KING PACIFIC<0072> - 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.
KING PACIFIC INTERNATIONAL HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)
ANNOUNCEMENT
The Company has entered into two supplemental agreements on 29th
February, 2000 amending respectively the Acquistion Agreement and
the Subscription Agreement by extending the Condition Date to 31st
March, 2000.
The Board wish to announce that Mr. Steven Kwan and Mr. Lee Sheung
Wah, James resigned as independent non-executive directors of the
Company.
Further announcements will be issued to update shareholders in
relation to the Acquisition Agreement and the Subscription
Agreement and the result of the Board meeting held on 29th February,
2000 as and when necessary.
Extention of the acquisition agreement and the subscription
agreement
The directors of King Pacific International Holdings Limited (the
``Company'') refers to the announcement of the Company dated 8th
January, 2000 (the ``Announcement'') in relation to the conditional
sale and purchase agreement dated 3rd January, 2000 (``Acquisition
Agreement'') entered into by the Company for the purchase of 12.865%
of the issued share capital of Plexus Multimedia Pte Limited
(``Plexus'') and the conditional subscription agreement dated 3rd
January, 2000 relating to the subscription of shares of the Company
by Inner City Profits Limited (``Subscription Agreement''). For
details of the Acquisition Agreement and the Subscription Agreement,
shareholders should refer to the Announcement.
As set out in the Announcement, both the Acquisition Agreement and
the Subscription Agreement are subject to conditions set out
therein being fulfilled by 29th February, 2000 (``Condition Date'').
The directors of the Company wish to announce that on 29th February,
2000, the Company has entered into two supplemental agreements with
the respective parties of the Acquisition Agreement and the
Subscription Agreement amending the respective terms of each of the
Acquisition Agreement and the Subscription Agreement by extending
the Condition Date to 31st March, 2000.
A resolution approving the above supplemental agreements was passed
at a Board meeting held on 29th February, 2000. Mr. Cheung Yiu Wing
and Mr. Cheung Wing Keung, Samuel were absent from the meeting, but
informed the Board through their legal advisors in writing before
the commencement of the meeting that they remain neutral in the
extension of the Acquisition Agreement and the Subscription
Agreement and their position remains that these agreements ought
to be thoroughly studies before further commitment is made by the
Company. At the time of passing this resolution, Mr. Steven Kwan
and Mr. Lee Sheung Wah, James have already left the meeting and
therefore did not cast their vote on this resolution.
Resignation of directors
The Board wish to announce that Mr. Steven Kwan and Mr. Lee Sheung
Wah, James resigned as independent non-executive directors of the
Company on 29th February, 2000 and upon this resignation, Dr.
Charles W.B. Cheung J.P. shall continue as an independent
non-executive director of the Company.
Approval of this announcement
The publication of this announcement has been approved by Ms. Cheung
Lik Ping, Mr. Cheung Kung Tai, Mr. Cheng Chao Ming, Jenson, Mr. Zeng
Xiang Zhi, Mr. Ching Kwok Leung, Mr. Xiong Pingbo, Paul, Mr. Chen
Vee Yong, Frederick, Mr. Hu Yat On, Kelvin and Dr. Charles W.B.
Cheung J.P.. Each of the directors of the Company who approved this
announcement take responsibility for the accuracy of this
announcement. Mr. Cheung Yiu Wing, Mr. Cheung Wing Keung, Samuel,
Mr. Lee Sheung Wah, James and Mr. Steven Kwan were not contactable
for the approval of this announcement prior to the time of printing.
Further announcements will be issued to update shareholders in
relation to the Acquisition Agreement and Subscription Agreement
and the result of the Board meeting held on 29th February, 2000 as
and when necessary.
The Company wishes to remind the shareholders that the Acquisition
Agreement and the Subscription Agreement as described in its
announcement dated 8th January, 2000 are not completed yet and are
subject to certain conditions. In the meantime, shareholders and
potential shareholders should take extreme caution when dealing in
the securities of the Company.
Made by order of the board
Xiong Pingbo, Paul
Director
Hong Kong, 29th February, 2000
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