The Exchange announces that effective from the date of this announcement, the Company will be put into the third stage of the Delisting Procedures in accordance with 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 23 August 2000. Since its suspension, the Company has not been able to implement a valid resumption proposal. A valid resumption proposal means a proposal that, if it were 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 warrant the continued listing of the listed company's securities on the Exchange.

The Company will now be put into the third stage of the Delisting Procedures. The Company will be given a final six months for the submission of a valid resumption proposal. If the Company does not submit a valid resumption proposal by 11 March 2002, the Exchange intends to cancel the listing of the Company.

The Exchange will make a further announcement in due course if the delisting takes place.