London Asia Capital Share Discussion Threads

[tokyojohn] 05/1/2010 05:35

Nice. I like how he couldn't resist this little dig at SL's dwindling rabble:

"In excess of 106 million Proxy Voles were received in favour of the three resolutions, while 17 million votes, substantially those of Simon Littlewood and his associates, were voted against."

Here's to a speedy restoration and revival later in the year!

[loverat] 05/1/2010 05:22

28 December, 2009
Dear Shareholder

At the General Meeting held on 18th December Shareholders approved the Report and Accounts of London Asia Capital plc for the year to 31st December 2007. Also approved were the new Articles of Association of the Company and the reappointment of Moore Stephens LLP as Auditors. No Poll was required but in excess of 106 million Proxy Voles were received in favour of the three resolutions, while 17 million votes, substantially those of Simon Littlewood and his associates, were voted against.

At the Meeting Mr Jack Wigglesworth stepped down as Chairman in favour of the Earl of Cromer and both Mr Wigglesworth and Mr George Allnutt resigned as Directors of London Asia Capital plc.

Your Directors would like to take this opportunity to wish all Shareholders a Happy New Year, a year in which we hope that value in the Company's shares will be restored to Shareholders.

Your sincerely

Keith Negal

Chief Executive

[loverat] 23/12/2009 18:43

Just thinking about events here. People might find this a rather strange anology but assuming I am not being premature, Keith Negal's arrival on the scene might be
compared to the arrival of Mary Poppins in this clip.

The beginning could perhaps be compared to the second half of 2008 when GA and JW (guess which characters they are) ask for a nanny to keep them in line and sort out the mess. Then on the midst appears KN who blows aways all the Littlewood stooge nannies applying for the position of CEO.

It's Christmas so enjoy....

[dougcsv] 23/12/2009 11:28

And to you G2.

[grahamite2] 23/12/2009 09:13

Merry Christmas dougcsv.

Merry Christmas Loverat.

[dougcsv] 23/12/2009 09:00

Loverat, You are too kind ! - I think ??

KN does seem to have the interests of the shareholders close to heart.

Have a great Christmas and a Happy New Year,

Cheers,

Doug.

[loverat] 22/12/2009 23:26

messer2008

dougcsv is a top man. Regarding LGB, in my view his efforts have not been appreciated by some. Not surprising I suppose when the recovery has been difficult and small in comparision.

As he says, LDC shareholders have hopefully fared alot better. This is no doubt due to the CEO Keith Negal who I feel has handled this whole matter very well. He has had to be tenacious but also pragmatic and the man has been a breath of fresh air in these markets which are so dominated by crooks, liars and thieves.

Let's hope the success continues. Credit where it is due - dougcsv has been a great man to have on board but he needs a rest. You just leave the COMG board to me.

You know it makes sense.


A very happy Christmas to all.

[dougcsv] 22/12/2009 20:30

messer2008, I have met with the Langbar crowd several times. I couldn't make it to the LDC meeting but have spoken with KN. Would really like to get down to see them sometime but finding the time is tricky (plus it's a long day for me doing a day return and if I can get the cheap rail fare!)

I think we are in a much better position with LDC than LGB - but both have had a stroke of luck which enabled them to continue trading. Otherwise it would have gone down the pan without a trace.

Here's to a rewarding 2010 - I think some of us really deserve it !

[messer2008] 22/12/2009 15:58

Didnt go. thank you for the thread to all of you and on COMG. I seem to remember a few langbar veterans, dougcsv didnt you meet their directors once or is my memory playing games, sorry if not. maybey you could meet the CoMG board too one day and ask them a few good questions, thats if any of us can find them.
Hope this one rises like the phoenix.

[stevenlondon3] 22/12/2009 12:55

Was anything meaningful said at the AGM? I hoped to go but was not able to do so in the end.

