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SHUN TAK HOLDINGS LIMITED 信德集團有限公司 (Incorporated in Hong Kong with Limited Liability) (Stock Code: 242) Website

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SHUN TAK HOLDINGS LIMITED 信德集團有限公司 (Incorporated in Hong Kong with Limited Liability) (Stock Code: 242) Website THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult a R14A.58(3)(b) licensed securities dealer or registered institution in securities, bank manager, solicitor, professional accountant, or other professional adviser. If you have sold or transferred all your shares in Shun Tak Holdings Limited, you should at once hand this circular and the accompanying form of proxy to the purchaser or transferee or to the licensed securities dealer or registered institution in securities, or other agent through whom the sale was effected for transmission to the purchaser or the transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no R14A.59(1) responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. SCH III-1 SHUN TAK HOLDINGS LIMITED App1B-1 信德集團有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 242) R13.51A Website: http://www.shuntakgroup.com DISCLOSEABLE AND CONNECTED TRANSACTION IN RELATION TO THE DISPOSAL OF SKAMBY LIMITED AND PROPOSED OFF-MARKET SHARE REPURCHASE SCH III-1 Independent financial adviser to the independent board committee and the independent shareholders of Shun Tak Holdings Limited Platinum Securities Company Limited A letter from the Board is set out on pages 7 to 24 of this circular. A letter from the Independent Board Committee is set out on page 25 of this circular. A letter from Platinum Securities Company Limited containing its advice and recommendations to the Independent Board Committee and the Independent Shareholders is set out on pages 26 to 44 of this circular. A notice convening the EGM to be held at the Golden Restaurant, Macau Jockey Club (HK) Club House, 1st Floor, China Merchants Tower, Shun Tak Centre, 200 Connaught Road Central, Hong Kong on Tuesday, 26 May 2009 at 12:15 p.m. (or soon thereafter as the annual general meeting of the Company convened at 12:00 noon on the same day and place shall have concluded or adjourned) is set out on pages 288 to 290 of this circular. Whether or not you are able to attend the EGM, please complete and return to the registered office of the Company at Penthouse, 39th Floor, West Tower, Shun Tak Centre, 200 Connaught Road Central, Hong Kong the enclosed form of proxy in accordance with the instructions printed thereon as soon as possible and in any event by no later than 48 hours before the time appointed for the holding of the EGM. Completion and return of the form of proxy will not preclude you from attending and voting in person at the EGM or any adjourned meeting should you so wish. SCH III-1 24 April 2009 CONTENTS Page Definitions ............................................................... 1 Letter from the Board ..................................................... 7 Letter from the Independent Board Committee .................................. 25 Letter from Platinum Securities .............................................. 26 Appendix I — Financial Information of the Group .......................... 45 Appendix II — Property Valuation Report of the Site ........................ 137 Appendix IIIA — Valuation Report on the Group’s Properties (Other than the Site) . 143 Appendix IIIB — Letter from Accountants in connection with the Valuation of Macau Golf & Country Club by Using Income Capitalization Approach . 194 Appendix IIIC — Comfort Letter from Platinum Securities in connection with the Valuation of Macau Golf & Country Club by Using Income Capitalization Approach ................................. 196 Appendix IV — General Information ...................................... 198 Appendix V — Form of Repurchase Contract .............................. 212 Notice of EGM ........................................................... 288 —i— DEFINITIONS In this circular, the following expressions have the following meanings unless the context requires otherwise: “Agreed Value” HK$1,600.0 million, being the value of the Site agreed among the parties to the SPA and the MOHCL SPA “Announcement” the announcement dated 21 January 2009 made by the Company in relation to the Disposal and the proposed Share Repurchase “Board” the board of Directors “Business Day” a day (other than a Saturday or Sunday) on which banks are generally open in Hong Kong and Macau for normal business “Bluebell” Bluebell Assets Limited, a company incorporated in British Virgin Islands and an indirect wholly-owned subsidiary of STDM “CGL” Current Growth Limited, a wholly-owned subsidiary of STDM, being the purchaser under the MOHCL