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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Establishment Investment Trust Plc | ETC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 103.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 103.50 | 103.50 |
| Top Posts |
|---|
Posted at 07/7/2011 00:00 by holidayhome Attached press report that ETC is still trading 'uninterrupted'. Seems the future of the CEO and I fear of ETC being assumed by the state may well be decided by the Chinese authorities. Still a wait and see at the highest levels. 'Matthew Ng set for trial after China spurns Julia Gillard appeal' Michael Sainsbury, China correspondent From: The Australian May 06, 2011 7:36PM CHINA Communist Party leaders have spurned a personal appeal by Julia Gillard on behalf of detained Australian businessman Matthew Ng and will send him to trail for embezzlement. The decision which has shocked his family appears to indicate that six months of talks between the shareholders of Mr Ng's company Et-China and Guangzhou authorities have failed to reach a positive conclusion. The Australian government would not confirm the news but The Australian has learned that Chinese police referred Mr Ng's case to prosecutors today after what they describe as an "investigation." No date has been set for the trial. "We remain in close contact with Mr Ng's family and legal representatives. We are not in a position to comment any further at this stage," a Foreign Affairs Department spokesperson said. It now appears unlikely that Mr Ng who is a major shareholder and chief executive of Et-China will avoid a jail sentence, as most cases referred to prosecutors in China result in a conviction. The Prime Minister raised Mr Ng's case along with that of jailed Rio Tinto executive Stern Hu with Chinese Premier Wen Jiabao when she made her first visit to China as Australia's leader two weeks ago. In the past, the Chinese have used such visits to release or shorten sentences of foreign nationals in Chinese custody, but seem to have dropped the practice in recent years. Mr Ng, a Guangzhou native and Australian citizen, was detained by the Guangzhou Public Security Bureau last November after a the failure to reach a resolution in a dispute between Et-China which is listed on London's AIM stock exchange and state-owned Lignan Group over assets that Et bought in 2006 and 2007. The Australian understands that Mr Ng's lawyer and his wife Niki Chow who has remained in Guangzhou with the couple's two children were hoping that he would be released to a lighter form of detention, such as house arrest, rather than sent to trial. In June 2006, Et-China paid 36.33m yuan ($4.85m) for 28.57 per cent of Guangzhou Travel, a major division of the state-owned Lingnan Group, the province's largest travel group, which had been turned into a profitable business by leading Party cadre and Lignan's internal Party Secretary Zheng Hong. In August 2007, Lingnan's Labour Union Committee and some other individual shareholders sold another 24.09 per cent for 25.1 million yuan, handing Et-China control. Mr Zheng and other executives also sold shares to Et-China. In July last year, Et-China's biggest shareholder, Switzerland's Kuoni Group, made a cash offer to buy all outstanding shares in the company and valuing it at £52 million. An extraordinary general meeting on July 15 passed the deal. As a result, Et-China had paid less than $10m for a company that accounted for 97 per cent of the sales of a group that was valued at $86m last July. But Lingnan had sent a letter to Kuoni on July 5, claiming control of GZL's assets by Et-China was illegal, despite not challenging the original deal. Mr Zheng was detained under special Party rules in September and Mr Ng was detained in November, as Lingnan attempted to halt the deal and get back its assets. Et-China was suspended from the AIM stock exchange. At the end of March, police requested a further two months for their investigation of Mr Ng, but it is believed that talks between Lingnan and Et-China shareholders, led by acting chief executive and board member Peter Rose did not come to a resolution that would lead to Mr Ng's release. Et-China's business which sends more than one million Chinese overseas to dozens of countries - including Australia - continues to run uninterrupted. The Guangzhou Procuratorate could not be reached for comment. |
Posted at 31/12/2010 11:04 by davydoo Well it means as an unlisted security its going to be very difficult to trade, especially when you consider the reasons the listing has been cancelled. In 08/09 a lot of AIM stocks delisted and some did so with a clear route out for small shareholders. I was in one called Axis Intermodal, they announced what they were planning, so i just sold out before they delisted (price had fallen though) It will depend whether ETC maintain a shareholder register and are willing to match buyers with sellers. Although I cant imagine any buyer is going to pay a lot though knowing the situation the seller is in. Also as the company wasnt profitable or paying a dividend, maybe there is less incentive to buy back their own shares. Good Luck. This experience has taught me a very valuable lesson in when to sell in bid sitations. |
Posted at 31/12/2010 10:48 by sea and sky Anybody know what this means for beleaguered shareholders? I have not experienced this before... |
Posted at 21/12/2010 09:25 by sea and sky oh dear... these will obviously plummet the day they become active again.... win some lose some |
Posted at 22/11/2010 13:05 by davydoo blimey. Wonder what Kuoni make of it though. YNG, AMEI and now ETC time to look for some private prison operators ro invest in Mattjos? |
Posted at 22/9/2010 13:53 by sea and sky I called Seymour Pierce the other day and left a message about lack of info but this is out today:who knows what the heck is going on... maybe they can't find one of the main ETC shareholders... |
