THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
ANNOUNCEMENT
In relation to the matter of
Leading Spirit High-Tech (Holdings) Company Limited
(Provisional Liquidators Appointed)
Cancellation of listing
in accordance with the delisting procedures
stipulated in Practice Note 17 to the Exchange Listing Rules
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The Stock Exchange of Hong Kong Limited (the "Exchange") hereby announces that on 19 January 2004, the listing of the shares of Leading Spirit High-Tech (Holdings) Company Limited (Provisional Liquidators Appointed) (the "Company") will be cancelled in accordance with the delisting procedures stipulated in Practice Note 17 to the Exchange Listing Rules.
By the end of the Deadline mentioned below, the Exchange considered the resumption proposal submitted by the Company as not viable. Therefore, the Exchange will cancel the listing of the Company's shares in accordance with the Delisting Procedures.
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The Exchange announces that the listing of the Company's shares will be cancelled with effect from 9:30 a.m. on 19 January 2004 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 11 May 2001. Accordingly, the Company's shares have effectively been suspended for over 31 months. Since the suspension, the Company has submitted a resumption proposal which was considered by the Exchange as not viable.
The Company was put into the third stage of the Delisting Procedures on 21 May 2002. Pursuant to the Delisting Procedures, at the end of the third stage which in the case of the Company was 21 November 2002, where no viable resumption proposal has been received, the listing of the Company's shares will be cancelled. Prior to that deadline, the Company entered into a formal restructuring agreement with an investor and over 99% (by value) of the Company's creditors. A resumption proposal was submitted to the Exchange on 20 November 2002.
The Company was subsequently allowed by the Listing (Review) Committee to finalise the resumption proposal for consideration by the Listing Committee by 29 April 2003 (the "Deadline"). The Company submitted the resumption proposal by the Deadline. However, the Listing Committee decided that the resumption proposal was not viable. The Company disagreed with Listing Committee's decision and subsequently appealed to both Listing (Review) Committee and Listing Appeals Committee ("Committees"). Both Committees upheld the Listing Committee's decision and the Exchange will cancel the listing of the Company's shares as of 9:30 a.m. on 19 January 2004 in accordance with the Delisting Procedures.
The Exchange has notified the Company of their obligation under paragraph 3.1 of Practice Note 17 to issue an announcement informing the public of the cancellation of the listing of their 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.