Document:

Unassociated Document

    
       

      Form
        of Irrevocable Undertaking 

      [Letterhead
        of relevant shareholder]

      

      Date:

      

      

      
        	To:	
                Great
                  Wall Acquisition Corporation

                660
                  Madison Avenue 15th
                  Floor

                New
                  York, New York 10021 

              

      

       

      
        	Cc:	
                DBS
                  Bank Ltd.

                6
                  Shenton Way

                DBS
                  Building Tower 1

                #41-01
                  Singapore 068809

              

      

       

       

      Dear
        Sirs,

      

      Letter
        of Undertaking

      

      
        	
                1.  
                  

              	
                We
                  refer to the voluntary conditional offer (the "Offer")
                  to be made by or on behalf of Great Wall Acquisition Corporation
                  (the
                  "Offeror"),
                  for all the issued ordinary shares of US$0.08 each (the "Shares")
                  in the capital of ChinaCast Communication Holdings Limited (the
                  "Offeree")
                  on the terms and subject to the conditions set out in the pre-conditional
                  offer announcement substantially in the form attached as the Schedule
                  hereto (the "Announcement").

              

      

      

      
        	
                2.  
                  

              	
                For
                  the consideration of US$1.00 (the receipt of which we hereby acknowledge)
                  we hereby irrevocably and unconditionally undertake to the Offeror
                  that:

              

      

      

      
        	(a)  	
                we
                  are the beneficial owner of the number of Shares specified on the
                  signature page of this Letter of Undertaking;

              

      

      

      
        	(b)  	
                we
                  shall not, during the period commencing on the date of this Letter
                  of
                  Undertaking and ending at the Expiration Time (as defined in sub-paragraph
                  (g) below), transfer (save to Permitted Transferees) or dispose
                  of or
                  create an encumbrance over all or any of the Shares specified on
                  the
                  signature page of this Letter of Undertaking except as permitted
                  by the
                  terms of this Letter of
                  Undertaking;

              

      

      

      
        	(c)  	
                we
                  shall not, during the period commencing on the date of this Letter
                  of
                  Undertaking and ending at the Expiration Time, take any action
                  which would
                  cause us to breach our obligations under this Letter of
                  Undertaking;

              

      

      

      
        	(d)  	
                (except
                  with your prior written consent) we shall not, during the period
                  commencing on the date of this Letter of Undertaking and ending
                  at the
                  Expiration Time, directly or indirectly solicit, encourage (including
                  without limitation, by way of providing information concerning
                  the Offeree
                  and/or any of its subsidiaries to any person), vote in favour of,
                  initiate
                  or participate in any tender (including without limitation, accepting
                  any
                  tender offer), negotiations, discussions or resolutions with respect
                  to
                  any expression of interest, offer or proposal by any person other
                  than the
                  Offeror to:-

              

      

      

      
        	 	
                (i)

              	
                acquire
                  an interest in all or a substantial part of the business, operations
                  or
                  undertakings of the Offeree and its subsidiaries or an additional
                  five per
                  cent. or more of the issued share capital of the
                  Offeree;

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	 	
                (ii)

              	
                acquire
                  control of the Offeree; or

              

      

      

      
        	 	
                (iii)

              	
                otherwise
                  acquire or merge with the Offeree (including by way of scheme of
                  arrangement, capital restructuring, tender offer, joint venture
                  or dual
                  listed company structure),

              

      

      

      provided,
        for the avoidance of doubt, that nothing herein shall be construed as imposing
        any restriction on us from selling, transferring or otherwise disposing of
        any
        Shares not specified in the signature page of this Letter of
        Undertaking.

       

      
        	(e)  	
                we
                  shall accept the Offer and elect to receive the Stock Consideration
                  (as
                  defined in the Announcement) in respect of all the Shares specified
                  on the
                  signature page of this Letter of Undertaking, on the terms and
                  subject to
                  the conditions set out in the Announcement (or on such other terms
                  and
                  conditions as may be agreed in writing between yourselves and ourselves)
                  and in accordance with the requirements of the Singapore Code on
                  Take-overs and Mergers (the "Code"),
                  the Securities and Futures Act (Chapter 289) and the Listing Manual
                  of the
                  Singapore Exchange Securities Trading Limited (the "Listing
                  Manual");

              

      

      

      
        	(f)  	
                we
                  shall accept the Offer and elect to receive the Stock Consideration
                  not
                  later than 5:00 pm (Singapore time) on the date falling seven (7)
                  business
                  days (a business day being a day which is not a Saturday, Sunday
                  or public
                  holiday in Singapore on which commercial banks are open for business
                  in
                  Singapore) after the date of despatch of the offer document in
                  respect of
                  the Offer, in accordance with the procedures prescribed in the
                  offer
                  document to be issued in connection with the Offer and the relevant
                  form(s) of acceptance accompanying it;

              

      

      

      
        	(g)  	
                notwithstanding
                  any rights of withdrawal under the Code, we shall not withdraw
                  any of the
                  Shares tendered for acceptance until such time as the Offer shall
                  lapse or
                  be withdrawn by the Offeror (the earlier of such time and the time
                  at
                  which the Offeror purchases the Shares pursuant to the Offer being
                  referred to as the "Expiration
                  Time"),
                  whereupon we shall be discharged and released from our obligations
                  under
                  this Letter of Undertaking; and

              

      

      

      
        	(h)  	
                we
                  shall do and execute or procure to be done and executed such further
                  acts,
                  deeds, things and documents as may reasonably be necessary to accept
                  the
                  Offer and elect to receive the Stock Consideration in accordance
                  with the
                  terms of this Letter of
                  Undertaking.

              

      

      

      It
        shall
        be a condition precedent to our right to transfer any Shares to any Permitted
        Transferee that such Permitted Transferee agrees in writing to be bound by
        and
        be entitled to the benefit of this Letter of Undertaking. Further, we shall
        be
        responsible for any breach of the provision of this Letter of Undertaking
        by any
        of our Permitted Transferees.

      

      For
        the
purpose
        of
        paragraph 2(b), "Permitted
        Transferee"
        means,
        in relation to any corporation, any other corporation which is the holding
        company, ultimate holding company or subsidiary of such corporation or which
        is
        a subsidiary of the holding company or ultimate holding company of such
        corporation.

      

      
        	
                3.
                    

              	
                Our
                  obligations under
                  this Letter of Undertaking shall come into effect only as of the
                  date
                  that
                  such shareholders of CCHL (including Super Dynamic Consultancy
                  Limited and
                  Technology Venture Investments Limited.) collectively holding at
                  least 50%
                  of the issued share capital of CCHL enter into letters of undertaking
                  with
                  obligations similar to those in this Letter of Undertaking. This
                  Letter of
                  Undertaking shall terminate and be of no further effect on the
                  earlier of
                  the Expiration Time and the date falling ten (10) months after
                  the date
                  this Letter of Undertaking takes
                  effect.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	4.  	
                We
                  hereby consent to the release of the Announcement by or on behalf
                  of the
                  Offeror, in particular any and all references to, and descriptions
                  of,
                  this Letter of Undertaking in the Announcement. We shall not make
                  any
                  further announcement concerning the Offer except as required by
                  law or the
                  Listing Manual or other regulatory body or the court or with your
                  prior
                  approval (such approval not to be unreasonably withheld or delayed).
                  Pending the Offer becoming unconditional in all respects, we shall,
                  subject to the requirements of any law or regulation (including,
                  without
                  limitation, the Listing Manual), consult you as to the terms of,
                  the
                  timetable for and manner of publication of, any formal announcement
                  or
                  circular to shareholders, employees and to any recognised stock
                  exchange
                  or other authorities or to the media or otherwise which we may
                  desire or
                  be obliged to make regarding the Offer and we will consult you
                  regarding
                  any other announcement which is or may be material in the context
                  of the
                  Offer. Any other communication which we may make concerning the
                  foregoing
                  matters shall, subject to the requirements of any law or regulation
                  (including, without limitation, the Listing Manual), be consistent
                  with
                  any such formal announcement or circular as
                  aforesaid.

