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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Arko Hldgs | LSE:AKO | London | Ordinary Share | GB0003754743 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.425 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9431M Arko Energy Holdings PLC 30 June 2003 Arko Energy Holdings plc (the "Company") CLARIFICATION PRESS RELEASE YEAR RESULTS 2002 The board of directors of the Company (the "Board") refers to the Company's announcement of 2002 annual results dated 26 June 2003 and wish to clarify the following content appeared in the Announcement. Reference is made to page 36 and 73 under Note 12 "Tangible Fixed Assets" regarding to the pledge of plant and machinery and other equipment with a carrying value of #11,063,812 to secure bank loan of Changzhou Power Development Company Limited ("CZPD"), an indirect subsidiary of the Company, amounting to #1,309,317. In view of the limited accounting records left behind by China Chang Jiang Energy Corporation ("CCJEC") as mentioned in the acquisition document, a more detail explanation on above note will give a better understanding of issue to the readers. In late 90s', China Chang Jiang Energy Corporation ("CCJEC") seized the control and operation of CZPD. China International Economic and Trade Arbitration Commission finally judged that the action of CCJEC was illegal. During the period of illegal control of CZDP by CCJEC, it made use of deceptive or false documents to obtain loan financing from a local bank amounting to RMB16,000,000. However, the loan amount was subsequently transferred to CCJEC instead of financing the operation of GZDP. As CCJEC retained all the accounting records after it ceased the illegal control of CZDP, the recording of bank loan balance of RMB15,810,000 in the financial statements was only based on the limited available information. As per the latest investigation result, both the pledge of assets and bank loan are invalid. CZDP is now taking all necessary legal actions to recover all previous payment in relation to the bank loan. The above does not affect reported result. We apologize for any confusion or inconvenience. By Order of the Board CHUNG Pan Hong, Terence Company Secretary This information is provided by RNS The company news service from the London Stock Exchange END MSCKGGFVMGLGFZM
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