Knightsbridge Int.II

Results of EGM

Knightsbridge Integrated Hldgs II
08 May 2003


                                        COMPANY ANNOUNCEMENT

              For Immediate Release                                   8th May 2003

                            KNIGHTSBRIDGE INTEGRATED HOLDINGS II LIMITED

                            RE: Results of Extraordinary General Meeting





The Board of Directors (the 'Board') of Knightsbridge Integrated Holdings II
Limited (the 'Company') wish to announce that following the Extraordinary
General Meeting, held on 16 April 2003, the shareholders of the Company
unanimously approved the following:



'That Participating Shares in the amounts and at the redemption prices set forth
below shall be redeemed by the Company on a pro rata basis, based on the number
of outstanding Participating Shares held by each shareholder and that in
accordance with the Articles of Association one non-voting Nominal Share be
issued to a Director at Par for each share redeemed.  Payment previously
received on or about the dates set forth below as Return of Share Premium shall
constitute and be ratified as a partial redemption of Participating Shares.


Total Shares to be Redeemed        Redemption Price per Share         Record Date for Payment of Related
                                                                      Return of Share Premium
3,050                              $900                               June 20, 2002
1,525                              $800                               September 24, 2002'



The reason for this resolution is based on distributions made by the Company in
2002, which were categorized when payments were being made to the shareholders
at the time as 'return of share premium'.  Upon further review by the Company's
auditors and attorneys, it was determined, that, under Guernsey law, where the
Company was incorporated, with return of share premium the Company is required
to redeem shares at the same time.



The shareholders of the Company, were asked to approve a resolution, which
authorized the redemption, on a pro rata basis, based on the number of
outstanding Participating Shares held by each shareholder, of 3,050
Participating Shares at a redemption price of $900 per share and 1,525
Participating Shares at a redemption price of $800 per share.  These amounts
correspond to the returns of share premium paid to investors on or about June
20, 2002 and September 24, 2002, respectively.  Since the share premium have
already been paid, these previously paid amounts constitute the redemption price
and no further amounts were payable in connection with the redemptions.



The redemptions are meant to be a further clarification, under Guernsey law that
the prior return of share premium payments will be deemed to have been, and will
be ratified as, a partial redemption of Participating Shares.



The redemption will not result in any change in the respective percentage
ownership of Participating Shares among the shareholders or in their respective
proportionate interests in the Company.



The delay in notifying the Irish Stock Exchange of this change is due to an
oversight of an administrative nature.






Enquiries:

Knightsbridge Advisers Inc                           Ms Ellen Heald

                                                     Phone: +918 336 0978

NCB Stockbrokers Limited                             Ms Joanne McEnteggart

                                                     Phone: +353 1 611 5907





This announcement has been issued through the Companies Announcement Service of

                           the Irish Stock Exchange.






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