              

      

      

      
        	5.  	
                We
                  further undertake not to sell, transfer, assign or otherwise dispose
                  of
                  any part of the Stock Consideration received by us pursuant to
                  the
                  acceptance of the Offer in a manner that would violate SEC rules
                  and
                  regulations. 

              

      

      

      
        	6.  	
                We
                  agree that the Offeror will be irreparably damaged and will not
                  have an
                  adequate remedy at law in the event that we shall not accept the
                  Offer and
                  elect to receive the Stock Consideration in accordance with the
                  provisions
                  of this Letter of Undertaking. We therefore agree that the Offeror
                  shall
                  be entitled to injunctive relief, including specific enforcement,
                  to
                  enforce the provisions of this Letter of Undertaking, in addition
                  to any
                  other remedy to which the Offeror may be entitled at law.
                  

              

      

      

      
        	7.  	
                We
                  shall be responsible for our own fees and expenses in connection
                  with the
                  execution and performance of this Letter of Undertaking. No broker,
                  agent,
                  finder, consultant or other person or entity is entitled to be
                  paid based
                  upon any agreement made by any party in connection with any of
                  the
                  transactions contemplated hereby. 

              

      

      

      
        	8.  	
                This
                  Letter of Undertaking shall lapse if for whatever reason:
                  

              

      

      

      
        	 	
                (a)

              	
                the
                  Offer is withdrawn or lapses, or fails to become or be declared
                  to be
                  unconditional for any reason;

              

      

      

      
        	 	
                (b)

              	
                the
                  Offeror fails to release, or procure the release of, the Announcement
                  before 8:00 a.m. (Singapore time) on 18 September
                  2005;

              

      

      
        

        
          	 	
                  (c)

                	
                  
                    any
                      shareholder of CCHL who has provided an undertaking similar
                      to this Letter
                      of Undertaking is released from any of the obligations under
                      its letter of
                      undertaking referred to in paragraph 3 above;
                      or

                  

                

        

         

        
          
            	 	
                    (d)

                  	
                    
                      you
                        are delisted from the NASDAQ OTC Bulletin
                        Board,

                    

                  

          

        

      

      

      provided
        that this shall not prejudice any accrued rights between the parties prior
        to
        the lapsing of this Letter of Undertaking. You agree to notify us in writing
        as
        promptly as practicable (and in any event within two (2) business days) after
        the occurrence of any of the events identified in paragraphs 8(a) through
        (d)
        above. 

      

      
        	9.  	
                By
                  signing this Letter of Undertaking, you represent and warrant to
                  us that
                  you are currently listed on the NASDAQ OTC Bulletin Board and you
                  intend
                  to apply to be listed on the NASDAQ National Market as soon as
                  possible
                  after the completion of the Offer. 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	10.  	
                A
                  person who is not a party to this Undertaking has no right under
                  the
                  Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore
                  to
                  enforce any term of this Letter of
                  Undertaking.

              

      

      

      
        	11.  	
                This
                  Letter of Undertaking is governed by, and shall be construed in
                  accordance
                  with, the laws of Singapore. 

              

      

      

      
        	 	 	 Yours
                faithfully,
	 	 	 For
                and on behalf of 
	 	 	 [Name
                of Shareholder]
	 	
              
	 	 
	 	 Name:
	 	 Designation: 

      

      

      
        	
                 

                Number
                  of Shares

              
	 

      

    

    
      
        
          

        

      Date:

       

      [Name
        of
        Shareholder] 

      [Address]

      

      We
        refer
        to your Letter of Undertaking (a copy of which is attached hereto) and agree
        and
        accept all the terms contained therein. 

       

      Yours
        faithfully

      For
        and
        on behalf of

      Great
        Wall Acquisition Corporation

       

      __________________________________

      Name:

      Designation:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Appendix
        I

      

      PRE-CONDITIONAL
        VOLUNTARY OFFER

      

      by

      

      [Logo]

      

      DBS
        BANK LTD

      (Company
        Registration No. 196800306E)

      (Incorporated
        in the Republic of Singapore)

      

      for
        and
        on behalf of

      

      GREAT
        WALL ACQUISITION CORPORATION

      (Incorporated
        in Delaware, United States of America)

      

      to
        acquire all the issued ordinary shares of US$0.08 each in the capital
        of

      

      CHINACAST
        COMMUNICATION HOLDINGS LIMITED

      (Incorporated
        in Bermuda)

      

      
        	1.  	
                INTRODUCTION

              

      

      

      DBS
        Bank
        Ltd ("DBS
        Bank")
        wishes
        to announce, for and on behalf of Great Wall Acquisition Corporation (the
        "Offeror"
        or
        "GWAC"),
        that,
        subject to the satisfaction or waiver of the Pre-Conditions as referred to
        in
        Section 2 below, the Offeror intends to make a voluntary conditional offer
        (the
        "Offer")
        to
        acquire all the issued ordinary shares of US$0.08 each (the "CCHL
        Shares")
        in the
        capital of ChinaCast Communication Holdings Limited ("CCHL").

      

      The
        Offer will not be made unless and until the Pre-Conditions are satisfied
        or
        waived. Accordingly, all references to the Offer in this Announcement refer
        to
        the possible Offer which will only be made if and when such Pre-Conditions
        are
        satisfied or, if applicable, waived.

      

      

      
        	2.  	
                PRE-CONDITIONS
                  TO THE MAKING OF THE
                  OFFER

              

      

      

      The
        making of the Offer and the posting of the formal offer document containing
        the
        terms and conditions of the Offer (the "Offer
        Document")
        will
        be subject to, and will only take place following, the satisfaction or waiver
        of
        the following pre-conditions (collectively, "Pre-Conditions"
        and
        each a "Pre-Condition"):

      

      
        	(a)  	
                all
                  resolutions as may be necessary or incidental to approve, implement
                  and
                  effect the Offer, the acquisition of any CCHL Shares pursuant to
                  the Offer
                  or otherwise, and the allotment and issue of the new shares of
                  common
                  stock of GWAC US$0.0001 per share (“GWAC
                  Common Stock”)
                  pursuant to the Offer or any other acquisitions of CCHL Shares
                  (including
                  pursuant to any compulsory acquisition pursuant to Section 102(1)
                  of the
                  Companies Act 1981 of Bermuda (as amended) (“Bermuda
                  Act”))
                  having been passed at a general meeting of the stockholders of
                  GWAC (or
                  any adjournment thereof); and

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	(b)  	
                CCHL
                  providing GWAC with audited consolidated financial statements of
                  CCHL
                  prepared in accordance with U.S. generally accepted accounting
                  principles
                  and Regulation S-X promulgated under the Securities Exchange Act
                  of 1934,
                  as amended, for at least its two most recent financial years and
                  such
                  other financial information as may be required to be included in
                  any
                  filing (or exhibit thereto) to be filed with the Securities and
                  Exchange
                  Commission (“SEC”)
                  in connection with the Offer by 30 September
                  2005.

              

      

      

      The
        Offeror has immediately prior to this Announcement approached CCHL to seek,
        and
        has subsequently obtained, CCHL’s commitment to assist the Offeror in obtaining
        the necessary information to fulfill the Pre-Condition set out in sub-paragraph
        (b) above.

      

      If
        and
        when the Pre-Conditions are satisfied or waived, DBS Bank, for and on behalf
        of
        the Offeror, will announce the firm intention on the part of the Offeror
        to make
        the Offer (the "Offer
        Announcement").
        The
        Offer Document will be despatched to the shareholders of CCHL ("CCHL
        Shareholders")
        not
        earlier than 14 days and not later than 21 days from the date of the Offer
        Announcement, if any. However, in the event that the Pre-Conditions are not
        satisfied or waived by the Offeror (as the case may be) on or before 25 March
        2006 or such later date as the Offeror may determine in consultation with
        the
        Securities Industry Council (the "SIC")
        (the
        "Cut-off
        Date"),
        the
        Offer will not be made and DBS Bank will issue an announcement confirming
        that
        fact as soon as reasonably practicable.

