under the Placing are estimated to be approximately HK$22.1 million after deducting placing commission and documentation fee received by the Placing Agent & Financial Adviser. It is presently intended that such net proceeds will be used as general working capital of the Company. The Placing is conditional upon the Stock Exchange granting listing of and permission to deal in the New Shares. The Placing Agreement Date: 30 May 2005 Issuer Beauforte Investors Corporation Limited Placing Agent & Financial Adviser TIS Securities (HK) Limited Placee The Company agreed to place, through the Placing Agent & Financial Adviser on a best-endeavours basis, 58,564,000 new shares to independent investor(s) at the Placing Price of HK$0.40 per Share. The Placing Agent & Financial Adviser has procured an individual investor, namely Mr. Christian Emil Toggenburger to subscribe a total of 58,564,000 new shares. As at the date of this announcement, Mr. Christian Emil Toggenburger holds 1,600,000 Shares or 0.55% issued share captial in the Company. Immediately after the Placing, Mr. Christian Emil Toggenburger will hold approximately 17.12% in the enlarged issued share capital of the Company. To the best knowledge of the Directors, Mr. Christian Emil Toggenburger is not connected with the Company or its subsidiaries nor any of their directors, chief executives or substantial shareholders nor any of their respective associates (as defined in the Listing rules). Mr. Christian Emil Toggenburger does not have any present intention to appoint any representative to the board of directors of the Company or to take part in the management of the Company. Mr. Christian Emil Toggenburger is the client of the Placing Agent & Financial Adviser. It is usual for Mr. Christian Emil Toggenburger to hold a significant interest in a listed company while not participating in the Board.