Weiye Holdings Limited — M&A Activity 2000

Jan 31, 2000

Listed Company Information

UNITED POWER<0674> - 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. WORLD POSSESSION ASSETS LIMITED (a company incorporated in the British Virgin Islands with limited liability) UNITED POWER INVESTMENT LIMITED (a company incorporated in Bermuda with limited liability) Conditional cash offer (the "Offer") by Worldsec International Limited on behalf of World Possession Assets Limited (the "Offeror") to acquire all the issued shares (the "Shares") of HK$0.05 each in United Power Investment Limited (the "Company") (other than those shares already owned or to be acquired by World Possession Assets Limited or parties acting in concert with it) - The Offer closed at 4:00 p.m. on 28th January, 2000. - No acceptance in respect of the Offer was received by the Offeror up to the close of the Offer. - The Offer cannot become unconditional and therefore has lapsed. Reference is made to the joint announcement of the Company and the Offeror dated 20th December, 1999, the offer document dated 7th January, 2000 issued by the Offeror and the offeree document dated 21st January, 2000 issued by the Company. Results of the Offer The directors of the Offeror announce that the Offer closed at 4:00 p.m. on Friday, 28th January, 2000 and, as at the close of the Offer, the Offeror had not received any acceptance in respect of the Offer. During the period from 20th December, 1999 (being the date on which the acquisition of 388,000,000 Shares by the Offeror and the Offer were announced) to 28th January, 2000 (being the closing date of the Offer), the Offeror and parties acting in concert with it have not acquired or dealt in any Shares. Accordingly, as at the close of the Offer, the Offeror and parties acting in concert with it were interested in 388,000,000 Shares, representing approximately 42.54% of the issued share capital of the Company. As a result, the directors of the Offeror announce that the Offer cannot become unconditional and therefore has lapsed. Resignation and appointment of directors Mr. Sy Ching Tang, Timothy, Mr. Kwan Ming Kau, Cary, Ms. Ma Shuk Kam and Mr. Cheng Kai Sum have been appointed as executive directors of the Company and Mr. Chung Siu Wah and Ms. Lin Wai Yi, Deca have been appointed as independent non-executive directors of the Company all with effect from 22nd January, 2000. Mr. Cheung Kam Wong, Mr. Cheung Chi Chung, Mr. Tsoi Pun Pun, Mr. Leung Shiu Ki, Albert and Mr. Hui Yok Wing resigned from the board with effect from the close of the Offer on 28th January, 2000. By Order of the Board WORLD POSSESSION ASSETS LIMITED Cheng Kai Sum Director By Order of the Board UNITED POWER INVESTMENT LIMITED Sy Ching Tang, Timothy Executive Director Hong Kong, 28th January, 2000 The directors of the Offeror jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than information relating to the Company) and confirm, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts not contained in this announcement the omission of which would make any of their statements misleading. The directors of the Company jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than information relating to the Offeror) and confirm, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts not contained in this announcement the omission of which would make any of their statements misleading.