Esprit Holdings Limited — M&A Activity 2000

Feb 1, 2000

Listed Company Information

AKAI HOLDINGS<0448>,TOYO HOLDINGS<0094> & GRANDE<0186>-Joint Announcement The Stock Exchange has received a message from Akai Holdings Limited, Toyo Holdings Limited & The Grande Holdings Limited which is reproduced as follows:- " AKAI HOLDINGS LIMITED (incorporated in Bermuda with limited liability) TOYO HOLDINGS LIMITED (incorporated in Bermuda with limited liability) THE GRANDE HOLDINGS LIMITED (incorporated in Bermuda with limited liability) Proposed open offer of convertible bonds to existing shareholders of Akai Holdings Limited On the basis of convertible bonds in the principal amount of HK$0.30 For every two shares held by eligible shareholders and Discloseable transaction for The Grande Holdings Limited The respective boards of directors of Akai Holdings Limited ("Akai"), The Grande Holdings Limited and Toyo Holdings Limited ("Toyo") hereby announce that the underwriting agreement dated 15th November, 1999 entered into between Akai and Toyo for the underwriting by Toyo of Akai's open offer of convertible bonds (the "Original Agreement") has lapsed since 12:00 a.m. on 1st February, 2000. The directors of Akai and Toyo are currently under negotiations for a new agreement (the "New Agreement") relating to the said underwriting. Further announcement will be made upon the signing of the New Agreement. By Order of the Board By Order of the Board By Order of the Board Akai Holdings Limited Toyo Holdings Limited The Grande Holdings James Henry Ting Christopher W. Ho Limited Chairman and Chief Executive Chairman Christopher W. Ho Executive President and Chief Executive 1st February, 2000"