The Exchange announces that, effective from the date of this announcement, the Company will be placed to the third stage of the delisting procedures (the "Delisting Procedures") specified in Practice Note 17 of the Exchange Listing Rules. Practice Note 17 formalises the procedures to be adopted in dealing with long-suspended companies.

Dealing in the shares of the Company has been suspended since 20 July 2000. Since its suspension, the Company has not been able to implement a viable resumption proposal. A viable resumption proposal means a proposal that, if implemented, would enable an issuer to demonstrate that it complies with paragraph 38 of the Listing Agreement. Paragraph 38 of the Listing Agreement requires an issuer to carry out a sufficient level of operations or have tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to the Exchange to warrant the continued listing of the issuers securities.

As the Company is being wound up and its assets apportioned by its joint liquidators, the Company will now be placed to the third stage of the Delisting Procedures. The Company will be given a final six months for the submission of a viable resumption proposal. If the Company does not submit a viable resumption proposal by 20 January 2002, the Exchange intends to cancel the listing of the Company.

The Exchange will make a further announcement in due course if the delisting or other material developments take place.