Naibu Global Share Discussion Threads

[topvest] 01/3/2015 20:36

Well at least the CEO is getting what he deserves, if this is true. I do agree that it's absolutely criminal that this has not been disclosed.

[envirovision] 25/2/2015 10:19

I wonder how they managed to appoint a new broker, the new broker would have been unable to contact the Chairman or FD.

[loverat] 21/2/2015 12:45

From one of the biggest previous AIM frauds.

Seems to be history repeating?



From late 2006 George Allnutt and I found ourselves
increasingly dissatisfied with the information with
which we were being provided on the activities of the
subsidiaries and performance of the investments of
London Asia Capital Plc. It was with great reluctance
that we found ourselves obliged to ask for the shares
in your company to be suspended in June of last
year. When we attempted to call an EGM of our
main operating subsidiary in Hong Kong our efforts
were frustrated. Then, we discovered that four
companies created in Hong Kong and Singapore
for the purposes of acquisition were, in fact, almost
valueless and some of the 98 million shares in
London Asia Capital plc with a value of some £10m
issued to these worthless companies were being
used to call an EGM to remove myself and George
Allnutt, the remaining Directors of London Asia
Capital Plc, from the Board.

Jack Wigglesworth
Chairman
19 November 2009

[topvest] 20/2/2015 18:35

Same partner I believe as well. He must be getting a bit worried!

[rogash] 20/2/2015 06:25

See the auditors(how do they get away with it) are also auditors to Camkids. Anybody know where else they are auditors to aim or lse listed co.s?

[trentendboy] 19/2/2015 18:01

Simply astonishing.

AIM is simply very high risk. How could this have been allowed.

Camkids next

[trentendboy] 19/2/2015 18:01

Simply astonishing.

AIM is simply very high risk. How could this have been allowed.

Camkids next

[targatarga] 19/2/2015 16:16

Perhaps the aim regulators need to apply for a gaming licence.... I feel as if i've been slotted!

[jamtin] 19/2/2015 16:03

I wonder how many small retail investors like me bought in off the back of Simon Thompson's persistent IC recommendations. Thankfully I thought it smelt a bit fishy so only put in a small amount, and had the discipline to sell immediately following the removal of the dividend at about a 35% loss. Lesson learnt (about Chinese AIM stocks and doing more of my own research rather than trusting ST).

[soul limbo] 18/2/2015 21:43

February 18, 2015 6:30 pm
Sports shoe maker loses track of bosses
Miles Johnson and Harriet Agnew

Directors of London-quoted Chinese sports shoe maker Naibu have been forced to admit that they have lost all contact with the company’s chairman and senior executive, in the latest controversy to hit Aim.

Naibu, which once said it was China’s 10th largest sportswear brand, listed four years ago on Aim — the London Stock Exchange’s market for fast-growing but often high-risk companies, which was once labelled “a casino” by US regulators.

On Wednesday, Naibu’s UK-based non-executive directors said they had received no responses to their enquiries from Lin Huoyan, Naibu’s chairman and co-founder, and its executive director Lin Congdeng — and, as a result, could not assess the company’s financial performance.

Naibu shares were suspended from trading on Aim in early January with no explanation. The shares had collapsed from a listing price of 124p to a last close of 11.5p — or a 90 per cent drop.

“I have never seen an announcement like this before and it’s very alarming,” said Paul Cornelius, director of Walbrook Investor Relations, which works with 55 Aim companies. “This is detrimental to the reputation of Aim and may put off investors.”

A spokesman for the London Stock Exchange declined to comment.

In October, the company was forced to restate details from its accounts due to “typographical error”. Naibu said that the figure of Rmb2.6m (£269,000) given in its 2013 annual report for the cost of office decoration and machinery for the Quangang factory during the year should have been Rmb26m (£2.69m).

Two of Naibu’s top three shareholders at the time of its April 2012 Aim debut, which raised £6m and at the time gave it a market value of £88m, have steadily sold off all of their stock in the company over the last two years.

At the time of the listing, just over 50 per cent of the shares were held by Lin Huoyan through a British Virgin Islands’ registered company called Central Win Global Investment, according to its listing documents.

Another 26 per cent were held by a company named Allied Property Capital, owned by Waiman Chau, and a further 9.23 per cent by Easy Capital International, owned by Man Yung Sze.

In September 2013, Allied Property Capital sold down its entire 20.4 per cent stake, and in January last year Easy Capital also offloaded its holding in the company.

Up until December, Daniel Stewart had served as Naibu’s nominated adviser but had to relinquish its licence late last year. On Wednesday, the firm declined to comment.

Naibu’s 2013 annual report was signed off by a UK auditor, Crowe Clark Whitehill, which was unavailable to comment.

In 2007 Roel Campos, then one of five commissioners at the US market regulator, described London’s Aim market as a “casino”, before later clarifying his statement by saying he intended only to mean loose regulation in any market could lead to stock exchanges becoming casinos.

On Tuesday, Kazakhstan-focused copper production, exploration and development company Frontier Mining said it was seeking shareholder approval to cancel the trading of its shares on Aim.

[luckymouse] 18/2/2015 21:28

Ive heard some of those NOMAD, Broker individual names before - some associated with other foreign aim stocks that had some sort of shorting/accounting trouble

At best: Ive come to the conclusion generally that NOMADs, bkrs arent 'advisors' or there to 'protect' anyone or display any 'ethics' - its simply a role to generate banking fees for themselves - nothing else - the more fees the better - that's it

At worst: there are potentially some pump n dump groups embedded in the city - probably with 'mates' on the outside sitting in the surrey hills - they choose a high risk foreign aim stock that's super keen to ramp up - give it a stupid high target rating - pump it up to the top - then bang - in come the short brigade - could be coincidence of course

[topvest] 18/2/2015 20:44

First Naibu next Camkids in my view.

[effortless cool] 18/2/2015 14:13

zangdook,

I want to name and shame the non-execs who have been on the board since the start, who have reviewed and signed off the accounts at successive audit committees and board meetings, and who were supposed to protect shareholders from executive malfeasance.

I don't think they deserve any credit for putting up the "closed" sign on their way out, after sitting around like the three wise monkeys whilst the premises were being robbed (and collecting sizeable fees in the process).

[the stigologist] 18/2/2015 13:21

Daniel Stewart & Company plc
(Nominated Adviser & Broker)
Paul Shackleton/Jamie Barklem/ Martin Lampshire
Tel: [phone]

First City Tavistock
(Public Relations Adviser)
Allan Piper/ Lei Jiang Tel: [phone]
Simon Hudson/ Kelsey Traynor Tel: [phone]

[the stigologist] 18/2/2015 13:19

NOMAD ? Broker ? PR ? Lawyers ?

[zangdook] 18/2/2015 13:07

EC
You want to name and shame the non-execs who had the share suspended?

[effortless cool] 18/2/2015 13:02

It's worth a bit of naming and shaming here.

Auditors: Crowe, Clark, Whitehill (who ironically just today got a clean review of their audits from the FRC)

Non-Executive Deputy Chairman: Giles Elliott

Non-Executive Director: David Thomas

Non-Executive Director: Stephen Cheung

All red flag names for the future, in my view.

[still waiting] 18/2/2015 10:48

How do the auditors get away with this stuff?

[soul limbo] 18/2/2015 10:03

"if the boot is on the other foot"

hopefully not a naibu boot