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STRICTLY PERSONAL

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Matheson & Co. Ltd

3 Lombard Street

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London EC3V 9AQ

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5 February 1992

Sir Coles Ste 1 Burns Wim Brandtent, Ican Advisers.

inth Sir C. was reasonally hopeful Hal this problem, cbd de managed. I am Arranging for him to see lord Carthiness.

When we had a word this morning, I promised to send you a copy of my personal letter to Hamish Macleod about the listing issue. I enclose it with this letter. I should be grateful if you would not mention to Hamish or others that I have sent you a copy. I deliberately made it 'Strictly Personal' so that the SFC would not receive a copy and accuse me of going behind their backs. In essence the letter sets out our objections to a proposal, which I know the SFC are discussing, to require a second shareholder vote before a company could de-list from a secondary listing in Hong Kong. I very much hope that the idea will not come forward, because it could derail the solution reached in harmony with the Hong Kong Stock Exchange and that would be a great pity. At the least you might find it helpful to have in your mind the arguments in the letter.

As I said, I would be very grateful if Malcolm Caithness could find half an hour for a talk before he goes to the Far East, and would very much like to combine that with a chat with you, if convenient.

Роллы 9

Peter Ricketts Esq

Hong Kong Department

Room WH307A

Foreign and Commonwealth Office

King Charles Street

LONDON SW1A 2AH

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emr,

CHARLES POWELL

REGISTERED OFFICE 3 LOMBARD STREET LONDON EC3V 9AQ REGISTERED NUMBER 100295 ENGLAND

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