RNA Holdings chairman Raymond Chan Fat-chu has side-stepped the question of whether Cheung Kong (Holdings) was pulling out of its planned investments in the gold-bullion trading group. Speculation on the future of the investments came after RNA and its two connected companies - parent Tem Fat Hing Fung and subsidiary Can Do Holdings - announced on Monday that the deadline of the transactions needed to be extended to September 17. Tem Fat said the deadline might need to be extended further but 'the relevant group/related companies of Cheung Kong . . . may or may not agree to extend the long-stop date'. The company also advised investors to be cautious when trading in the shares. Responding to a question about the deal yesterday, Mr Chan said: 'We will clarify things by September 17.' In a complex package of debt-to-asset swaps first announced in April, Cheung Kong agreed to acquire a property portfolio from Can Do for HK$234 million. In return, Can Do was to issue to Cheung Kong HK$171 million worth of preference shares of Tem Fat and RNA. Of these, 965.25 million Tem Fat preference shares would be issued for HK$100 million at 10.36 HK cents a share. The issue also would include 293.63 million RNA preference shares at 24.18 HK cents worth almost HK$71 million. Also, Can Do will issue 60 million new shares to Cheung Kong worth HK$15 million. If the above transactions materialise, Cheung Kong will hold 25.83 per cent of RNA, 25.31 per cent of Tem Fat and 16.58 per cent of Can Do. However since the deal was announced, all three companies have experienced sharp falls in their share prices. RNA's share price plunged from April's 20 HK cents to yesterday's 3.7 HK cents. Tem Fat fell from five HK cents to only one HK cent, while Can Do plummeted from a high of 25 HK cents to eight HK cents. Some analysts speculated the falls might make Cheung Kong rethink its April offer. They were also concerned the group's financial status would be negatively affected if the deal was terminated. Although RNA reported a 23 per cent profit growth to HK$25.45 million in the latest financial year, Tem Fat and Can Do recorded huge increases in losses. Tem Fat saw its losses grow 15-fold to HK$659.74 million in the year to April 30, while Can Do's loss surged 21-fold to HK$1.12 billion in the year to March 31. Moreover, the group has a debt problem. Tem Fat in June received a liquidation petition launched by Yu Ming Investments, demanding the company repay a debt of HK$357 million. But Mr Chan, whose family controls the group, dismissed the concerns saying recent expansion in China's gold-jewellery market was proof of the group's sound financial status. RNA has also been appointed a consultant for the development of Shenzhen's Gold and Jewellery Building, a project led by the Shenzhen Free Trade Zone government.