      

      

      
        	3.  	
                THE
                  OFFER

              

      

      

      
        	3.1  	
                Subject
                  to the satisfaction or waiver of the Pre-Conditions, the Offeror
                  will make
                  the Offer for all the CCHL Shares (the "Offer
                  Shares")
                  in accordance with Rule 15 of The Singapore Code on Take-overs
                  and Mergers
                  (the "Code")
                  and subject to the terms and conditions set out in the Offer Document
                  to
                  be issued by DBS Bank for and on behalf of the
                  Offeror.

              

      

      

      The
        Offer, if made, will be on the following basis:

      

      
        
          	 For each Offer
                  Share:	 · 	 0.046970408 new GWAC Common
                  Stock (“Stock Consideration”); 
	 	 	 
	 	 OR	 
	 	 	 
	 	 · 	 S$0.28 in cash (“Cash
                  Consideration”)

        
 

      and
        so on
        in proportion for any other number of Offer Shares.

      

      A
        CCHL
        Shareholder who accepts the Offer shall have in relation to each Offer Share
        the
        right to elect to receive either the Stock Consideration or the Cash
        Consideration but not both. 

      

      Fractions
        of a new GWAC Common Stock will not be issued to any holder of Offer Shares
        who
        accepts the Offer and fractional entitlements will be disregarded.

      

      By
        way of
        illustration, a CCHL Shareholder who accepts the Offer and elects to receive
        the
        Stock Consideration will receive, for every 1,000 Offer Shares tendered in
        acceptance of the Offer, 46 new GWAC Common Stock and a CCHL Shareholder
        who
        accepts the Offer and elects to receive the Cash Consideration will receive,
        for
        every 1,000 Offer Shares tendered in acceptance of the Offer, S$280.00 in
        cash.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      The
        Offer
        Shares are to be acquired fully-paid and free from all liens, charges, pledges
        and other encumbrances and together with all rights, benefits and entitlements
        attached thereto as at the date of this Announcement and hereafter attaching
        thereto, including the right to all dividends, rights and other distributions
        (if any) declared, made or paid thereon on or after the date of this
        Announcement. 

      

      
        	3.2  	
                The
                  Offer, if made, will be extended, on the same terms and conditions,
                  to:

              

      

      

        
          	(a)  	
                  all
                    the issued CCHL Shares owned, controlled or agreed to be acquired
                    by
                    parties acting or deemed to be acting in concert with the Offeror
                    in
                    connection with the Offer;
                    and 

                

        

        

        
          	(b)  	
                  all
                    new CCHL Shares unconditionally issued or to be issued pursuant
                    to the
                    valid exercise prior
                    to
                    the close of the Offer of any options (each, an "Option")
                    to subscribe for new CCHL Shares granted under (i) the ChinaCast
                    Pre-IPO
                    Employee Share Option Scheme (the “Pre-IPO
                    Option Scheme”)
                    and (ii) the ChinaCast Post-IPO Employee Share Option Scheme
                    (the
                    “Post-IPO
                    Option Scheme”).
                    

                

        

      

       

      For
        the
        purpose of the Offer, the expression “Offer
        Shares”
        shall
        include all such CCHL Shares.

      

      
        	3.3  	
                Pursuant
                  to the Offer and based on the terms of the Offer as at the date
                  of this
                  Announcement, as an alternative to the Cash Consideration and upon
                  the
                  election of the CCHL Shareholders to receive the Stock Consideration,
                  GWAC
                  will issue up to approximately 20.75 million new GWAC Common Stock,
                  representing approximately 376.22% of the existing issued share
                  capital of
                  5,515,975 GWAC Common Stock or approximately 79.00% of the enlarged
                  issued
                  share capital of GWAC of approximately 26.27 million GWAC Common
                  Stock
                  (assuming full acceptances of the Offer and full election of the
                  Stock
                  Consideration and no outstanding warrants of GWAC are exercised).
                  A
                  registration statement will be filed with the SEC for the new GWAC
                  Common
                  Stock to be issued pursuant to the Offer. The new GWAC Common Stock
                  will,
                  on issue, be credited as fully paid-up and shall rank pari passu
                  in all
                  respects with the then existing GWAC Common Stock. GWAC is currently
                  listed on the NASDAQ OTC Bulletin Board and also intends to apply
                  to be
                  listed on NASDAQ National Market as soon as possible after completion
                  of
                  the Offer. 

              

      

      

      
        	3.4  	
                The
                  Offer, if made, will be conditional upon the Offeror having received,
                  by
                  the close of the Offer, valid acceptances in respect of such number
                  of
                  Offer Shares which, when taken together with the CCHL Shares owned,
                  controlled or agreed to be acquired by the Offeror or parties acting
                  or
                  deemed to be acting in concert with it (either before or during
                  the Offer
                  and pursuant to the Offer or otherwise), will result in the Offeror
                  and
                  parties acting or deemed to be acting in concert with it holding
                  such
                  number of CCHL Shares carrying more than 50% of the voting rights
                  attributable to the issued share capital of CCHL as at the close
                  of the
                  Offer (including any voting rights attributable to CCHL Shares
                  issued or
                  to be issued pursuant to the valid exercise of the Options prior
                  to the
                  close of the Offer). Accordingly, the Offer will not become or
                  be capable
                  of being declared unconditional as to acceptances until the close
                  of the
                  Offer, unless at any time prior to the close of the Offer, the
                  Offeror has
                  received valid acceptances in respect of such number of Offer Shares
                  which
                  will result in the Offeror and parties acting or deemed to be acting
                  in
                  concert with it holding such number of CCHL Shares carrying more
                  than 50%
                  of the maximum potential issued share capital of CCHL. For this
                  purpose,
                  the “maximum potential issued share capital of CCHL” means the total
                  number of CCHL Shares which would be in issue had all the Options
                  been
                  validly exercised as at the date of such
                  declaration.

              

      

      

      The
        condition of the Offer will be set out in detail in the Offer Announcement,
        if
        made.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	4.  	
                OPTIONS

              

      

      

      Under
        the
        rules of each of the Pre-IPO Option Scheme and the Post-IPO Option Scheme,
        the
        Options are not freely transferable by the holders thereof. In view of this
        restriction, if the Offer is made, the Offeror will not make an offer to
        acquire
        the Options (although, for the avoidance of doubt, the Offer, if made, will
        be
        extended to all new CCHL Shares issued or to be issued pursuant to the valid
        exercise of the Options on or prior to the close of the Offer). The Offeror
        will
        however, in accordance with Rule 19 of the Code, make an appropriate offer
        or
        proposal to the holders of such Options in the event the Offer is
        made.

      

      

      
        	5.  	
                BENCHMARKING
                  THE OFFER

              

      

      

      
        	
                5.1  
                  

              	
                Assuming
                  a full election of the Stock Consideration, based on [set
                  out valuation of GWAC Common Stock and relevant exchange
                  rate],
                  the Offer values each of the Offer Share at approximately S$0.4185
                  which
                  represents:

              

      

      
        

        
          	(a)  	
                  a
                    premium of approximately 64.11%
                    over the last transacted price of S$0.255 per
                    CCHL
                    Share on the Singapore Exchange Securities Trading Limited (“SGX-ST”)
                    on 13 September 2005,
                    being the latest trading date prior to this
                    Announcement;

                

        

        

        
          	(b)  	
                  a
                    premium of approximately 68.48%
                    over the average of the last transacted prices
                    of
                    CCHL Shares on the SGX-ST of S$0.2484
                    over the last one (1) month prior to but including 13
                    September 2005
                    being the latest trading date prior to this Announcement;
                    and

                

        

        

        
          	(c)  	
                  a
                    premium
                    of
                    approximately 75.06%
                    over the average of the last transacted prices of CCHL Shares
                    on the
                    SGX-ST of S$0.2390
                    over the last six (6) months prior to but including 13
                    September 2005,
                    being the latest trading date prior to this
                    Announcement.

