XN000022-1993-07-16 — Page 10

FRIDAY, JULY 16, 1993

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WORLD TRADE CENTRE GROUP FREEZING OF SHARES

AN ERROR MADE BY A NOMINEE COMPANY IN QUOTING CERTAIN SHARE CERTIFICATE NUMBERS HAS RENDERED VOID PART OF AN ORDER MADE ON JULY 8, 1993 TO IMPOSE RESTRICTIONS ON SPECIFIC SHARES OF THE WORLD TRADE CENTRE GROUP (WTCG), A GOVERNMENT SPOKESMAN SAID TODAY (FRIDAY).

HAVING ACCEPTED THE RECOMMENDATION BY AN INSPECTOR APPOINTED IN EARLY JUNE TO INVESTIGATE AND REPORT ON THE MEMBERSHIP OF WTCG, THE FINANCIAL SECRETARY MADE AN ORDER ON JULY 8, 1993 UNDER THE SECURITIES (DISCLOSURE OF INTERESTS) ORDINANCE TO RESTRICT THE TRANSFER OF OWNERSHIP OF SOME 179 MILLION WTCO SHARES.

FOLLOWING THE PUBLICATION ON JULY 10. 1993, OF THE SHARE CERTIFICATE NUMBERS WHICH WERE THE SUBJECT OF THE ORDER ONE OF THE NOMINER COMPANIES INVOLVED IN THE INVESTIGATION DISCOVERED AND INFORMED THE INSPECTOR THAT IT HAD INADVERTENTLY PROVIDED A WRONG LIST OF SHARE CERTIFICATE NUMBERS TO THE INSPECTOR.

THE INSPECTOR'S REPORT WAS COMPILED ON THE BASIS OF INFORMATION PROVIDED BY THE NOMINEE COMPANY AND THE RESTRICTION ORDER THEREFORE COVERS THE MISTAKEN SHARE CERTIFICATE NUMBERS.

TO

"THE EFFECT WAS THAT 44.85 MILLION WTCG SHARES NOT INTENDED BE THE TARGET OF THE INVESTIGATION WERE INCLUDED IN THE RESTRICTION ORDER DATED JULY 8, 1993.

IN OTHER WORDS, THE IMPOSITION OF RESTRICTIONS ON THESE SHARES HAD NO LEGAL EFFECT, THE SPOKESMAN EXPLAINED.

"

IN RESPONSE TO THIS ERROR MADE BY THE NOMINEE COMPANY, THE FINANCIAL SECRETARY ISSUED A NOTICE ON JULY 14, 1993 THAT INSOFAR AS THE ORDER MADE ON JULY 8, 1993 AFFECTED THE 44.85 MILLION MISTAKEN SHARES, IT WAS NULL AND VOID AND WAS REVOKED,

"THIS, HOWEVER, DOES NOT AFFECT THE IMPOSITION OF RESTRICTIONS ON THE OTHER WTCG SHARES COVERED BY THAT ORDER, THE SPOKESMAN ADDED.

"THE FINANCIAL SECRETARY AT THE SAME TIME MADE A NEW ORDER то SUBJECT THE CORRECT 44.85 MILLION WTCG SHARES TO THE RESTRICTIONS OF PART V OF THE SECURITIES (DISCLOSURE OF INTERESTS) ORDINANCE AS IT APPEARS THAT THERE ARE DIFFICULTIES IN FINDING OUT THE RELEVANT FACTS ABOUT THESE SHARES, THE SPOKESMAN ADDED.

SHARES.

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PART V RESTRICTIONS ARE MAINLY TO LIMIT THE TRANSFERABILITY

OF

THE ORDINANCE ALSO PROVIDES THAT AN ORDER APPLYING PART V RESTRICITONS MAY BE DISAPPLIED BY A SUBSEQUENT ORDER SHOULD THE RELEVANT FACTS ABOUT PARTICULAR SHAREHOLDINGS BE DISCLOSED AND NO UNFAIR ADVANTAGE HAD ACCRUED TO ANY PERSON AS A RESULT OF THE EARLIER FAILURE TO MAKE A DISCLOSURE.

/THE NOTICE

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