SPA “Company” Shun Tak Holdings Limited, a company incorporated in Hong Kong with limited liability, the Shares of which are listed on the Stock Exchange (Stock Code: 242) “Companies Ordinance” Companies Ordinance (Chapter 32 of the Laws of Hong Kong) “Completion Date” date of completion of the SPA “Completion Net Assets of EHIL” the NAV of EHIL as per the EHIL Completion Account after incorporating (i) the Agreed Value (including the furnishings, fixtures and equipment of the Hotel) and (ii) the agreed value of EHIL’s investment in the corporate membership with a golf club in Macau of approximately HK$0.7 million, such value was determinated after making reference to the prevailing secondary market price of the membership of such golf club at the time when the SPA was entered into “Completion Net Assets of the NAV of Skamby as per the Skamby Completion Account Skamby” (disregarding Skamby’s investment in EHIL and the Sale Loan) “Completion Payment” HK$660.0 million, being the Consideration less the Deposit “Consideration” HK$740.0 million, subject to adjustment with reference to the Completion Net Assets of Skamby and 50% of the Completion Net Assets of EHIL on a dollar-to-dollar basis —1— DEFINITIONS “Deed of Undertaking” a deed of undertaking executed by STDM and Bluebell in favor of the Company undertaking, subject to satisfaction of certain conditions, to enter into the Repurchase Contract “Deposit” HK$80.0 million, which has been paid by the Purchaser to the Vendor as at the Latest Practicable Date “Director(s)” the director(s) of the Company “Disposal” disposal of the Sale Share and assignment of the Sale Loan by the Vendor to the Purchaser pursuant to the SPA SCH III-1 “Dr. Ho Concert Party Group” being parties considered to be acting in concert (as defined under the Takeovers Code) with Dr. Stanley Ho, which include STDM, STS, Ms. Pansy Ho, Ms. Daisy Ho and Ms. Maisy Ho (daughters) and Mrs. Louise Mok (sister), being family members of Dr. Stanley Ho “Dr. Stanley Ho” Dr. Stanley Ho, the Group Executive Chairman of the Company “EGM” the extraordinary general meeting of the Shareholders to be held at the Golden Restaurant, Macau Jockey Club (HK) Club House, 1st Floor, China Merchants Tower, Shun Tak Centre, 200 Connaught Road Central, Hong Kong on Tuesday, 26 May 2009 at 12:15 p.m. (or soon thereafter as the annual general meeting of the Company convened at 12:00 noon on the same day and place shall have concluded or adjourned) to consider and, if thought fit, approve the Disposal and the proposed Share Repurchase “EHIL” Excelsior - Hoteis e Investimentos, Limitada, a company incorporated in Macau and owned as to 50% by each of Skamby and MOHCL as at the Latest Practicable Date, which owns 100% interest in the Site “EHIL Completion Account” the balance sheet of EHIL as at the Completion Date prepared in accordance with the accounting principles, practices, policies and procedures currently adopted in preparing the accounts of EHIL “Executive” the Executive Director of the Corporate Finance Division of the Securities and Futures Commission of Hong Kong or any delegate of the Executive Director —2— DEFINITIONS “Final Payment” an amount equals to the adjustment to the Consideration by reference to EHIL Completion Account and the Skamby Completion Account as described in the paragraph headed “Adjustment of the Consideration” in the letter from the Board “Group” the Company and its subsidiaries “Hong Kong” the Hong Kong Special Administrative Region of the PRC “Hotel” comprises of a 5-star hotel, currently with 416 hotel rooms, being operated under the name of Mandarin Oriental Macau “Independent Board Committee” the independent committee of the Directors established to advise the Independent Shareholders in respect of the Disposal and the proposed Share Repurchase “Independent Shareholders” Shareholders (other than the members of the Dr. Ho Concert Party Group and other Directors (except for the independent non-executive Directors)) who are not required to abstain from voting at the EGM approving the Disposal and the proposed Share Repurchase under the Listing Rules and the Repurchase Code “Last Trading Day” 20 January 2009, being the last trading day immediately before the date of the Announcement “Latest Practicable Date” 21 April 2009, being the latest practicable date prior to the printing of this circular for ascertaining certain information for inclusion in this circular “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange “Macau” the Macau Special Administrative Region of the PRC “Macau Property Registry” Conservatória do Registo Predial, Macau “Market Value” the value of the Site, to be estimated by an independent valuer, for which
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