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Published on Thursday, 6 December 2007

Director Appointment/Resignation

Director Appointment/Resignation

A.C.N. 063 656 333
A.B.N. 64 063 656 333

6 December 2007

Company Announcements Office
ASX Limited
Exchange Plaza
2 The Esplanade

Dear Sirs


The Company wishes to advise that Mr Simon Lee AO, who was Chairman of the Company since its listing in 1995, has resigned from the Board of VII. The VII Board wishes to acknowledge the significant contribution Mr Lee has provided the Company over the years, both at the corporate governance level in VII and at the operating level of the subsidiaries in Vietnam.

Mr Alex Hambly, Board member of Prudential Vietnam Fund Management Company, appointed as a director of the Company on 13 November 2007, will become Non-Executive Chairman of the Company effective immediately and Mr Craig Martin, Investment Director of Prudential Vietnam Fund Management Company and director of Corbyns International Limited, will act as alternate director for Mr Hambly.

Mr Roger Kwok has been appointed as a Non-Executive Director of the Company. Mr Kwok is the Managing Director of Arcadia Group in Perth which specialises in designing, developing and managing retirement resorts and premium properties. He is a past president of the Western Australian Chinese Chamber of Commerce and brings significant experience in business relations in international markets, particularly in China, which currently contributes approximately 60% of raw materials supplied to VII’s rolling mills.

Mr Mark Clements, formerly Executive Director of the Company, has become a Non-Executive Director and will continue as Company Secretary.

VII’s 75% shareholder, Corbyns International Limited has commenced its review of VII’s operations. Shareholders will be advised how Corbyns intends to meet VII’s and its subsidiaries financial
obligations shortly.

Yours faithfully



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