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News Release


Notice of a Change In The Percentage Level Of A Substantial Shareholder's Interest



Part 1
1. Date of notice to issuer * 18-10-2006
Name of Substantial Shareholder * RECOURSE INVESTMENTS LTD.
Please tick one or more appropriate box(es): *
  • Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. [Please complete Part III and IV]
  • Part 2
    1. Date of change of [Select Option]
    2. Name of Registered Holder
    3. Circumstance(s) giving rise to the interest or change in interest


    # Please specify details
    [Select Option]
    4. Information relating to shares held in the name of the Registered Holder
    No. of [Select Option] held before the change


    As a percentage of issued share capital
    %
    No. of N.A. which are subject of this notice


    As a percentage of issued share capital
    %
    Amount of consideration (excluding brokerage and stamp duties) per share paid or received
    No. of N.A. held after the change


    As a percentage of issued share capital
    %
    Part 3
    1. Date of change of Interest 14-07-2006
    2. The change in the percentage level From 36.88 % To 36.31 %
    3. Circumstance(s) giving rise to the interest or change in interest


    # Please specify details
    # Others



    (1) Sale of our 96,280 ordinary shares in Banyan Tree Holdings Limited under the Over-allotment Options as described in the Prospectus dated 26/05/2006 in connection with the listing and quotation of ordinary shares of Banyan Tree Holdings Limited on the Mainboard of the SGX-ST on 14/06/2006,

    (2) sale of 149,157 ordinary shares in Banyan Tree Holdings Limited by Changfung Investments Ltd., now known as KAP Holdings Ltd. (of which Recourse Investments Ltd. is deemed to have an interest by virtue of its 80% shareholding in KAP Holdings Ltd.) under the said Over-allotment Options, and

    (3) issue of new ordinary shares pursuant to the said Over-allotment Options, resulting in decrease in shareholding percentage of TRL Investments Ltd in Banyan Tree Holdings Limited (Recourse Investments Ltd. is deemed to have an interest in the ordinary shares of TRL Investments Ltd in Banyan Tree Holdings Limited by virtue of its 80% shareholding in KAP Holdings Ltd., which has 48.8% shareholding in TRL Investments Ltd).
    4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions: The change is the result of a series of transactions described above.
    Part 4
    1. Holdings of Substantial Shareholder , including direct and deemed interest :
    Direct Deemed
    No. of shares held before the change 6,096,280 270,609,739
    As a percentage of issued share capital 0.81 % 36.07 %
    No. of shares held after the change 6,000,000 270,460,582
    As a percentage of issued share capital 0.79 % 35.52 %
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