A mysterious buyer is offering minority shareholders in long-suspended Mandarin Resources Corp, the company controlled by legislator Chim Pui-chung, $5 a share for any amount of shares they hold. While Mr Chim has called an extraordinary meeting of the company's shareholders to be held on July 29, a company called Traskey Ltd has sent letters to minority shareholders who command reasonable chunks of the shares. The letter, dated July 3, said Traskey would buy Mandarin Resources shares at $5 from anyone wanting to sell. No address was given on the letter - just a mobile phone contact number. Some minority shareholders have confirmed that Traskey followed these letters up with telephone calls. A Mr Ip, an employee of Traskey, responded to calls from minority shareholders. He refused to divulge the identity of the buyer, saying that he was acting as the middleman for some mainland Chinese investors interested in Mandarin shares. Mr Ip urged minority shareholders to sell soon, preferably in the first two days of this week. 'The buyer wants the transaction to be completed as quickly as possible,' Mr Ip said. He said $5 was an attractive offer, given that the share price was about 6.5 cents at the time of suspension in 1986. 'Taking into account that there was a share consolidation of 20 shares to one, the price was around $1.20,' Mr Ip said. 'So $5 is very attractive.' Mandarin's book value was recorded at $7.337 per share in its 1995 results. Records show that the last trading price was 8.5 cents. Companies Registry records revealed that Traskey was incorporated in July, 1990. With only two shareholders, the company has a residential unit in Whampoa Garden, Hunghom. This unit is the home address of one of Traskey's directors, and is the firm's registered office. There were two directors in July, 1995, - Ip Kai-cheong and Lai Wai-ling. Some minority shareholders are reluctant to sell. One said: 'I have no clue who is buying the shares but since the company has been suspended for so long, I may as well wait to see what will happen.' Some shareholders do not seem to be aware of the tug of war being engaged between the company and the Securities and Futures Commission (SFC). The SFC filed a petition with the High Court to wind up Mandarin Resources on June 25, alleging that minority shareholders' interests had been prejudiced. Mr Chim then called for an extraordinary general meeting to consider 'various relieves [sic] claimed by the SFC against the company in the petition and other related matters'. Mr Chim hit back with a libel suit against four SFC staff including chairman Anthony Neoh.