                

        

      

       

      
        	
                5.2  
                  

              	
                The
                  Cash Consideration of S$0.28 for each Offer Share
                  represents:

              

      

      

        
          	(a)  	
                  a
                    premium of approximately 9.80%
                    over the last transacted price of S$0.255
                    per CCHL Share on the SGX-ST on 13 September 2005,
                    being the latest trading date prior to this
                    Announcement;

                

        

        

        
          	(b)  	
                  a
                    premium of approximately 12.73%
                    over the average of the last transacted prices of CCHL Shares
                    on the
                    SGX-ST of S$0.2484
                    over the last one (1) month prior to but including 13
                    September 2005
                    being the latest trading date prior to this Announcement;
                    and

                

        

        

        
          	(c)  	
                  a
                    premium of approximately 17.13%
                    over the average of the last transacted prices of CCHL Shares
                    on the
                    SGX-ST of S$0.2390
                    over the last six (6) months prior to but including 13
                    September 2005,
                    being the latest trading date prior to this
                    Announcement.

                

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	6.  	
                IRREVOCABLE
                  UNDERTAKINGS

              

      

      

      As
        at the
        date of this Announcement, each of Super Dynamic Consultancy Limited, Technology
        Venture Investments Limited, Intel Pacific, Inc., Sergio Ventures Limited,
        Kenbell Management Limited, Asia Capitol Technology Partners Limited, Bostwicken
        Consultancy Limited, Time Global International Limited, Isthoch Assets Limited,
        Panwell Investment Limited, GC&C Holdings Limited, Wang Yu Huei, Asdew
        Acquisitions Pte Ltd, Liao Zhen, Yin Jian Ping, Ron Chan, Kevin Poon, Duke
        Group
        Limited, Virtual Century Group Limited, Leung Kin Foo, Stanley Chan Chi Kwong
        and Tang Chi Tang (each, a "Covenantor")
        has
        given an irrevocable undertaking (each, an “Undertaking”)
        to the
        Offeror:

      

      
        	(a)  	
                to
                  accept the Offer in respect of the number of CCHL Shares held by
                  it as set
                  out in the table below, not later than 5:00 pm (Singapore time)
                  on the
                  date falling seven (7) business days after the date of despatch
                  of the
                  offer document in respect of the Offer;1 

              

      

      

      
        	(b)  	
                to
                  elect to receive the Stock Consideration in connection thereto;
                  and

              

      

      

      
        	(c)  	
                not
                  to sell, transfer, assign or otherwise dispose of any part of the
                  Stock
                  Consideration received by it pursuant to the acceptance of the
                  Offer in a
                  manner that would violate SEC rules and regulations.
                  

              

      

      

      
        	
                Name
                  

              	 	
                Number
                  of CCHL Shares 

              	 	
                As
                  a percentage of the entire issued 
share capital of CCHL2 

              	 
	
                Super
                  Dynamic Consultancy Limited

              	 	 	
                67,326,820

              	 	 	
                15.24

              	
                %

              
	
                Technology
                  Venture Investments Limited

              	 	 	
                66,074,441

              	 	 	
                14.96

              	
                %

              
	
                Intel
                  Pacific, Inc.

              	 	 	
                22,222,918

              	 	 	
                5.03

              	
                %

              
	
                Sergio
                  Ventures Limited

              	 	 	
                6,031,510

              	 	 	
                1.37

              	
                %

              
	
                Kenbell
                  Management Limited

              	 	 	
                1,723,287

              	 	 	
                0.39

              	
                %

              
	
                Asia
                  Capitol Technology Partners Limited

              	 	 	
                12,026,155

              	 	 	
                2.72

              	
                %

              
	
                Bostwicken
                  Consultancy Limited

              	 	 	
                1,507,878

              	 	 	
                0.34

              	
                %

              
	
                Time
                  Global International Limited

              	 	 	
                1,749,107

              	 	 	
                0.40

              	
                %

              
	
                Isthoch
                  Assets Limited

              	 	 	
                3,015,755

              	 	 	
                0.68

              	
                %

              
	
                Panwell
                  Investment Limited

              	 	 	
                5,276,358

              	 	 	
                1.19

              	
                %

              
	
                GC&C
                  Holdings Limited

              	 	 	
                4,679,468

              	 	 	
                1.06

              	
                %

              
	
                Wang
                  Yu Huei

              	 	 	
                8,363,000

              	 	 	
                1.89

              	
                %

              
	
                Asdew
                  Acquisitions Pte Ltd

              	 	 	
                4,500,000

              	 	 	
                1.02

              	
                %

              
	
                Liao
                  Zhen

              	 	 	
                1,700,000

              	 	 	
                0.38

              	
                %

              
	
                Yin
                  Jian Ping

              	 	 	
                1,000,000

              	 	 	
                0.23

              	
                %

              
	
                Ron
                  Chan

              	 	 	
                750,000

              	 	 	
                0.17

              	
                %

              
	
                Kevin
                  Poon

              	 	 	
                700,000

              	 	 	
                0.16

              	
                %

              
	
                Duke
                  Group Limited

              	 	 	
                5,276,358

              	 	 	
                1.19

              	
                %

              
	
                Virtual
                  Century Group Limited

              	 	 	
                9,369,171

              	 	 	
                2.12

              	
                %

              
	
                Leung
                  Kin Foo

              	 	 	
                1,400,000

              	 	 	
                0.32

              	
                %

              
	
                Stanley
                  Chan Chi Kwong

              	 	 	
                1,000,000

              	 	 	
                0.23

              	
                %

              
	
                Tang
                  Chi Tang

              	 	 	
                300,000

              	 	 	
                0.07

              	
                %

              
	
                Total

              	 	 	
                225,992,226

              	 	 	
                51.15

              	
                %

              

      

       

      Note:

       

      
        	 	
                1.

              	
                Except
                  for Super Dynamic Consultancy Limited who has undertaken to accept
                  the
                  Offer on the later of (i) the date falling seven (7) business days
                  after
                  the date of despatch of the offer document in respect of the Offer;
                  and
                  (ii) 15 November 2005.

              

      

       

      
        
          	 	
                  2.

                	
                  Based
                    on the total issued share capital of 441,816,501 CCHL
                    Shares.

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

         

      

      Assuming
        a full election of the Stock Consideration, the proforma shareholding of
        the
        Covenantors in GWAC upon conclusion of the Offer (and assuming the Offeror
        acquires 100% of the Offer Shares pursuant to the exercise of the right to
        compulsory acquisition) will be as follows:

       

      
        
          	
                  Name
                    

                	 	
                  Number
                    of GWAC Common Stock

                	 	
                  As
                    a percentage of the enlarged issued share capital of GWAC Common
                    Stock1 

                	 	
                  As
                    a percentage of the enlarged issued share capital of GWAC Common
                    Stock2 

                	 
	
                  Super
                    Dynamic Consultancy Limited

                	 	 	
                  3,162,368

                	 	 	
                  12.04

                	
                  %

                	 	
                  8.96

                	
                  %

                
	
                  Technology
                    Venture Investments Limited

                	 	 	
                  3,103,543

                	 	 	
                  11.81

                	
                  %

                	 	
                  8.79

                	
                  %

                
	
                  Intel
                    Pacific, Inc.

