MAS IMPOSES COMPOSITION AMOUNT OF $4,000 ON DOUGLAS ELLIOT BARNETT FOR FAILING TO NOTIFY THE SECURITIES EXCHANGE TRADING LIMITED [“SGX-ST”] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS

1  On 22 Nov 2006, Mr Douglas Elliot Barnett paid a composition amount of S$4,000 for breaching section 137 of the Securities and Futures Act, which requires substantial shareholders to notify the securities exchange of a change in shareholdings.

2  During the period 24 Jan to 26 Apr 2006, Barnett failed to notify SGX-ST on eight separate occasions of his deemed shareholding changes in Magnecomp International Ltd [“Magnecomp”] held through Thai Focused Equity Fund Limited. He also failed to notify Magnecomp of his deemed shareholding changes. As a result, Magnecomp was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

Substantial shareholders should notify the securities exchange of changes in their shareholdings in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.