[dougcsv] 14/12/2009 17:27

No I think you'd need to call me Sir ;-)

[loverat] 14/12/2009 16:06

dougcsv

You know what - I really think that the likes of you and G2 are top blokes on here. You are both completely honest and both provide the balance necessary in these situations.

I know I have a strange sense of humour sometimes which can be misunderstood. But you two are up there for a possible mentioning in my Christmas Honours List.

By the way - can I call you Keith?

[dougcsv] 10/12/2009 20:12

LR, LOL. I did offer my services to help them out - I think they thought I was joking !! But they have made a few booboos which could easily (IMHO) been avoided.

[dougcsv] 10/12/2009 13:42

Got my copy of the 2007 annual report today.....Looks to be very interesting reading. GA and JW are to leave at the AGM.

[loverat] 09/12/2009 05:53

nickcduk

For me this situation mirrors many AIM companies. There is almost an acceptance
that because these are small companies where the potential rewards can be high, the management will always be crooked. AIM needs to be cleaned up and while it is early days, someone like Keith Negal seems to be leading the way.

What gets to me is not so much the dishonesty and deception of these people. No, it is the hypocracy. These people set themselves up into positions of responsibility and claimed they were whiter than white when they were no such thing.

For example George Allnutt was on the board of directors of a company set up to help investors who were victims of fraud. For various reasons that so called 'charity' never got off the ground and has recently been stuck off the Companies House register.



We then have the goings on at COMG - no update to shareholders - except a hastily created website update in July this year set up by Allnutt's friend Nigel Smith (the shareholders champion)

Domain name:
commoditygrowthplc.co.uk

Registrant:
Nigel Smith

Apparently, after selling most of the assets to Allnutt that company is bust and there is a proposal to strike off the Company House Register.

In 2003 - Allnutt joined the RSV Action group with his pal Nigel Smith - moaning in this article that the short selling of shares prevented his reverse takeover of the company. Many questions about the motives of those shareholders which I need not go into here.



Then LDC purchased a major stake in DRM - subsequently went bust but not before Allnutt spent his time ramping that stock. He was told by others on the thread that the company was in trouble but he continued his ramping...... a post below claiming that he had just bought one million shares. Presumably LDC shareholders funds were lost there too.

cougar6 - 31 Jan'08 - 13:42 - 3324 of 5321
Looks cheap to me, just bought one million

Then Allnutt shows what type of person he is and posts this amongst other stuff on the LGB thread in support of his friend, Nigel Smith who had just learned his numerous claims for defamation against 27 ADVFN posters had been thrown out by the judge. Originally Smith tried to sue up to 69 indiviuals many of whom were investors who lost vast sums in LGB - and incidentally were the sort of people the so called charity set up by Smith and Allnutt was designed to assist. That case is at appeal but 18 people who went through the ordeal of being sued have now had their claims dropped (presumably because the claimant now realises that they have no realistic prospect of success)

tenniselbow - 26 Jul'08 - 13:18 - 4270 of 4286
A bad day for British Law.

tenniselbow - 25 Jul'08 - 14:47 - 4085 of 4195
The case then goes on. courts are a waste of time

tenniselbow - 10 Jun'08 - 19:43 - 2803 of 4178
Good for Nigel. he has proved to be smarter than most, and if correct has £100k to prove it

And of course there is alot more that cannot be posted here. But if one reads back on here and elsewhere numerous posts over many years ramping LDC and COMG by Allnutt and also Smith under various user ID's will be found. As for Allnutt I doubt very much he will sue - especially after his friend's experience in court. But he continues to read these boards and I just wonder if he will show his face and apologise for his actions. Somehow, I doubt it.

But as you say, shareholders here will at least end up with something and look to the future.

[loverat] 08/12/2009 15:22

Doug

You be careful out there!

[dougcsv] 08/12/2009 12:01

LOL My system reports www.asiawatertech.com as having a trojan horse virus !!

and China New Energy - Chinese characters maybe ?