                	 	 	
                  1,043,819

                	 	 	
                  3.97

                	
                  %

                	 	
                  2.96

                	
                  %

                
	
                  Sergio
                    Ventures Limited

                	 	 	
                  283,302

                	 	 	
                  1.08

                	
                  %

                	 	
                  0.80

                	
                  %

                
	
                  Kenbell
                    Management Limited

                	 	 	
                  80,943

                	 	 	
                  0.31

                	
                  %

                	 	
                  0.23

                	
                  %

                
	
                  Asia
                    Capitol Technology Partners Limited

                	 	 	
                  564,873

                	 	 	
                  2.15

                	
                  %

                	 	
                  1.60

                	
                  %

                
	
                  Bostwicken
                    Consultancy Limited

                	 	 	
                  70,825

                	 	 	
                  0.27

                	
                  %

                	 	
                  0.20

                	
                  %

                
	
                  Time
                    Global International Limited

                	 	 	
                  82,156

                	 	 	
                  0.31

                	
                  %

                	 	
                  0.23

                	
                  %

                
	
                  Isthoch
                    Assets Limited

                	 	 	
                  141,651

                	 	 	
                  0.54

                	
                  %

                	 	
                  0.40

                	
                  %

                
	
                  Panwell
                    Investment Limited

                	 	 	
                  247,832

                	 	 	
                  0.94

                	
                  %

                	 	
                  0.70

                	
                  %

                
	
                  GC&C
                    Holdings Limited

                	 	 	
                  219,796

                	 	 	
                  0.84

                	
                  %

                	 	
                  0.62

                	
                  %

                
	
                  Wang
                    Yu Huei

                	 	 	
                  392,813

                	 	 	
                  1.50

                	
                  %

                	 	
                  1.11

                	
                  %

                
	
                  Asdew
                    Acquisitions Pte Ltd

                	 	 	
                  211,366

                	 	 	
                  0.80

                	
                  %

                	 	
                  0.60

                	
                  %

                
	
                  Liao
                    Zhen

                	 	 	
                  79,849

                	 	 	
                  0.30

                	
                  %

                	 	
                  0.23

                	
                  %

                
	
                  Yin
                    Jian Ping

                	 	 	
                  46,970

                	 	 	
                  0.18

                	
                  %

                	 	
                  0.13

                	
                  %

                
	
                  Ron
                    Chan

                	 	 	
                  35,227

                	 	 	
                  0.13

                	
                  %

                	 	
                  0.10

                	
                  %

                
	
                  Kevin
                    Poon

                	 	 	
                  32,879

                	 	 	
                  0.13

                	
                  %

                	 	
                  0.09

                	
                  %

                
	
                  Duke
                    Group Limited

                	 	 	
                  247,832

                	 	 	
                  0.94

                	
                  %

                	 	
                  0.70

                	
                  %

                
	
                  Virtual
                    Century Group Limited

                	 	 	
                  440,073

                	 	 	
                  1.68

                	
                  %

                	 	
                  1.25

                	
                  %

                
	
                  Leung
                    Kin Foo

                	 	 	
                  65,758

                	 	 	
                  0.25

                	
                  %

                	 	
                  0.19

                	
                  %

                
	
                  Stanley
                    Chan Chi Kwong

                	 	 	
                  46,970

                	 	 	
                  0.18

                	
                  %

                	 	
                  0.13

                	
                  %

                
	
                  Tang
                    Chi Tang

                	 	 	
                  14,091

                	 	 	
                  0.05

                	
                  %

                	 	
                  0.04

                	
                  %

                
	
                  Total

                	 	 	
                  10,614,936

                	 	 	
                  40.41

                	
                  %

                	 	
                  30.07

                	
                  %

                

        

      

       

      Note:

      

        
          	 	
                  1.

                	
                  Based
                    on the total enlarged issued share capital of 26,268,276 GWAC
                    Common Stock
                    and assuming none of the 9,031,950 outstanding warrants of GWAC
                    are
                    exercised.

                

        

        

        
          	 	
                  2.

                	
                  Based
                    on the total enlarged issued share capital of 26,268,276 GWAC
                    Common Stock
                    and assuming all of the 9,031,950 outstanding warrants of GWAC
                    are
                    exercised.

                

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      All
        Undertakings shall lapse if for whatever reason: 

      

      
        	 	
                (a)
                    

              	
                the
                  Offer is withdrawn, or lapses, or fails to become or be declared
                  to be
                  unconditional for any reason;

              

      

      

      
        	 	
                (b)
                    

              	
                any
                  of the Covenantors is released from any of the obligations under
                  the
                  relevant Undertaking; or

              

      

      

      
        	 	
                (c)
                    

              	
                the
                  Offeror is delisted from the NASDAQ OTC Bulletin
                  Board,

              

      

      

      provided
        that this shall not prejudice any accrued rights between the parties prior
        to
        the lapsing of the relevant Undertaking.

      

      Save
        as
        disclosed in this Announcement, neither the Offeror nor any party acting
        in
        concert with it has received any irrevocable undertaking from any other party
        to
        accept or reject the Offer.

      

      

      
        	7.  	
                INFORMATION
                  ON THE OFFEROR

              

      

       

      The
        Offeror is a publicly traded, blank check company organized on 20 August
        2003
        for the purpose of effecting a merger, capital stock exchange, asset acquisition
        or other similar business combination with a company having its primary
        operations in the People’s Republic of China (“PRC”).
        The
        Offeror’s units, common stock and warrants are listed on the NASDAQ OTC
        Bulleting Board under the symbols “GWAQU,” GWAQ,” and “GWAQW,”
        respectively.

       

      As
        of the
        filing with the SEC of its quarterly report on Form 10-QSB for the period
        ended
        30 June 2005, there were 5,515,975 GWAC Common Stock outstanding. Based on
        the
        Offeror’s annual report on Form 10-KSB as at 15 March 2005, the following four
        stockholders each beneficially own over 5% of the Offeror’s common stock:

      

      
        	(a)  	
                Kin
                  Shing Li, who beneficially owns 430,000 shares of common stock,
                  or 7.80%
                  of the total shares of common stock outstanding;
                  

              

      

       

      
        	(b)  	
                Justin
                  Tang, who beneficially owns 430,000 shares of common stock, or
                  7.80% of
                  the total shares of common stock outstanding;

              

      

       

      
        	(c)  	
                Jack
                  Silver, who beneficially owns 300,000 shares of common stock, or
                  5.44% of
                  the total shares of common stock outstanding; and
                  

              

      

       

      
        	(d)  	
                Sapling,
                  LLC, who beneficially owns 299,000 shares of common stock, or 5.42%
                  of the
                  total shares of common stock
                  outstanding.

              

      

       

      Kin
        Shing
        Li, the chairman of the board of directors and chief executive officer of
        the
        Offeror, is also the Offeror's sole director and executive officer.

       

      The
        Offeror is an electronic filer with the SEC and the SEC maintains a web site
        that contains reports, registration statements and other information regarding
        the Offeror at www.sec.gov.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	8.  	
                INFORMATION
                  ON CCHL

              

      

      

      CCHL
        was
        incorporated in Bermuda on 20 November 2003. It is a provider of solutions
        primarily based on broadband satellite service. Its solutions are tailored
        to
        meet the different needs of customers in specific market segments, such as
        the
        education, government and enterprise markets. It provides technical services
        to
        ChinaCast Li Xiang Co Ltd ("CCLX")
        which
        is licensed to provide value added satellite broadband services in China.
        

      

      CCHL
        was
        admitted to the Official List of the SGX-ST on 14 May 2004. 

      

      

      
        	9.  	
                RATIONALE
                  FOR THE OFFER 

              

      

      

      The
        Offeror is a blank cheque company established for the purpose of effecting
        a
        merger, capital stock exchange, asset acquisition or other similar business
        combination with a company having its primary business operation in the PRC
        and
        CCHL is an ideal target. If the Offer is made and is successful, the Offeror
        intends to retain the executive directors and executive officers of CCHL
        to
        continue to lead the merged entity and be part of its management.

      

      The
        Offer, if made, presents an opportunity for CCHL Shareholders to either realise
        their investment in the CCHL Shares in cash or convert their investment as
        soon
        as practicable to listed new GWAC Common Stock. Accordingly, this will enable
        CCHL Shareholders to dispose, trade or otherwise deal with their investment
        on
        the stock market in accordance with SEC rules and regulations.

      

      

      
        	10.  	
                COMPULSORY
                  ACQUISITION AND
                  DELISTING

              

      

      

      If
        the
        Offer is made, it is the intention of the Offeror to make CCHL its subsidiary.
        It is not the intention of the Offeror to preserve the listing status of
        CCHL or
        to take steps for any trading suspension of the CCHL Shares to be
        lifted.

