Global Marine Snatched up by EMER

EMER has stated that discussions with Global Marine Energy on October 12, 2007 may lead to a cash offer for the shares of GME at the price of 13 pence (equivalent to approximately HK$2.05) per share of GME. The Offer, if made, may constitute a major transaction of the Company pursuant to Chapter 19 of the GEM Listing Rules.

The conditions precedent to the Company announcing the Offer are completion of satisfactory due diligence, agreement on the terms of a loan to be arranged by the Company to cover GME’s working capital requirements and the recommendation of the GME board of directors. The Offer, if made, will be conditional on GME shareholders rejecting the resolutions proposed at the GME extraordinary general meeting to be held on 24 October 2007 or the cancellation of the meeting.