Correction to Mr Peters' Misleading Statements

‘Correction to Mr Peters' Misleading Statements’

In the interests of its shareholders, the Company wishes to correct the grossly misleading statements made today by Mr Peters.

There has been no U-turn. The Company is not re-seeking shareholder approval for the investment by Shanghai Maling, as this was provided by 82.22% of the votes cast by 2,879 shareholders, carrying over 67% of the eligible votes, at the special meeting in October 2015.

Contrary to Mr Peter’s mistaken belief, this resolution has not “been set aside”. The Company is calling a shareholders' meeting because it has received a requisition requiring it to do so under the Companies Act at the request of shareholders holding not less than 5% of the Company's voting shares.

The Board considers that a resolution of the nature proposed will have no legal effect whether it is passed or not.

It is the Board's clear view that:
• The Company is legally bound to complete the transaction once the remaining conditions have been satisfied.
• If the remaining conditions are satisfied and the Company does not proceed to complete its side of the bargain, it will be in breach of its contract with Shanghai Maling.
• The merits of the transaction have, if anything, increased in the period since October 2015.
• The transaction remains in the best interests of the Company and its shareholders.

ENDS

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