Central Development Holdings Limited — Capital/Financing Update 1999

Oct 29, 1999

Listed Company Information

SEAPOWER RES I<0269> - Announcement 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. Seapower Resources International Limited (a company incorporated in the Cayman Islands with limited liability) REVISED EXPECTED TIMETABLE FOR THE PROPOSAL FOR SHARE CAPITAL REDUCTION The Board announces that the Court has directed that the petition for the confirmation of the Proposal be heard on 19th November, 1999 and accordingly, the expected timetable for the Proposal set out in the Circular is revised as detailed below. THE PROPOSAL The Board of Directors (the "Board") of Seapower Resources International Limited (the "Company") refers to the announcement dated 26th August, 1999 (the "Announcement") and the circular dated 6th September, 1999 (the "Circular") issued by the Company relating to the Proposal for Reduction of Capital (the "Proposal"). Terms used herein shall have the same meanings as defined in the Announcement unless the context requires otherwise. At the Extraordinary General Meeting of the Company held on 30th September, 1999, a special resolution was passed by the Shareholders for approving the Proposal. Thereafter, a petition for confirmation of the Proposal was presented to the Court and the Court has directed that the petition be heard on 19th November, 1999. REVISED EXPECTED TIMETABLE Accordingly, the expected timetable for the Proposal is revised as follows: 1999 Date of hearing of petition for confirmation of the Proposal by the Court Friday, 19th November Last day of trading in the existing shares of HK$0.50 each ("Shares") Friday, 19th November Date of obtaining the Court order confirming the Proposal Saturday, 20th November Registration of the Court order and minute of reduction with the Registrar of Companies, Cayman Islands Saturday, 20th November Effective date of the Proposal upon registration of the Court order with the Registrar of Companies, Cayman Islands Saturday, 20th November Commencement of trading in the New Shares after the Proposal has become effective Monday, 22nd November First day for free exchange of certificates for the Shares for new certificates for the New Shares Monday, 22nd November Last day for free exchange of certificates for the Shares for new certificates for the New Shares Wednesday, 22nd December Certificates for the Shares which are submitted at any time after 4:00p.m. on 22nd December, 1999 will only be accepted for exchange upon payment of a fee of HK$2.50 per certificate (subject to adjustment) to the Branch Share Registrars of the Company in Hong Kong, Progressive Registration Limited. However, all the existing certificates for the Shares will continue to be effective as documents of title for the New Shares and valid for trading, settlement and registration purposes. By order of the Board Seapower Resources International Limited Louisa Tam Suet Lin Company Secretary Hong Kong, 28th October, 1999