[dougcsv] 08/12/2009 11:12

Do we know who they sold these ( the holdings in) companies to ? - United Envirotech, Asia Water Technology and China New Energy ??

[damanko] 08/12/2009 10:51

CHAIRMAN'S STATEMENT




I am pleased to have the opportunity to present the unaudited condensed half yearly results of China Growth Opportunities Limited (the "Company") for the six month period ended 30 September 2009.




Key points

Return of Capital of 20 pence per Ordinary Share (equivalent to £10.0 million), comprising 18 pence per Ordinary Share on 15 July 2009 and 2 pence per Ordinary Share on 5 October 2009.

Net assets at 30 September 2009 of £14.4 million (30 September 2008: £47.2 million; 31 March 2009: £25.5million).

Net assets at 30 September 2009 of 28.8 pence per share (30 September 2008: 94.4 pence; 31 March 2009: 51.04 pence);

Loss for the period ended 30 September 2009 of £2.1 million, equal to a loss of 4.3 pence per share.

On 29 September 2009, notice was given to terminate the Asset Divestment Support Agreement with London Asia Capital (S) Pte Limited on 31 October 2009, and Rhys Davies and Brett Miller, who were Non-Executive Directors, became Executive Directors.

Dr Weiming Zhang appointed to the Board, as a Non-Executive Director, on 9 April 2009.

Resignation of Simon Littlewood as Executive Director on 19 October 2009.

Sale of holdings in United Envirotech, Asia Water Technology and China New Energy for a total of £4.4 million.




Results

During the six months ended 30 September 2009, the Company was successful in finding buyers for three of its investments, United Envirotech, Asia Water Technology and China New Energy (see below for details), and I believe the Company is on course to sell the remaining six investments in the portfolio by 30 September 2010.




The net assets of the Company at 30 September 2009 were £14.4 million a decrease of £11.1 million since 31 March 2009, largely attributable to the return of capital to shareholders of £9.0 million on 15 July 2009 (see below).




The Company suffered a net loss for the period of £2.1 million (4.3 pence per Ordinary Share) (30 September 2008:
£24.5 million, 31 March 2009: £46.1 million).




Share Price

The share price rose 72% from the 31 March 2009 price of 12.5 pence to 21.5 pence per Ordinary Share at
30 September 2009. The total return (including the 18.0 pence per share return of capital) was 216% for the period.




Return of Capital

At an Extraordinary General Meeting held on 6 July 2009 the shareholders approved a Return of Capital Scheme and amended the Articles to permit future returns of capital. The Board made an initial return of capital to shareholders of
18 pence per Ordinary Share (equivalent to £9.0 million) on 15 July 2009. A further return of capital of 2 pence per Ordinary Share (equivalent of £1.0 million) was made, after the period end, on 5 October 2009. At 30 September 2009 the Company's cash balance totalled £1.9 million.




Directorate Changes

Dr Weiming Zhang was appointed to the Board on 9 April 2009. On 29 September 2009, following notice of the termination of the Asset Divestment Agreement with London Asia Capital (S) Pte Limited (see below), Brett Miller and I ceased to be classed as Non-Executive Directors and were deemed to be Executive Directors of the Company. On 5 October 2009, Simon Littlewood resigned as an Executive Director.




Asset Divestment Support Agreement

On 29 September 2009 the Company gave notice to terminate the Asset Divestment Support Agreement with London Asia Capital (S) Pte Limited on 31 October 2009. There was no cost to the Company of the termination of the Asset Divestment Support Agreement. Following the termination of the Asset Divestment Support Agreement, the Board has continued to manage the sale of the Company's investments and the Company's investment activities are now fully self-managed, with all services previously provided under the Asset Divestment Support Agreement now being undertaken by the Executive Directors, being Brett Miller and I. This has reduced the investment consultancy costs to the Company significantly.




