The long-running Mandarin Resources Corp saga entered a new chapter yesterday with a mystery buyer withdrawing an offer to minority shareholders and the firm's provisional liquidator adjourning an extraordinary general meeting. The Securities and Futures Commission (SFC) announced that the Traskey company and Ip Kai-cheong, who offered minority shareholders $5 a share in recent weeks, had withdrawn the offer. They had given a written undertaking to the SFC that they would not make any further offer for shares without giving the SFC advance notice of the offer's intended terms. They would also not exercise any voting rights which could attach to shares that had already been acquired as a result of the original offer. It is believed that the withdrawal relates to certain legal implications of making such an offer while the company is the subject of a wind-up petition. The newly appointed provisional liquidators have sprung into action, adjourning the extraordinary general meeting requisitioned by controlling shareholder Chim Pui-chung, which was to be held on July 29. The provisional liquidators told shareholders in a letter they were of the opinion that shareholders had not been properly informed by directors of the company. The lack of information would hamper the ability of shareholders to consider 'in an informed way the resolutions set out in the circular of the company dated July 12, 1996'. The liquidators said they were considering what information and advice needed to be obtained and provided to shareholders. The SFC said earlier that Mandarin had refused to summarise the 202-page wind-up petition for minority shareholders. The shareholders were asked to pay $3 to have each page of the petition copied. The extraordinary meeting was called in response to the petition filed by the SFC on June 25. The two provisional liquidators, John Lees and Desmond Chiong from Ferrier, Hodgson and Marfan, were appointed on Wednesday after an SFC application. The appointment of the liquidators is an interim measure, and its continued appointment will be subject to a court hearing on July 29. A furious Chim criticised the meeting's adjournment yesterday, and said his lawyer would raise an objection against the appointment of the liquidators on Monday. 'The SFC has to explain why it will not let minority shareholders express their opinion,' Chim said. If Chim fails to convince the court that the appointment of provisional liquidators is unnecessary, they will manage the company until August 7. John Lees said: 'During this period, I will establish the position of the company, and control its assets, basically maintaining the status quo.' One of Chim's close associates, Nelson Chan Kai-fung, who was a director of Lucky Man, was charged yesterday in the Eastern Magistracy with one count of conspiracy to defraud.