Reference is made to the Company's announcements of 16 March and 17 December 2001 informing the shareholders and the public of the receipt of a resumption proposal by the liquidators of the Company of 14 March 2001 and that the Exchange had granted a conditional extension of the deadline for the cancellation of the listing of the Company's shares to 30 April 2002. The extension so granted was solely for the purpose of enabling the resumption proposal to be considered by the Exchange but not any other proposal.

The extended deadline has passed and the resumption proposal could not be implemented due to a change in circumstances on the part of the investors. Accordingly, the listing of the Company's shares will be cancelled with effect from 9:30 a.m. on Monday, 6 May 2002 in accordance with the delisting procedures stipulated in Practice Note 17 to the Listing Rules.