Central Development Holdings Limited — Board/Management Information 2004

Jul 19, 2004

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Seapower Resources International Limited （凱暉國際實業有限公司） [*]

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 269)

ADOPTION OF THE PROPOSED SHARE OPTION SCHEME AND TERMINATION OF THE SHARE OPTION SCHEME RESIGNATION OF EXECUTIVE DIRECTOR

At the annual general meeting of the Company held on 16 July 2004, an ordinary resolution approving the adoption of the Proposed Share Option Scheme and termination of the Share Option Scheme was duly passed by show of hands.

Mr. U Keng Tin resigned as Executive Director of the Company with effect from 16 July 2004.

Reference is made to the circular of Seapower Resources International Limited (the “Company”) dated 23 June 2004 (the “Circular”). Unless otherwise defined, terms used herein shall have the same meanings as in the Circular.

The board of the directors of the Company (the “Board”) is pleased to announce that at the annual general meeting of the Company held on 16 July 2004, an ordinary resolution approving the adoption of the Proposed Share Option Scheme and termination of the Share Option Scheme was duly passed by the shareholders of the Company by show of hands.

The Proposed Share Option Scheme will come into effect upon the Listing Committee of The Stock Exchange of Hong Kong Limited (“Stock Exchange”) granting approval of the listing of, and permission to deal in, any shares of the Company which may be issued pursuant to the exercise of the options to be granted under the Proposed Share Option Scheme.

Besides, the Board announces that due to personal reasons, Mr. U Keng Tin (“Mr. U”) has given notice of his resignation as Executive Director of the Company with effect from 16 July 2004. Mr. U confirmed that there is no disagreement with the Board and there is no matter relating to his resignation that needs to be bought to the attention of the shareholders or creditors of the Company or the Stock Exchange upon his resignation.

The Board would like to express sincere gratitude to Mr. U for his valuable contributions to the Company.

By the order of the Board Seapower Resources International Limited Chan Chun Hing, Kenneth Director

Hong Kong, 16 July 2004

* For identification only

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As at the date of this announcement, the executive directors of the Company comprise Messrs Chan Chun Hing, Kenneth, Tsang Kam Ching, David and Zhao Ming. The independent non-executive directors of the Company comprise Messrs Lee Kwan Hung, Eddie and Yau Sui Ki, Christie.

Please also refer to the published version of this announcement in the China Daily.

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