NEWS RELEASE
October 29, 1999
Prolonged Suspension Status Report (as of October 27, 1999)
Share trading of the following companies are suspended for more than three months, excluding those suspensions due to unusual price and volume movements and insufficient public float. Set out below are the reasons for these companies?suspension and their current status, with the development since the previous report date underlined.
| No | STOCK CODE | COMPANY NAME AND DATE OF SUSPENSION | REASONS FOR SUSPENSION AND CURRENT DEVELOPMENT |
| 1. | 987 | Albatronics (Far East) Co Ltd (2/7/99) | The Company announced that on 30th June, 1999, the board of directors resolved that a proposal relating to the voluntary winding up of the Company under section 228(1)(c) of the Companies Ordinance be put to the shareholders in general meeting. As a result, the Company requested to suspend trading of its shares with effect from 2nd July, 1999. All the orders on hand have been completed and the Group has no further production operation. In view of the liabilities of the Company, the directors consider that the Company cannot continue its business and decided to wind it up voluntarily. The Company further announced on 21st August, 1999 that resolution for the voluntary winding up of the Company was passed on 20th August, 1999. Liquidators and committee of inspection were appointed by the creditors of the Company. |
| 2. | 464 | Best Wide Group Ltd (19/9/96) | Release of results for the year ended 31st March, 1996 was postponed twice leading to suspension of share trading. Such results were finally announced on 24th October, 1996. Shareholders of the Company have approved on 6th August, 1999 the dissolution of the joint ventures companies as announced on 3rd May, 1999. Apart from its interest in the proposed Shenyang project, the Group will have no other active business after the dissolution of its two joint venture companies. The Group does not have any existing source of income other than that of the joint venture companies. The Exchange has indicated that the proposed investment in the Shenyang project by itself will not enable the Company to fulfill the requirements of paragraph 38 of the Listing Agreement. The Company announced on 30th August, 1999 that, due to the outstanding audit fees, the auditors have not yet commenced their audit work for the year ended 31st March, 1999. The Company also announced that it recorded an adited loss of HK$6,470,000 for the year ended 31st March, 1999. The Company further announced on 20th October, 1999 that, due to the Company and its auditors are still in the process of gathering and finalising information, release of the Group’s 1999 results is postponed to 10th December, 1999. |
| 3. | 873 | GKC Holdings Ltd (3/7/98) | The Company announced on 28th January, 1999 that the missing of a significant part of the documentations relating to the activities of the Group resulted in a lack of reliable basis for the purpose of assessing the truth and fairness of the assets and liabilities set out in the books of the Group. The Exchange announced on 17th September, 1999 that the Company will be put into the third stage of the de-listing procedure in accordance with Practice Note 17 of the Exchange Listing Rules. The Company will be given a final six months for the submission of a valid resumption proposal. If the Company does not put forward a valid resumption proposal by 16th March, 2000, the Exchange intends to cancel the listing of the Company. |
| 4. | 70 | Mandarin Resources Corp Ltd (17/11/86) | Provisional liquidators were appointed in July 1996. The Company announced on 2nd September, 1999 that it recorded an unaudited loss of HK$6,825,256 for the six months ended 31st December, 1998. |
| 5. | 1005 | Matrix Holdings Ltd (11/3/99) | The Company requested suspension of the trading of its shares on 11th March, 1999 because the Group has suspended all trading and manufacturing operations. The Company also announced that the Group is not currently incurring any new debt nor making any payments to the majority of its suppliers and employees. The Company further announced on 27th April, 1999 (via teletext) that a major subsidiary of the Company has been put into voluntary liquidation. The board of directors awaits a proposal from an investor who has expressed interest, but is unable to say when or if this proposal will definitely be received. A further statement will be made in respect of any material developments. If it is unable to secure new funding from an investor, the Company may go into liquidation. |
| 6. | 109 | Q-Tech Holdings Ltd (23/7/99) | The Company announced on 3rd August, 1999 that, it is in the process of preparing an announcement regarding various issues including, inter alia, the recoverability of debts and the effect on the disposal of a former indirectly wholly owned subsidiary, the current liquidity position of the Group, and whether the Company has sufficient operations to fulfill the requirement of paragraph 38 of the Listing Agreement. The Company further announced on 11th August, 1999 regarding the status of the recovering of its assigned debts and the effects of the disposal of a former subsidiary on the financial position of the Group. The directors are in the process of finalising certain information regarding the current liquidity position and operations and/or assets level of the Group pursuant to paragraph 38 of the Listing Agreement and undertake to keep the public informed by making further announcement as soon as the information has been finalised. |
| 7. | 456 | Rhine Holdings Ltd (10/7/98) | On 2nd September, 1998, provisional liquidators were appointed by order of the High Court of Hong Kong. The Exchange announced on 12th July, 1999 that the Company will be put into the third stage of the delisting procedures in accordance with Practice Note 17 of the Exchange Listing Rules. The Company will be given a final six months for the submission of a valid resumption proposal. If the Company does not submit a valid resumption proposal by 12th January, 2000, the Exchange intends to cancel the listing of the Company. |
| 8. | 292 | Yaohan Hongkong Corp. Limited (18/9/97) | Liquidators have been appointed by the Company. The Company announced on 18th and 21st September, 1999 that a preliminary resumption proposal has been submitted to the Exchange on 27th August, 1999. No agreement has yet been signed and the proposal may or may not proceed. If the proposal is not accepted by the Exchange as a valid resumption proposal under the Listing Rules, the shares of the Company will be delisted as mentioned in the Exchange’s announcement dated 15th March, 1999. Further announcement will be made as and when detailed terms of the proposal are finalised or there is any material development. |
| 9. | 700 | Yaohan Int’l Holdings Limited (11/8/98) | The directors announced on 12th August, 1998 that a winding up petition was presented to the High Court of Hong Kong on the same date. Immediately after the presentation of the winding up petition, provisional liquidators have been appointed. On 26th February, 1999, the High Court made an order for the winding up of the Company. |
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