Suncorp Technologies Limited — Share Issue/Capital Change 2001

Oct 11, 2001

Listed Company Information

DVN (HOLDINGS)<00500> - Announcement DVN (HOLDINGS) LIMITED (Incorporated in Bermuda with limited liability) COMPLETION OF SUBSCRIPTION FOR NEW SHARES ADJUSTMENTS TO THE CONVERSION PRICE OF THE CONVERTIBLE PREFERENCE SHARES AND THE EXCHANGE PRICE OF THE EXCHANGEABLE PREFERENCE SHARES DESPATCH OF CIRCULAR IN RELATION TO THE CAPITAL REORGANISATION The Directors are pleased to announce that the Subscription was completed on 10 October 2001. Following completion of the Subscription, the conversion prices of the Convertible Preference Shares and the exchange price of the Exchangeable Preference Shares have been adjusted from HK$1.50 and HK$4.80 per Share to HK$1.47 and HK$4.69 per Share respectively with effect from 10 October 2001. The Directors also wish to announce that the circular containing details of the Capital Reorganisation and the notice convening the SGM will be despatched to Shareholders on 11 October 2001. Reference is made to the announcement (the "Announcement") made by the Company dated 28 September 2001. Unless otherwise stated, terms used in this announcement have the same meanings as those defined in the Announcement. Completion of the Subscription The Directors are pleased to announce that the Subscription was completed on 10 October 2001. Pursuant to the placing agreements and the subscription agreement, Prime Pacific sold an aggregate of 24,100,00 existing Shares at HK$2.00 each to two independent investors, and then subscribed for 38,900,000 new Shares at HK$2.00 per Share. The net proceeds of approximately HK$77.4 million from the Subscription are intended to be used for general working capital purposes. Adjustments to the conversion price of the Convertible Preference Shares and the exchange price of the Exchangeable Preference Shares Following completion of the Subscription and on the basis of the adjustment formula contained in the instrument governing the issue of the Convertible Preference Shares, the conversion price of the Convertible Preference Shares has been adjusted from HK$1.50 per Share to HK$1.47 per Share. In addition, the exchange price of the exchangeable preference shares (the "Exchangeable Preference Shares") of US$1.00 each issued by DVN (Group) Limited, a wholly owned subsidiary of the Company incorporated in the British Virgin Islands, has been adjusted from HK$4.80 per Share to HK$4.69 per Share as a result of the Subscription. Ernst & Young Corporate Finance Limited, the financial adviser to the Company, has certified the adjustments in accordance with the instruments constituting the Convertible Preference Shares and the Exchangeable Preference Shares respectively. The adjustments have become effective from 10 October 2001. Despatch of circular in relation to the Capital Reorganisation The Directors wish to announce that the circular containing details of the Capital Reorganisation and the notice convening the SGM will be despatched to Shareholders on 11 October 2001. The unaudited balance of the share premium account amounted to approximately HK$225,439,000 as at 30 June 2001 and has increased to approximately HK$244,889,000 upon completion of the Subscription. The respective numbers were inadvertently stated as HK$244,852,000 and estimated as HK$264,302,000 in the Announcement. By order of the Board DVN (Holdings) Limited Lui Pan Chief Executive Officer Hong Kong, 10 October 2001