SKW Skiddaw

RNS Number:7757Y
Skiddaw Capital Inc
18 May 2004


                                  ANNOUNCEMENT
                         Skiddaw Capital Inc. (Company)
Acquisition of Crosby Capital Partners (Holdings) Limited, placing of 10,000,000
 ordinary shares at 12p per share, result of extraordinary general meeting and
               application for admission and re-admission to AIM

Embargoed until 8.00am Tuesday 18 May 2004

The board of the Company announces that all of the resolutions set out in the
notice of extraordinary general meeting dated 29 April 2004 (EGM) were passed
yesterday.

Consequently, pursuant to the conditional agreement dated 29 April 2004 between
the Company and Techpacific Capital Limited (Techpacific), the Company has
completed the acquisition of the entire issued share capital of Crosby Capital
Partners (Holdings) Limited in consideration of the allotment and issue to
Techpacific of 200,000,000 ordinary shares of US$0.01 each in the Company
(Acquisition).

The Company also announces that it has raised #800,000 before expenses by way of
a placing of 6,666,667 ordinary shares of US$0.01 each in the Company at 12p per
share (Placing). In addition to the Placing, the Company has allotted and issued
3,333,333 Placing Shares to Silk Route Investments Limited at 12p per share, in
capitalisation of the sum of #400,000 owed by the Company as a result of
completion of the Acquisition (Capitalisation).

The newly issued shares of the Company pursuant to the Acquisition, Placing and
Capitalisation have been admitted to trading on AIM with immediate effect.

As a result of the above issues, Techpacific now holds 85.11 per cent. of the
issued share capital of the Company.


Changes to the board

Following completion of the Acquisition, John Leat has resigned as a director of
the Company and Shahed Mahmood has assumed the role of a non-executive director
of the Company.

As set out in the notice of EGM, Robert Owen, Simon Fry, Ilyas Khan and Stuart
Westwater have been appointed to the board. Details of the new directors are as
follows:

Robert John Richard Owen, aged 64 has been appointed as non-executive chairman
of the Company and has held the following directorships or partnerships over the
past five years:

Current                                          Nirvana Capital Limited
CMEC-GE Capital China Industrial Holdings Ltd    Nomura International (HK) Ltd
Crosby Asset Management (Hong Kong) Ltd          Repton Preparatory School
Crosby Capital Partners (HK) Limited             Repton School
Crosby Capital Partners (Holdings) Limited       Sir John Port's Charity
Crosby Capital Partners (Shanghai) Limited       Sunday Communications Ltd
Crosby Capital Partners Ltd                      The Dubai Financial Services
Crosby Limited                                   Authority
ECK & Partners Limited
International Securities Consultancy Limited

Past                                             Techpacific Capital Limited
European Capital Company Limited

Simon Jeremy Fry, aged 44 has been appointed as chief executive officer of the
Company and has held the following directorships or partnerships over the past
five years:

Current                                 Crosby Capital Partners (Singapore) Pte
                                        Ltd
Berryhill Properties Limited            Crosby Capital Partners Limited
Crosby Asset Management                 Crosby Limited
(Hong Kong) Limited                     Crosby Pte Ltd
Crosby Capital Partners (BVI) Limited   KX Cafe UK Limited
Crosby Capital Partners (Cayman)        KX DNA Limited
Limited
Crosby Capital Partners (Holdings)      KX Gym Limited
Limited
Crosby Capital Partners (Hong Kong)     KX SW7 Limited
Limited
Crosby Capital Partners (Mauritius)
Limited

Past                                    Worldstage Limited
Nomura International plc
Pelham Aviation Limited

Ilyas Tariq Khan, aged 41 has been appointed as managing director of the Company
and has held the following directorships or partnerships over the past five
years:

Current                                   ECK & Partners Ltd
CCP Buyout (BVI) Ltd                      Nirvana Capital Limited
CCP Buyout Fund Ltd                       Nirvana Pacific Capital Limited
Crosby Asia Holdings Ltd                  Softech Investment Management Co Ltd
Crosby Asset Management (Hong Kong) Ltd   Spike Networks Limited
Crosby Capital Partners (BVI) Limited     Sunov Partners Limited
Crosby Capital Partners (Cayman)          Sunov Petroleum (BVI) Ltd
Limited
Crosby Capital Partners (HK) Limited      Sunov Petroleum Pty Ltd
Crosby Capital Partners (Holdings)        Techpacific Capital (Cayman) Limited
Limited
Crosby Capital Partners Limited           Techpacific Capital (HK) Ltd
Crosby Capital Partners (Mauritius)       Techpacific Capital Limited
Limited
Crosby Capital Partners (Shanghai)        Techpacific Venture Capital Limited
Limited
Crosby Capital Partners (Singapore) Pte   Techpacific.com (BVI) Investments
Ltd                                       Ltd
Crosby Limited                            Techpacific.com Digital Ltd
Crosby Limited - Korea                    Techpacific.com Investments Limited
Crosby Pte Limited                        Techpacific.com Venture Capital
                                          Limited
Crosby Wealth Management (Cayman)         TW Indus Limited
Limited

Past                                      S.K.A.I. Limited
European Capital Company Limited

Stuart Westwater, aged 53 has been appointed as a non-executive director of the
Company and has held the following directorships or partnerships, all of which
are current, over the past five years:

Current
The Mauritius (Mayur) Fund Limited
The Mayur Fund

The Company confirms that no other details are required to be disclosed under
paragraph F of Schedule 2 of the AIM  Rules with respect to any of Robert Owen,
Simon Fry, Ilyas Khan and Stuart Westwater.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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