Exhibit 99.3
Asia Properties, Inc. (API)
Northbridge Communities Limited (NCL)
API and NCL Shares
14th August 2000
1) The shareholders of NCL have signed the Share Purchase and sale agreement
between API and NCL, dated February 4, 2000.
a) In this agreement, the shareholders agree to swap their shares as shown
in Schedule A, for 4,600,000 shares in API. (Article I, Section 1.1 (3))
b) The shares will be distributed in proportion to their respective
shareholding interests in NCL as per Schedule A. (Article I, Section 1.1
(3)).
2) The Share purchase and Sale agreement also shows at Schedule 1.1(2), the
NCL Adjusted Balance Sheet, with no debt to Asia Frontier Holdings (AFH).
This assumes that the debt to AFH as at 30th September 1999, has been
converted into equity, and Schedule A would accurately illustrate the
shareholding if it included the conversion, which it does not.
3) In addition to the above agreement, the shareholders of NCL have agreed
to the conversion of the AFH debt to equity, so that the shareholding
percentages are more accurately reflected in the attached spreadsheets.
4) Therefore, the 4.6 million API shares will be distributed so that
a) 36.55% of the shares will be given to AFH.
b) The other shareholders will receive a smaller number of shares, as a
result, but the Net Asset Value of the Company will be higher, due to the
reduction in debt.
5) The number of shares to be issued by API are correctly shown in the
column marked Planned Shares of API after debt Conversion and the NCL
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shareholders have agreed to this distribution.
Confirmed by the Board of Directors of Northbridge Communities Limited.
Dated:
/s/ Robert Brewitt
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Dr. Robert Brewitt
Director
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/s/ Vorasit Pokachaiyapat
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Mr. Vorasit Pokachaiyapat
Director
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<TABLE>
<CAPTION>
NORTHBRIDGE COMMUNITIES LIMITED
PLANNED
SHAREHOLDER SHARES OF SHARES OF
NCL SHARES OF API API DIFFERENCE
Assume no debt conversion After debt conversion
<S> <C> <C> <C> <C> <C> <C> <C>
N.B.C. HOLDINGS 2,040,000 51.00% 2,346,000 51.00% 1,734,000 37.70% (612,000)
MR. NIKHIL SRINIVASAN 800,000 20.00% 920,000 20.00% 680,000 14.78% (240,000)
ASIAN FRONTIER HOLDINGS 565,990 14.15% 650,889 14.15% 1,681,100 36.55% 1,030,212
SIAM INVESTMENT FUND 250,000 6.25% 287,500 6.25% 212,500 4.62% (75,000)
FINANSA INVESTMENT 175,204 4.38% 201,485 4.38% 148,920 3.24% (52,565)
ADVISOR LTD.
LOADHALL INVESTMENTS 144,796 3.62% 166,515 3.62% 123,080 2.68% (43,435)
A.V.V.
MR. JONATHAN COLBY 12,000 0.30% 13,800 0.30% 10,200 0.22% (3,600)
MR. RICHARD BOWERS 6,000 0.15% 6,900 0.15% 5,100 0.11% (1,800)
MR. RICHARD DAVIS 6,000 0.15% 6,900 0.15% 5,100 0.11% (1,800)
MISS ARAYA INTARAKLY 1 0.00% 1 0.00% 0 0.00% (1)
MR. VORASIT POKACHAIYAPAT 1 0.00% 1 0.00% 0 0.00% (1)
MRS. CHANPEN LAOHARAWEE 1 0.00% 1 0.00% 0 0.00% (1)
MISS SUJIN JUTTAWANICH 1 0.00% 1 0.00% 0 0.00% (1)
MISS YUPADEE 1 0.00% 1 0.00% 0 0.00% (1)
THEPRUENGCHAI
MISS RACHANEE 1 0.00% 1 0.00% 0 0.00% (1)
MAHATDEJKUL
MISS PRAPAIPIS PRADITVEKIN 1 0.00% 1 0.00% 0 0.00% (1)
MR. PICHAYAN TATANAPOL 1 0.00% 1 0.00% 0 0.00% (1)
MR. VORATORN POKACHAIYAPAT 1 0.00% 1 0.00% 0 0.00% (1)
MR. THANATHIP 1 0.00% 1 0.00% 0 0.00% (1)
VIDHAYASIRINUM
Total of API shares 4,600,000 4,600,000
distributed
TOTAL SHARES IN NCL 4,000,000 100.00% 100.00% 100.00%
</TABLE>
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