Further to the Company's announcement dated 1 April 2011 in respect of the Proposed Acquisition,  the Company wishes to inform that as at the date of this announcement, the Vendors have yet to obtain any approvals for the Proposed Acquisition which are part of the conditions precedent of the Offer.

In view of the above, pursuant to paragraph 6.2 of the above-mentioned announcement, the Proposed Acquisition will not be completed by the 4^th quarter of the financial year ending 28 February 2012 of the Company.

This announcement is dated 22 July 2011.