      

      If
        the
        Offeror receives valid acceptances pursuant to the Offer in respect of not
        less
        than 90% of the Offer Shares, the Offeror intends to exercise its right under
        Section 102(1) of the Bermuda Act, to compulsorily acquire those Offer Shares
        not acquired by the Offeror pursuant to the Offer. If the Offeror is able
        to
        proceed with the compulsory acquisition, an application will be made by the
        Offeror to delist CCHL from the Official List of the SGX-ST.

      

      Regardless
        of whether the Offeror is able to proceed with the compulsory acquisition,
        should the Offeror announce that valid acceptances have been received that
        bring
        the holdings owned by the Offeror and parties acting in concert with it to
        above
        90% of the CCHL Shares in issue, the SGX-ST may, pursuant to Rule 1105 of
        the
        Listing Manual, continue to suspend the listing of the CCHL Shares in the
        Ready
        and Odd-Lots markets until it is satisfied that at least 10% of the CCHL
        Shares
        in issue are held by at least 500 CCHL Shareholders who are members of the
        public. In such event, the Offeror has no intention to undertake any action
        for
        any such listing suspension to be lifted.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	11.  	
                DISCLOSURE
                  OF SHAREHOLDINGS AND
                  DEALINGS

              

      

      

      As
        at the
        date of this Announcement, save for the Undertakings, the Offeror does not
        own,
        control and has not agreed to acquire any CCHL Shares or securities which
        carry
        voting rights in CCHL or are convertible into CCHL Shares or securities which
        carry voting rights in CCHL, or rights to subscribe for or options in respect
        of
        CCHL Shares or such securities and has not dealt for value in any CCHL Shares
        during the period commencing three (3) months prior to the date of this
        Announcement.

      

      

      
        	12.  	
                OFFER
                  DOCUMENT

              

      

      

      If
        and
        when the Offer is made, the Offer Document containing the terms and conditions
        of the Offer, and enclosing the appropriate form(s) of acceptance of the
        Offer,
        will be despatched to the CCHL Shareholders not earlier than 14 days and
        not
        later than 21 days from the date of the Offer Announcement, if any.

      

      CCHL
        Shareholders are advised to exercise caution when dealing in the CCHL
        Shares.

      

      
        	13.  	
                RESPONSIBILITY
                  STATEMENT

              

      

      

      The
        sole
        director of the Offeror has taken all reasonable care to ensure that the
        facts
        stated and opinions expressed in this Announcement are fair and accurate
        and
        that no material facts have been omitted from this Announcement.

      

      Where
        any
        information has been extracted from published or otherwise publicly available
        sources or obtained from CCHL, the sole responsibility of the sole director
        of
        the Offeror has been to ensure that such information has been accurately
        and
        correctly extracted from such sources or, as the case may be, accurately
        reflected or reproduced in this Announcement.

      

      The
        sole
        director of the Offeror accepts responsibility accordingly.

      

      

      
        	14.  	
                INDICATIVE
                  TIMETABLE

              

      

      

      The
        following is an indicative timetable relating to certain Pre-Conditions and
        the
        posting of the Offer, if made:

      

      
        	
                Indicative
                  Date

              	
                Event

              
	
                14
                  September 2005

              	
                Announcement
                  of Pre-Conditional Voluntary Offer

              
	
                Not
                  later than 30 September 2005

              	
                CCHL
                  providing GWAC with audited consolidated financial statements of
                  CCHL
                  prepared in accordance with U.S. generally accepted accounting
                  principles
                  and Regulation S-X promulgated under the Securities Exchange Act
                  of 1934,
                  as amended, for at least its two most recent financial
                  years

              
	
                Not
                  later than 25 March 2006

              	
                Extraordinary
                  general meeting of the Offeror to approve, inter
                  alia, the
                  Offer and the issue of new GWAC Common Stock pursuant to the Offer
                  

                 

                If
                  GWAC Stockholders’ approval is obtained and the other Pre-Condition is
                  fulfilled and remain fulfilled or is waived, DBS Bank will announce
                  firm
                  intention to make the Offer on behalf of the Offeror

              
	
                As
                  soon as possible after satisfaction or waiver of the
                  Pre-Conditions

              	
                Announcement
                  of the Offer

              
	
                Not
                  earlier than 14 days

                and
                  not later than 21 days

                from
                  the date of the Offer

                Announcement

              	
                Despatch
                  of Offer Document

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Issued
        by

      DBS
        BANK LTD

      

      

      For
        and
        on behalf of

      GREAT
        WALL ACQUISITION CORPORATION

      14
        September 2005Unassociated Document

    EXHIBIT
      4.3

    SECURITIES
      AND EXCHANGE COMMISSION

    Washington,
      D.C. 20549

     

    FORM
      8-A

     

    FOR
      REGISTRATION OF CERTAIN CLASSES OF SECURITIES

    PURSUANT
      TO SECTION 12(b) OR (g) OF THE

    SECURITIES
      EXCHANGE ACT OF 1934

     

              NDS
      GROUP PLC     

    (Exact
      Name of Registrant as Specified in its Charter)

     

    
      	
              England
                and Wales

              (State
                of Incorporation or Organization)

            	 	
              Not
                Applicable

              (I.R.S.
                Employer Identification No.)

            

    

    

    1
      Heathrow Boulevard, 286 Bath Road, West Drayton, Middlesex, UB7 0DQ,
      England

    (Address
      of Principal Executive Offices)

     

    Securities
      Act registration statement file number to which this form relates:333-11086.

     

    If
      this
      form relates to the registration of a class of securities pursuant to Section
      12(b) of the Exchange Act and is effective pursuant to General Instruction
      A.(c), check the following box.

     

    o

     

    If
      this
      form relates to the registration of a class of securities pursuant to Section
      12(g) of the Exchange Act and is effective pursuant to General Instruction
      A.(d), check the following box.

     

    þ

     

    Securities
      to be registered pursuant to Section 12(b) of the Act:

     

      
      None   

    (Title
      of
      Class)

     

    Securities
      to be registered pursuant to Section 12(g) of the Act:

     

       
      Series A Ordinary Shares    

    (Title
      of
      Class)

     

    American
      Depositary Shares, each representing

       
      one Series A Ordinary Share    

    (Title
      of
      Class)

     

    
      
         

      

      
        -E.13-

        
          

        

      

      
         

      

    

     

    Item
      1. Description
      of Registrant’s Securities to be Registered

     

    Description
      of American Depositary Shares.

     

    Incorporated
      by reference to the information set forth under the heading “Description of
      American Depository Receipts” contained in the Registration Statement on Form
      F-1 (File No.333-11086) as filed with the Securities and Exchange Commission
      on
      November 4, 1999, and as such Registration Statement may be thereafter
      amended.

     

    Description
      of the Ordinary Shares.

     

    Incorporated
      by reference to the information set forth under the heading “Description of
      Share Capital” contained in the Registration Statement on Form F-1 (File
      No.333-11086) as filed with the Securities and Exchange Commission on November
      4, 1999, and as such Registration Statement may be thereafter
      amended.

     

    Item
      2. Exhibits

     

    
      	 	
              (a)

            	
              Copy
                of specimen of certificate representing Series A Ordinary Shares
                of
                NDS.

            

    

     

    
      	 	
              (b)

            	
              Memorandum
                and Articles of Association of NDS, including all amendments as of
                November 1, 1999.

            

    

     

    
      	 	
              (c)

            	
              Form
                of Deposit Agreement among NDS, The Bank of New York and the Owners
                and
                Beneficial Owners of American Depositary Receipts representing American
                Depositary Shares of NDS each representing one Series A Ordinary
                Share,
                together with Exhibit A thereto which is the Form of American Depositary
                Receipts representing such American Depositary
                Shares.

            

    

     

    SIGNATURE

     

    Pursuant
      to the requirements of Section 12 of the Securities Exchange Act of 1934, the
      registrant has duly caused this registration statement to be signed on its
      behalf by the undersigned, thereto duly authorized.

     

    Date:
      November 4, 1999

    
      	 	 	 
	 	NDS
              GROUP PLC
	 
 	 
 	 
 
	 	By:  	/s/
              Abraham Peled 
	 	
              

              Name:
                Abraham Peled

              Title:
                Chief Executive Officer 

            
	 	 

    

    

    
      
         

      

      
        -E.14-

        
          

        

      

      
         

      

    

     

    Description
      of Shares from Articles of Association

     

    SHARE
      CAPITAL 

     

    
      	
              3.
                

