‘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