Posted at 18/7/2010 00:47 by mattjos BEIJING - The number of China's outbound travelers is expected to reach 52 million this year, up 7 percent year-on-year, the China National Tourism Administration (CNTA) forecast in a report issued on Friday.From January to May this year, China's outbound travel tourists totaled 26.8 million, up 19 percent over the same period last year, according to the report posted on the CNTA's website. The report attributed the outbound tourism boost to stable development of China's economy and the appreciation of the yuan against the US dollar. Further, the number of domestic tours throughout the year in China is likely to reach 2.15 billion, up 13 percent year-on-year, the CNTA added. Did Kuoni get a brilliant deal here or what? A nice quick return on my investment but i so much wanted to remain invested in ETC for the years to come. |
Posted at 02/6/2010 21:22 by mattjos parrot & sick i think for some Davy but the announcement says it all. Well doen to us and any others here before todayETC has been grossly undervalued by AIM for so long .. the potential is huge and Kuoni clearly see that potential. ETC's figures came in pretty much where i'd forecast and show the business is on the cusp of great things, Unsuprisingly the CEO was a little guarded in his emails to me. Kuoni must be delighted with the forced sell in December that they seized upon & put them in this position .... can't see any counter offers coming in unfortunately as Kuoni have such a large shareholding already. Looks like Job Done & i think Kuoni have picked up an absolute bargain at the price. One more Chinese Aim stock departs the myopic & xenophobic uk investor base .. our choices get fewer and fewer every month virtually |
Posted at 29/4/2010 18:30 by glasshalfull Wish you luck with this Mattjos.I posted my concerns way back - if you trawl back through the thread - and a cursory scan indicates that my views (unfortunately) had foundation. I'm with GI and explorer on ETC. Always tipped to produce fantastic growth and profits but never reaching the mark. A £600k provision for fraud. The text indicates poor financial controls and that would be enough to have me scurrying for the exit. On the plus side gross margins improving and as GI pointed out, the on-line growth looks good. However, I will never be a buyer of ETC now and have removed it from my watchlist. Hope I'm proven wrong and you make a packet. Regards, GHF |
Posted at 11/3/2010 20:42 by mattjos Davydoo .. yes, i saw this. however, the move was signalled last year when, at the EGM, the articles were changed:Notice of Extraordinary General Meeting NOTICE is hereby given pursuant to the articles of association of Et-china.com International Holdings Limited (the "Company") that an Extraordinary General Meeting of the Company will take place at Level 14, Jianhe Centre, 111 Tiyunxi Road Guangzhou, China on 1TH July 2009 at 4 p.m. (Beijing), or at any adjournment thereof, for the purpose of considering and, if thought fit, passing the following resolutions: SPECIAL BUSINESS Special Resolution 1. In Article 171.1, the share control limits will be amended so that references to 30% shall be replaced with 33%. 2. In the part of the Articles of Association relating to the Appointment, Retirement and Removal of Directors, a new article shall be inserted permitting any shareholder of the Company to appoint, remove and replace one Director for so long as they hold 25% or more of the issued share capital of the Company and two Directors for so long as they hold 30% or more of the issued share capital of the Company. This facilitated the exit of GSpan's holding and explains the selling pressure on the stock over the last 9 months whilst Kuoni have taken it on ... it culminated in the final volume sell-off in December, suggesting GSpan wanted out by the year-end & Kuoni took on the balance that had not been traded in the market by that time - simply because it's a low volume stock & they probabkly did not want to drive it too far down (maybe debt conditions are linked to share price in some way, for instance) . Looks like the average was at about 30p for the change of hands over the whole timeframe ... GSpan could not get as much as it wanted for all the shares & ran out of time. The mm's facilitated the final sellout at an agreed price & took a lot of PI's out in the process asd they did not iunderstand what was happening. kuoni has been mopping up the tail since December with the odd large buy and taken the share price back up in the process to where we are now. However, since GSpan indicated they wanted out, Kuoni wanted in & the articles were changed etc ... it's my belief that the market for ETC in China, MAY have improved as the recovery from the recession takes hold. IF that is the case then there may be a pleasant surprise coming in the form of the next t/u and/or results. So, that is why i have taken a small position in this stock .... solely on the basis that they may have turned the corner and if so, the recovery in the share price from this artificial low may be swiftly upwards OR, it could be straight back down the snake to 25 ... hence a speculation only at this stage & not one i would recommend to anybody else. Today's RNS does not mean that Kuoni 'know' anything more than we do ... it probably just means they were the only willing buyer around (given world events at that time last year) that ETC was happy to have on-board for GSpan's holding. Time & news only here will prove if i am right or terribly wrong :-) With the seller now gone, the stock is free to trade under normal buying/selling pressures of the market, imo. THAT IS NOT TO SAY THAT IT NOW MEANS IT IS A BUY Thus far ETC has gone for volume at the expense of profit in their business ... my investment here is highly speculative at this stage but i believe the share price should be nearer 35-37 on the information available to the market .. i.e where it was before GSpan decided to become a seller last May/June & which prompted the change in the articles to enable Kuoni to become a buyer to over 30% and not be obliged to bid for the whole company. however in that timeframe, the Chinese economy has turned |
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