The Exchange announces that the listing of the shares of the Company will be cancelled with effect from 10:00 a.m. on 27 September 2001 in accordance with the delisting procedures stipulated in Practice Note 17 to the Listing Rules (the "Delisting Procedures"). Practice Note 17 formalises the procedures to be adopted to delist long-suspended companies.

Dealings in the shares of the Company have been suspended since 1 September 1999. Accordingly, the Companys shares have effectively been suspended for over 24 months. Since the suspension, the Company has not been able to implement a valid resumption proposal.

The Company has been put into the third stage of the Delisting Procedures since 1 September 2000. Pursuant to the Delisting Procedures, at the end of the third stage, where no valid proposals have been received for resumption, the listing of the Companys shares will be cancelled. The Liquidators of the Company submitted a resumption proposal (the "Restructuring Proposal") on 19 February 2001 and the Exchange granted a conditional extension for the delisting of the Companys shares from 28 February 2001 to 31 May 2001, which was further extended to 31 August 2001 (the "Deadline"), for the processing of the Restructuring Proposal. As the conditions acceptable to the Exchange have not been fulfilled by the Deadline, the Exchange will cancel the listing of the Company as of the date and time referred to above in accordance with the Delisting Procedures.

The Exchange notified the Company on 7 September 2001 of its obligation under paragraph 3.1 of Practice Note 17 to make an announcement informing the public of the cancellation of the listing of its shares.

The Exchange advises shareholders of the Company who have queries about the implications of the delisting to obtain appropriate professional advice.