Central Development Holdings Limited — Share Issue/Capital Change 2001

Nov 27, 2001

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 (Incorporated in the Cayman Islands with limited liability)

Proposal for reduction of capital

and

adjustment of nominal value of shares

The Board wishes to update on the timetable for the proposed Reduction of Capital.

Introduction

Reference is made to the announcements dated 1 and 8 August 2001 issued by the Company and the circular dated 9 August 2001 (the “Circular”) issued by the Company in relation to the Reduction of Capital. Unless otherwise defined, terms used in this announcement shall have the same meanings as those used in the Circular.

Update on the proposed Reduction of Capital

The Board wishes to announce that:

• the special resolution and the ordinary resolutions approving the Reduction of Capital and the General Mandates were duly passed at the Extraordinary General Meeting;

• hearing of petition for confirmation of the Reduction of Capital by Court has been set on 11 January 2002

Expected timetable

2002

Hearing of petition for confirmation of the Reduction

of Capital by Court expected to be on or before Friday, 11 January (Cayman time)

Last day of trading in the Shares expected to be on or before Tuesday, 15 January

Effective Date after 4:00 p.m., Tuesday, 15 January

Commencement of trading of New Shares

expected to be on or before Effective Date Wednesday, 16 January

First day for free exchange of certificates for Shares for new certificates

for New Shares expected to be on or before Wednesday, 16 January

Last day for free exchange of certificates for Shares for new certificates

for New Shares expected to be on or before Friday, 15 February

General

As the size of each board lot of the New Shares will be the same as that of the Shares, being 5,000 Shares, there will not be any arrangement for parallel trading.

By Order of the Board

Annie Yuen Wing Kwan

Company Secretary

Hong Kong, 26 November 2001

Please also refer to the published version of this announcement in the Hong Kong iMail Post dated 27/11/2001