CECU Cec Unet

    RNS Number : 2805V
  CEC UNET PLC
  27 May 2008
   




    CEC Unet Plc
    ("CECU" or "Company")

    Directors' dealings

    In the announcement of 7 May it was disclosed that following a transfer of ordinary shares in CEC Unet Plc ("Ordinary Shares") pursuant
to the stock lending agreement in relation to a convertible bond, Dr Bruno Wu now holds 29,954,993 Ordinary Shares and Mr Tom Jones now
holds 4,264,610 Ordinary Shares.  These disclosed interests do not match with the previously disclosed position of these directors and after
investigation the Company can report the following:


    Bruno Wu

    In his previous disclosure to the Company on 5 November 2007, Dr Wu declared his holding to be 50,792,326 Ordinary Shares. The Company
had also been notified that in addition to those dealings already disclosed, the interests in the Company of companies associated with Dr Wu
had changed as follows:

    11,587,333 Ordinary Shares were transferred by Sun Media Investment Holdings Ltd ("SMIH"), a company controlled by Dr Wu, to Talent
Ocean Investment Limited as consideration for 3,000,000 shares in Nextmart, Inc. ("Nextmart"). This transfer was contracted in August 2007
and completed in March 2008.  Nextmart, whose interests are aggregated with Dr Wu for disclosure purposes, currently holds 16,821,254 
Ordinary Shares representing 3.1 per cent. of the issued ordinary share capital of the Company.

    1,250,000 Ordinary Shares transferred by SMIH to Kinsan Holdings Ltd. for consultancy services provided to SMIH. This payment was
contracted in November 2007 and an additional 1,250,000 Ordinary Shares will be transferred in July 2008.  

    6,000,000 Ordinary Shares were transferred by Nextmart to Professional Offshore Opportunity Fund, Ltd. for consultancy services provided
to Nextmart. This transfer was contracted on 1 April 2007 and completed in October 2007. There are a further 4,000,000 Ordinary Shares to be
transferred on 1 July 2008.

    20,000,000 Ordinary Shares were transferred to Nextmart from Maxi Surplus Investment Limited in April 2007 as consideration for
150,000,000 shares in the Lexicon Group Ltd. and the assignment of $541,378 debt.

    As a result of the above and including the 22,000,000 Ordinary Shares transferred on 7 May, Dr Wu's interest in the Company is currently
29,954,993 Ordinary Shares, representing 5.5 per cent. of the issued share capital held as to 10,033,739 by SMIH, 16,821,254 by Nextmart and
3,100,000 by Global Woman Multimedia Co. Ltd. The interest of Dr Wu in the Company is contracted to decrease to 23,542,326 Ordinary Shares
representing 4.4 per cent. of the current issued share capital.

    The dealings above had been previously notified to the Company but the Company had failed to announce these to the market as required by
the AIM Rules.

    Tom Jones

    On 23 November 2006 the Company completed the acquisition of Upstart Games Limited ("Upstart") for a consideration which included the
issue of 30,000,000 new Ordinary Shares. As a result of a shareholding in Upstart, Tom Jones received 764,610 Ordinary Shares at a price of
20 pence per share on 23 November 2006. Including these 764,610 consideration shares, 382,305 Ordinary Shares currently held in escrow for
Mr Jones and following the transfer of 14,000,000 Ordinary Shares as part of the security arrangements announced on 7 May, Mr Jones'
interest in the Company is currently 4,646,915 Ordinary Shares, representing 0.9 per cent. of the issued share capital.

    Mr Jones had previously notified the Company as to his interest in Upstart and his shareholding was correctly disclosed in the accounts
of the Company for the year ended 31 December 2006 but had not previously been announced through an RIS. Mr Jones' shareholding in Upstart
was not sufficient to classify the acquisition of Upstart as a transaction with a related party and there are no further disclosures to be
made.

    The directors of CEC Unet have confirmed that there are no other dealings or transactions by them or their related parties which are
required to be disclosed in accordance with the AIM Rules, Irish company law or other legislation.

    The Company accepts that it has failed to comply with the AIM Rules regarding disclosure of transactions and failed to consult with its
nominated adviser regarding the requirement to make such disclosures. Steps are being taken to ensure that any future notifications received
are communicated to the market promptly and fully and that the directors and senior managers of CEC Unet fully understand their obligations
under the AIM Rules.

    -ends-

    Enquiries:

    Brunswick Group LLP                                    020 7404 5959
    James Hogan / Carole Cable

    Blue Oar Securities
    William Vandyk                                               020 7448 4400

    About CEC Unet:
    CEC Unet Plc (AIM: CECU) is a Chinese mobile media and services company based out of Beijing. CEC Unet is focused on two related, but
separate areas in China's mobile industry: content and services, and distribution and payment.

    With our unique combination of assets, distribution network and highly experienced management we are in a position to capitalise on an
historic opportunity in China's mobile services industry.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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