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

Dealings in the Company's shares have been suspended since 10 May 2000. Accordingly, the Company's shares have effectively been suspended for over 18 months.

The Company has been put into the third stage of the Delisting Procedures since 28 May 2001. Pursuant to the Delisting Procedures, at the end of the third stage expiring on 27 November 2001 (the "Deadline"), where no valid proposals have been received for resumption, the listing of the Company's shares will be cancelled. By the end of the Deadline, neither the Company nor its liquidators have been able to submit a valid proposal for resumption.

The Exchange has notified the Company through its liquidators of its obligation under paragraph 3.1 of Practice Note 17 to issue an announcement informing the public of the cancellation of the listing of its shares on the same day of this announcement.

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