            	
              Authorised
                share capital 

               

            
	
              (1)

            	
              The
                authorised share capital of the Company at the date of adoption of
                these
                articles is £42,000,002 and US$ 1,000,000 divided into 42,000,002 deferred
                shares of £1 each (“deferred shares”), 48,000,000 Series A ordinary shares
                of US$0.01 each (“A ordinary shares”) and 52,000,000 Series B ordinary
                shares of US$0.01 each (“B ordinary shares”). 

               

            
	
               

               

            	
              Ordinary
                Shares

               

            
	
              (2)

            	
              The
                A ordinary shares and the B ordinary shares (together referred to
                as
                “ordinary shares”) shall rank pari passu
                in
                all respects and shall carry the same rights, including as to
                participation in the profits and assets of the Company, as if they
                formed
                a single class of shares, except as otherwise expressly stated in
                these
                articles. 

               

            
	 	
              Voting

               

            
	
              (3)

            	
              On
                any resolution put to the vote at a general meeting on a show of
                hands
                every holder of ordinary shares who is present in person or, not
                being
                himself a holder of ordinary shares, by proxy shall have one vote
                and on
                any resolution put to the vote on a poll: 

               

            
	
               

            	
              (a)
                

               

            	
              every
                holder of an A ordinary share who is present in person or by proxy
                shall
                have one vote for every such share of which he is the holder; and
                

               

            
	
               

            	
              (b)
                

               

            	
              every
                holder of a B ordinary share who is present in person or by proxy
                shall
                have ten votes for every such share of which he is the holder.
                

               

            
	
               

            	
              Voluntary
                conversion of B ordinary shares 

               

            
	
              (4)

            	
              A
                holder of a B ordinary share may at any time convert that share into
                an A
                ordinary share by giving notice in writing (a “conversion notice”) to the
                Company at the office, accompanied by the certificate relating to
                the B
                ordinary share. If the certificate relates to more than one B ordinary
                share, the conversion notice shall specify the number of shares to
                be so
                converted. A conversion notice shall have effect on the date on which
                it
                is received at the office or on such later date as may be specified
                in the
                conversion notice. Once lodged a conversion notice may not be withdrawn
                without the consent in writing of the Company. Within 28 days
                after
                the date on which the conversion has effect, the Company shall send
                to the
                holder of the relevant shares, at his own risk, free of charge, a
                certificate for the appropriate number of A ordinary shares and a
                new
                certificate for any unconverted B ordinary shares comprised in any
                certificate surrendered by him. 

               

            

    

     

             Mandatory
      conversion of B ordinary shares

     

    
      	
              (5)

            	
              A
                B
                ordinary share shall automatically be converted into an A ordinary
                share
                on the occurrence of a Mandatory Conversion Event (as defined below)
                in
                relation to that share. The holder of a B ordinary share shall notify
                the
                Company in writing immediately on his becoming aware of such occurrence,
                but the directors may at any time determine that a Mandatory Conversion
                Event has occurred on a particular date in relation to any B ordinary
                share and if they do so their determination shall be conclusive.
                A holder
                of a B ordinary share shall promptly provide all such information
                as the
                directors may request in writing and is available to him for the
                purpose
                of determining whether a Mandatory Conversion Event has occurred
                and, if
                so, the date on which it occurred. If a Mandatory Conversion Event
                occurs
                in relation to any B ordinary share the holder shall surrender to
                the
                Company the certificate relating to that share. Within 28 days
                of
                surrender of the certificate, the Company shall send to the holder
                of the
                relevant shares, at his own risk, free of charge, a definitive certificate
                for the appropriate number of A ordinary shares. 

               

            

       

      
        
           

        

        
          -E.15-

          
            

          

        

        
           

        

      

       

      
        	
                 

              	
                For
                  these purposes a “Mandatory Conversion Event” means, in respect of any B
                  ordinary share for the time being in issue, any sale, transfer
                  or other
                  disposal, or any other transaction or event as a result of which
                  that
                  share is not beneficially owned by (i) The News Corporation Limited,
                  a
                  company incorporated in South Australia, or (ii) any company which
                  is a
                  successor to The News Corporation Limited by reason of one or more
                  reorganisations or reconstructions or (iii) any undertaking which
                  is for
                  the time being a subsidiary undertaking of The News Corporation
                  Limited or
                  any such successor to it. 

                 

              

      

    

     

             Other
      conversion provisions

     

    
      	
              (6)

            	
              On
                any conversion of a B ordinary share, that share shall be redesignated
                as
                an A ordinary share. On the conversion into A ordinary shares of
                all the B
                ordinary shares in issue immediately before such conversion all the
                A
                ordinary shares (both issued and unissued) and any B ordinary shares
                as
                then are unissued shall be automatically redesignated as “ordinary
                shares”. 

               

            

    

     

             Provisions
      applicable up to conversion

     

    
      	
              (7)

            	
              So
                long as any B ordinary shares are in issue:

               

            
	
               

            	
              (a)
                

            	
              the
                Company shall not consolidate, sub-divide or otherwise reorganise
                either
                the A ordinary shares or the B ordinary shares unless as a result
                of such
                consolidation, sub-division or other reorganisation the par value
                of each
                A ordinary share and each B ordinary share remains the same; 

               

            
	
               

            	
              (b)
                

            	
              any
                variation of the special rights attaching to the A ordinary shares
                or the
                B ordinary shares shall be deemed to be a variation of the special
                rights
                attaching to the other class of ordinary shares; 

               

            
	
               

            	
              (c)
                

            	
              the
                Company shall not allot or issue, or grant (or permit any of its
                subsidiaries to grant) any right to subscribe for or to convert into,
                any
                B ordinary share except to (i) The News Corporation Limited or (ii)
                any
                company which is a successor to The News Corporation Limited by reason
                of
                one or more reorganisations or reconstructions or (iii) any undertaking
                which is for the time being a subsidiary undertaking of The News
                Corporation Limited or any such successor to it or (iv) a nominee
                for any
                such person as is referred to in (i) to (iii) of this sub-paragraph;
                and
                

               

            
	
               

            	
              (d)
                

            	
              Without
                such consent or sanction on the part of the holders of the A ordinary
                shares as is required for a variation of the special rights attaching
                to
                those shares, the Company shall not allot or issue, or grant (or
                permit
                any of its subsidiaries to grant) any right to subscribe for or to
                convert
                into, any B ordinary share except as follows: 

               

            
	
               

            	
              (i)
                

               

            	
              on
                any issue of additional ordinary shares to holders of ordinary shares
                under article 114 the Company shall issue B ordinary shares to the
                holders
                of B ordinary shares at the same time, on the same basis and in the
                same
                proportion as it issues A ordinary shares to the holders of A ordinary
                shares; 

               

            
	
               

            	
              (ii)
                

               

            	
              if
                the Company offers on a pro rata
                basis (as nearly as practicable) to holders of ordinary shares any
                ordinary shares for subscription by way of a rights issue, open offer
                or
                similar offer, the Company may offer B ordinary shares to the holders
                of B
                ordinary shares at the same time, on the same basis and in the same
                proportion as it offers A ordinary shares to the holders of A ordinary
                shares; 

               

            
	
               

            	
              (iii)
                

               

            	
              if
                the Company or any of its subsidiaries issues or offers to issue
                on a
                pro rata
                basis (as nearly as practicable) to the holders of ordinary shares
                any
                securities which confer rights to subscribe for, or to convert into,
                additional ordinary shares, the Company may make the issue or offer
                of
                those securities (or procure the relevant subsidiary to do so) on
                terms
                that the additional ordinary shares which may be issued on exercise
                of
                such rights by a holder of B ordinary shares shall be B ordinary
                shares
                but otherwise such securities shall confer the same rights as those
                issued
                or offered to the holders of A ordinary shares and the issue or offer
                shall be made at the same time, on the same basis and in the same
                proportion as that made to the holders of A ordinary shares; or
                

               

            

       

      
        
           

        

        
          -E.16-

          
            

          

        

        
           

        

      

       

      
        	
                 

              	
                (iv)
                  

                 

              	
                pursuant
                  to article 113. 

