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12. That the name of the Company be changed to "Charles Street Capital PLC". The Board have secured irrevocable undertakings to vote in favour of all the Resolutions to be proposed at the AGM from Shareholders holding in aggregate 74,696,656 Existing Ordinary Shares of one pence each (approximately 75.9% of the current issued share capital of the Company. Subscription As discussed above, the Board is pleased to advise that it has entered into conditional placing letters with Alltrust Group, Mr Blair Sergeant and Mr Gordon Sklenka who have agreed to subscribe for an aggregate number of 285,000,000 New Ordinary Shares. Under the conditional placing letters the Placees have agreed to pay a subscription price of 0.1 pence per New Ordinary Share. The subscription for the New Ordinary Shares is conditional on the Resolutions being approved at the Annual General Meeting. This subscription will raise an aggregate amount of £285,000 which will be sufficient to meet the consideration payable to Mr Walker and to provide additional working capital for the Company. In addition each of the Placees will receive Warrants on the basis of one Warrant for every two New Ordinary Shares subscribed for. The Warrants are to be issued by the Company and may be exercised at any time during a three year period following Completion at an exercise price of 0.25 pence per Ordinary Share under the terms of the Warrant Instrument. If the Warrants are not exercised within three years of Completion they will lapse. The Warrants are fully transferable. The Warrants will not be admitted to trading. Proposed timetable for repurchase Assuming shareholders approve the Resolution relating to the repurchase at the Annual General Meeting, it is proposed that the placing and the share repurchase are completed as follows: a) within 2 days of the Annual General Meeting, and following satisfaction of the conditions referred to above, the New Ordinary Shares to the Placees are issued in accordance with the terms contained in the placing letters; b) contemporaneously with the issue of the New Ordinary Shares, and assuming all conditions have been met, the repurchase of Mr Walker's Ordinary Shares is completed and the shares are cancelled; (c) on completion of the repurchase, the share reorganisation and new share issues, the Company Secretary will advise the Registrar of Companies of changes to the Company's share capital. A copy of the circular is available on the Company's website www.sweetchinaplc.com For further information please contact: David Zulman + 44 (0) 207 483 6141 Chief Executive Sweet China Plc www.sweetchinaplc.com Dominique Doussot/John Depasquale ZAI Corporate Finance