Change of Nominated Adviser and Nominated Broker

As part of the continuous endeavours of the Board to ensure that the Company receives excellent service as well as value for money from its advisers, on 6 November 2009, the Board terminated the Company's agreement with the Nominated Adviser and Nominated Broker, Collins Stewart Europe Limited, and appointed Singer Capital Markets Limited to undertake both roles.




Investments

During the period ended 30 September 2009, the Company sold its entire holding in United Envirotech, Asia Water Technology and China New Energy for a total of £4.4 million. This was £0.1 million above the 31 March 2009 "fair value" of these investments but realised a loss of £11.3 million.



The Company now has six remaining investments in its portfolio, valued at £12.0 million.



At 30 September 2009, the Company's main investment was a 14.64% holding, valued at £7.6 million, in China Metal Packaging Group Company Limited. China Metal Packaging is a market leader in its sector and represents a pure investment play on the trends of rising urbanization and domestic consumption growth in China. Brett Miller was appointed to the board of China Metal Packaging Group Company Limited as a non-executive director during the period.



We have valued your investments in China Metal Packaging Group Company Limited and Wan Wei Oil & Gas Technology Group at a 10% discount, in local currency, to their 31 March 2009 valuations.



This reflects our conservative assessment of the value at which your investments could have been exchanged between knowledgeable, willing parties in an arm's length transaction at the reporting date (so-called "fair value").



The valuation of China CDM Exchange Centre Limited rose by 78% in the period under review as we value it on an NAV basis, using a 50% discount to its AIM listed peer group of environmental investment companies. Therefore, while the peer group traded at a 29% discount to NAV on 30 September 2009, we valued China CDM Exchange Centre Limited at a 65% discount to its stated NAV at 30 June 2009.



Moreover, as the pound appreciated by 10.4% against the Renminbi during the period under review the overall investment loss in the period was £1,091,000.




Outlook

The Board is optimistic that it will achieve the targets outlined in the Investing Policy and maximise the return to shareholders by negotiating the best possible value for the sale of the remaining investments.




R Davies

8 December 2009

[loverat] 08/12/2009 06:07

nickcduk - 14 May'08 - 22:03 - 8689 of 9091

Unfortunately I was right about SL and the cronies at LDC. I had a conversation with SL in which what he told simply didn't make any sense with what was being reported. I spoke to JW and raised my concerns. He didn't have a clue what was going on and rang SL up for answers. SL told him he was off on holiday to Florida with his family.



nickcduk - I think you out of all shareholders had a good insight into what was going on as I think you spoke to most of the directors at some point. I remember coming across the above post.

I think JW was responsible through a complete lack of control but I guess with the structure and roles of the management and your observations above Littlewood was obviously a complete law on to himself and there was little scope for JW to exert any positive influence. Despite his failings I do not think he is a crook and reading the Annual Report nor does Keith Negal either

Personally I think Allnutt was responsible to a larger extent. I believe that JW was a passive participate in this - Allnutt was a more active one, albeit he was not aware of the extent of what SL was up to. On the board from the near outset and on the boards with Littlewood on a number of other companies I believe he would have been well aware of the culture of poor control, recklessness and greed which was typical of Littlewood and his cronies. O.K he may well have only been the non exec and as I say like JW was unaware of the specifics of what was happening. However, what concerns me is that he should have known that something was not right and acted accordingly.

The annual report states that he and JW became concerned in late 2006 about the stuff Littlewood was feeding them so in my mind he should have taken action. Instead through his BB postings ramping LDC and defending Littlewood for 5 years since his initial appointment, he gave this man credibility and effectively the green light to rip off the company.

Allnutt even posted this days before his appointment...


tenniselbow - 2 Apr'08 - 07:23 - 8630 of 9091

time to buy I think


Yes - it demonstrates his complete ignorance of what was happening. But it also shows his complete indifference, arrogance and failure to take his responsibilities seriously. In my view, through his actions and inactions he played a big part in this major deception of shareholders.