                 

              

      

    

     

             Deferred
      shares

     

    
      	
              (8)

            	
              The
                deferred shares shall have the following rights and be subject to
                the
                following restrictions: 

               

            
	
               

            	
              (a)
                

               

            	
              a
                deferred share shall entitle its holder on a return of capital on
                a
                winding up (but not otherwise) to repayment of the amount paid up
                on that
                share but only after the payment or repayment to each holder of an
                ordinary share of a sum equal to the capital paid up on that share
                plus an
                additional sum of US$ 1,000,000 (or the sterling equivalent of that
                sum,
                calculated at the date of payment); and 

               

            
	
               

            	
              (b)
                

               

            	
              a
                deferred share shall not entitle its holder to receive any dividend
                or
                other distribution out of the profits or assets of the Company or
                to
                receive notice of, or to attend or vote at, any general meeting of
                the
                Company. 

               

            
	
              4.
                

            	
              Rights attached to shares 

               

            
	
               

            	
              Subject
                to the provisions of the Statutes and to the rights conferred on
                the
                holders of any other shares, any share may be issued with or have
                attached
                to it such rights and restrictions as the Company may by ordinary
                resolution decide or, if no such resolution is in effect or so far
                as the
                resolution does not make specific provision, as the board may decide.
                

               

            
	
              5. 

            	
              Unissued
                shares 

               

            
	
               

            	
              Subject
                to the provisions of the Statutes, these articles and any resolution
                of
                the Company, the board may offer, allot (with or without conferring
                a
                right of renunciation), grant options over or otherwise deal with
                or
                dispose of any unissued shares (whether forming part of the original
                or
                any increased capital) to such persons, at such times and generally
                on
                such terms as the board may decide. 

               

            
	
              6.

            	
              Authority to allot relevant securities

               

            
	 	
              The
                Company may from time to time pass an ordinary resolution referring
                to
                this article and authorising, in accordance with section 80
                of the
                Act, the board to exercise all the powers of the Company to allot
                relevant
                securities and: 

               

            
	 	
              (a)
                

               

            	
              on
                the passing of the resolution the board shall be generally and
                unconditionally authorised to allot relevant securities (as defined
                for
                the purposes of that section) up to the nominal amount specified
                in the
                resolution; and 

               

            
	 	
              (b)
                

               

            	
              unless
                previously revoked the authority shall expire on the day specified
                in the
                resolution (not being more than five years after the date on which
                the
                resolution is passed), 

               

            
	 	
              but
                any authority given under this article shall allow the Company, before
                the
                authority expires, to make an offer or agreement which would or might
                require relevant securities to be allotted after it expires. 

               

            
	
              7.

            	
              Dis-application of pre-emption rights 

               

            
	
              (1)

            	
              Subject
                to the board being generally authorised to allot relevant securities
                in
                accordance with section 80 of the Act, the Company may from
                time to
                time resolve by a special resolution referring to this article that
                the
                board be given power to allot equity securities for cash and, on
                the
                passing of the resolution, the board shall have power to allot (pursuant
                to that authority) equity securities for cash as if section 89(1)
                of
                the Act did not apply to the allotment, and unless previously revoked
                that
                power shall expire on the date (if any) specified in the special
                resolution or, if no date is specified, at the conclusion of the
                next
                annual general meeting of the Company but the Company may before
                the power
                expires make an offer or agreement which would or might require equity
                securities to be allotted after it expires. 

               

            

       

      
        
           

        

        
          -E.17-

          
            

          

        

        
           

        

      

       

      
        	
                (2)

              	
                For
                  the purposes of this article “equity security” and “relevant share” have
                  the meanings given to them in section 94 of the Act. 

                 

              
	
                8.

              	
                Power to pay commission and
 brokerage 

                 

              
	 	
                The
                  Company may in connection with the issue of any shares exercise
                  all powers
                  of paying commission and brokerage conferred or permitted by the
                  Statutes.
                  

                 

              
	
                9. 

              	
                Power to increase,
                  consolidate, sub-divide and cancel shares
                  

                 

              
	
                (1)

              	
                Subject
                  to any rights conferred on the holders of any class of shares,
                  the Company
                  may by ordinary resolution: 

                 

              
	
                 

              	
                (a)
                  

                 

              	
                increase
                  its capital by the creation of new shares of such amount as the
                  resolution
                  prescribes; 

                 

              
	
                 

              	
                (b)
                  

                 

              	
                consolidate
                  and divide all or any of its share capital into shares of a larger
                  amount
                  than its existing shares; 

                 

              
	
                 

              	
                (c)
                  

                 

              	
                sub-divide
                  its shares, or any of them, into shares of smaller amount than
                  is fixed by
                  the memorandum of association or these articles, but so that the
                  proportion between the amount paid up and the amount (if any) not
                  paid up
                  on each reduced share shall be the same as it was in the case of
                  the share
                  from which the reduced share is derived; and 

                 

              
	
                 

              	
                (d)
                  

                 

              	
                cancel
                  any shares which, at the date of the passing of the resolution,
                  have not
                  been taken or agreed to be taken by any person and diminish the
                  amount of
                  its share capital by the amount of the shares so cancelled. 

                 

              
	
                (2)

              	
                A
                  resolution by which any share is sub-divided may determine that,
                  as
                  between the holders of the shares resulting from the sub-division,
                  one or
                  more of the shares may have such preferred or other special rights,
                  or may
                  have such qualified or deferred rights or be subject to such restrictions,
                  as compared with the other or others, as the Company has power
                  to attach
                  to new shares. 

                 

              
	
                (3)

              	
                If
                  as a result of any consolidation of shares any members would become
                  entitled to fractions of a share, the board may deal with the fractions
                  as
                  it thinks fit and in particular may (on behalf of those members)
                  sell the
                  shares representing the fractions to any person (including, subject
                  to the
                  provisions of the Statutes, the Company) and distribute the net
                  proceeds
                  of sale in due proportion among those members (except that any
                  proceeds
                  less than a sum fixed by the board may be retained for the benefit
                  of the
                  Company). For the purpose of any such sale the board may authorise
                  some
                  person to transfer the shares to or as directed by the purchaser,
                  who
                  shall not be bound to see to the application of the purchase money;
                  nor
                  shall his title to the shares be affected by any irregularity in
                  or
                  invalidity of the proceedings relating to the sale. 

                 

              
	
                10.

              	
                Power to issue redeemable shares 

                 

              
	
                 

              	
                Subject
                  to the provisions of the Statutes any share may be issued which
                  is to be
                  redeemed or is liable to be redeemed at the option of the Company
                  or the
                  shareholder. 

                 

              
	
                11.

              	
                Power to purchase own shares

                 

              
	
                 

                 

              	
                Subject
                  to the provisions of the Statutes and to any rights conferred on
                  the
                  holders of any class of shares, the Company may purchase all or
                  any of its
                  shares of any class, including any redeemable shares. 

                 

              
	
                12.

                 

              	
                Power to reduce capital

              
	
                 

              	
                Subject
                  to the provisions of the Statutes and to any rights conferred on
                  the
                  holders of any class of shares, the Company may by special resolution
                  reduce its share capital, any capital redemption reserve and any
                  share
                  premium account in any way. 

                 

              

         

        
          
             

          

          
            -E.18-

            
              

            

          

          
             

          

        

         

        
          	
                  13. 

                	
                  Trusts
                    not recognised 

                   

                
	
                   

                	
                  Except
                    as required by law or these articles, no person shall be recognised
                    by the
                    Company as holding any share upon any trust and the Company shall
                    not be
                    bound by or required to recognise (even when having notice of
                    it) any
                    interest in or in respect of any share, except the holder’s absolute right
                    to the entirety of the share. 

                   

                

        

      

    

    
       

      
        
           

        

          -E.19-

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