CAI Corp — Capital/Financing Update 2008

Mar 20, 2008

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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HARBOUR CENTRE DEVELOPMENT LIMITED

(incorporated in Hong Kong with limited liability) Stock Code: 51

RESULTS OF THE RIGHTS ISSUE

Underwriter of the Rights Issue THE WHARF (HOLDINGS) LIMITED

RESULTS OF THE RIGHTS ISSUE

The Board is pleased to announce that as at 4:00 p.m. on Monday, 17 March 2008, being the latest time for acceptance of, and payment for, the Rights Shares and applications for excess Rights Shares, a total of 101 valid acceptances of provisional allotment of Rights Shares have been received for a total of 139,141,257 Rights Shares, representing approximately 88.34% of the total number of the Rights Shares available for subscription under the Rights Issue, and a total of 23 valid applications for excess applications had been received for a total of 21,431,859 Rights Shares, representing approximately 13.61% of the total number of the Rights Shares available for subscription under the Rights Issue. In aggregate, a total of 124 valid applications for 160,573,116 Rights Shares have been received, representing approximately 101.95% of the total number of 157,500,000 Rights Shares offered under the Rights Issue.

The Underwriting Agreement has become unconditional at 5:00 p.m. on Wednesday, 19 March 2008.

Based on the above, the Rights Issue was slightly over-subscribed and therefore, the obligations of the Underwriter under the Underwriting Agreement have been or are regarded to have been fully discharged.

It is expected that the share certificates for the Rights Shares in respect of the valid acceptances of the Rights Shares on PALs and successful applications for excess Rights Shares, in their fully-paid form, will be despatched to the allottees by ordinary post at their own risks on Tuesday, 25 March 2008. A refund cheque in respect of a partially unsuccessful application for excess Rights Shares will also be despatched to the applicant by ordinary post at its own risk on Tuesday, 25 March 2008. Dealings in the Rights Shares, in their fully-paid form, are expected to commence on the Stock Exchange at 9:30 a.m. on Thursday, 27 March 2008.

Reference is made to the Prospectus dated 3 March 2008. Capitalised terms used herein shall have the same meanings as those defined in the Prospectus unless otherwise stated.

Harbour Centre Development Limited - Announcement 1 (20 March 2008)

RESULTS OF THE RIGHTS ISSUE

The Board is pleased to announce that as at 4:00 p.m. on Monday, 17 March 2008, being the latest time for acceptance of, and payment for, the Rights Shares and applications for excess Rights Shares, a total of 101 valid acceptances of provisional allotment of Rights Shares have been received for a total of 139,141,257 Rights Shares, representing approximately 88.34% of the total number of the Rights Shares available for subscription under the Rights Issue, and a total of 23 valid applications for excess applications had been received for a total of 21,431,859 Rights Shares, representing approximately 13.61% of the total number of the Rights Shares available for subscription under the Rights Issue. In aggregate, a total of 124 valid applications for 160,573,116 Rights Shares have been received, representing approximately 101.95% of the total number of 157,500,000 Rights Shares offered under the Rights Issue.

All of the conditions precedent set out in the Underwriting Agreement have been fulfilled and the Underwriting Agreement has not been terminated in accordance with its terms. Accordingly, the Underwriting Agreement has become unconditional at 5:00 p.m. on Wednesday, 19 March 2008.

Based on the above, the Rights Issue was slightly over-subscribed and therefore, the obligations of the Underwriter under the Underwriting Agreement have been or are regarded to have been fully discharged.

EXCESS RIGHTS SHARES

Regarding the 23 valid applications for the Rights Shares under EAFs, the Directors had resolved to allot, from among the 18,358,743 Rights Shares not applied for under PALs, to the applicants in the following manner:

Number of excess Rights Shares Applied for 1 to 2,000,000 2,000,001 to 20,000,000	Number of valid applications under EAFs 22 1 23	Total number of excess Rights Shares applied for Basis of allotment 1,431,859 All 22 applicants were successful with each of such applicants receiving the number of excess Rights Shares applied for in full 20,000,000 This one and only application will be allotted approximately 84.63% of the total number of excess Rights Shares applied for under this category 21,431,859	Total number of Rights Shares allocated Approximate percentage of allocation based on the total number of excess Rights Shares applied for in this category (%) 1,431,859 100.00 16,926,884 84.63 18,358,743

The Directors consider that the allocation of the excess Rights Shares is on a fair and reasonable basis.

Harbour Centre Development Limited - Announcement 2 (20 March 2008)

SHAREHOLDING STRUCTURE OF THE COMPANY

The following is a summary of the shareholding structure of the Company immediately before and after completion of the Rights Issue:

	Immediately before		Immediately after
	completion of the Rights	Issue	completion of the Rights	Issue
	No. of Shares	%	No. of Shares	%
Wharf_(Note 1)_	210,379,500	66.79	332,496,131	70.37
_Public shareholders _
Harson Investment	25,357,500	8.05	38,036,250	8.05
Limited(Note 2)
Other public	79,263,000	25.16	101,967,619	21.58
Shareholders
**Sub-total **	104,620,500	33.21	140,003,869	29.63
Total	315,000,000	100.00	472,500,000	100.00

Note:

1. Wharf is, through its wholly-owned subsidiary, namely, Upfront International Limited, interested in 70.37% shareholding interest in the Company immediately after completion of the Rights Issue. Wharf is a non wholly-owned subsidiary of Wheelock and Company Limited which holds (whether directly or indirectly) approximately 50.02% shareholding interest in Wharf.

2. Harson Investment Limited, which is not associated and has no connection with Wharf or its Associates, is an independent third party.

DESPATCH OF SHARE CERTIFICATES AND REFUND CHEQUE

It is expected that the share certificates for the Rights Shares in respect of the valid acceptances of the Rights Shares on PALs and successful applications for excess Rights Shares, in their fully-paid form, will be despatched to the allottees by ordinary post at their own risks on Tuesday, 25 March 2008. A refund cheque in respect of a partially unsuccessful application for excess Rights Shares will also be despatched to the applicant by ordinary post at its own risk on Tuesday, 25 March 2008.

Dealings in the Rights Shares, in their fully-paid form, are expected to commence on the Stock Exchange at 9:30 a.m. on Thursday, 27 March 2008.

By order of the Directors of HARBOUR CENTRE DEVELOPMENT LIMITED Wilson W. S. Chan Company Secretary

Hong Kong, 20 March 2008

As at the date of this announcement, the Board comprises Mr. Gonzaga W. J. Li, Mr. T. Y. Ng and Mr. Clement K. H. Wong, together with three independent non-executive directors, namely, Mr. H. M. V. de Lacy Staunton, Mr. Michael T. P. Sze and Mr. M. K. Tan.

Harbour Centre Development Limited - Announcement (20 March 2008)

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