London Asia Capital Share Discussion Threads

[loverat] 14/7/2010 14:58

Hi Rat -

Probably best to have a brouse around the updates and reports on the webite if you have not done so already. Not sure about relisting - I think that is all a bit up in the air at present.

[tokyojohn] 14/7/2010 13:30

Isn't there some way of cancelling those shares? There should be.

[loverat] 14/7/2010 12:47

Yes - interestingly Littlewood (and his 'associates') were amongst the bottom fishers.


RNS Number:5446Q
London Asia Capital PLC
20 March 2008


20 March 2008

LONDON ASIA CAPITAL plc
("London Asia" or "the Company")

Shareholder notification

London Asia has been informed that Simon Littlewood, director of several
subsidiaries of the Company, and his associates have acquired 688,173 ordinary
shares in the Company at up to 5.25p per share to increase their stake to
10,432,786 ordinary shares in the Company, which represents approximately 3.20%
of the issued voting share capital.

For further information please visit www.londonasiacapital.com or contact:

[tokyojohn] 14/7/2010 12:40

"All" depends on your purchase price, of course, but I'd say 7 out of 10 that we'll get something. The chances of me getting ALL of the 16p per share that I paid are very slim, but given the scale of the mess left by Littlewood I'd be very happy to get half. Anyone who bought just before they were suspended could conceivably end up with a sudden multi-bagger if the NAV figures bear any relation to what comes out.

[loverat] 14/7/2010 11:39

Napoleon111 - 13 Jul'10 - 16:14 - 9173 of 9175

on a scale of 1 to 10 (1 being none and 10 being we'll get it all back) what are the odds of ever getting money out of this donkey?



I am hopeful shareholders will get something substantial back but too early to say how much, I guess.

The Langbar fraud was a case where it looks like a relatively small recovery was made for most but this was done by pursuing the fraudsters who stole the shareholders money through the courts. I believe they ended up forcing one of those responsible to sell some of his assets. I do not believe that company had any assets to speak of and it was a fraud from the very start.

In this case, IMO shareholders have got the best of both worlds. There are assets and Keith Negal has successfully pursued many of them. As an added bonus he has identified and pursued the offenders responsible for the mess they created. This must be particularly satisfying for shareholders.

It must also be remembered that KN defeated that bunch of opportunists (apparently backed by Littlewood)at the end of last year which in my opinion could have been detrimental for the prospects here had he not succesfully voted down their proposals. And add to that the achievements of publishing three sets of accounts.

It will be interesting if anything positive emerges from the Croatian scandal. Quite alot of money involved and I am amazed it never came to light years earlier. Hopefully, the authorities there, if they wish to move on from being a haven for organised crime and fraudaulent activity will be co-operating. I understand that the Croatian authorities have attempted a crackdown on its criminals and corruption in general in order to improve its tarnished image with the EU.

[mrwoo] 14/7/2010 00:24

I have now had 5 of these fat envelopes in the past fortnight (some handwritten, some not, at £1.04 postage each, plus the significant cost of the contents and the processing...) even tho my holdings are only in 2 nominee accounts (one TDW, one Hargreaves Lansdown SIPP). I certainly appreciate the communication, and the current management's wider efforts, but if my experience is anything to go by I hate to think what the annual report exercise is costing...

[napoleon111] 13/7/2010 16:14

on a scale of 1 to 10 (1 being none and 10 being we'll get it all back) what are the odds of ever getting money out of this donkey?

[loverat] 09/7/2010 05:23

And that is just part of it. I suspect that the UK authorities will find it difficult to ignore the complaints that have been made relating to their acts. A copy of this thread from start to finish has also been supplied with commentary on which former directors of LAC/COMG took part in 'share ramping' over the course of many years.

The poster names which are likely to belong to former directors are:

'painting'
'cougar6'
'tennis elbow'
'My Way'
'A0456717'

And possibly more besides.

[loverat] 09/7/2010 04:59

Well, I suspect that Littlewood and 'Josee Lai' are in a lot of trouble and may be facing quite a lot of time in the Courts during 2010.

Litigation:

1. London Asia Capital plc

London Asia Capital plc is pursuing an action against a former director of this company, Mr Simon Littlewood, and his wife, Josee Lai, in
the courts of Hong Kong. The claim arises from the share swaps in 2007. In those share swaps London Asia Capital Land Limited was issued
with 21,505,376 ordinary shares of London Asia Capital plc at 12p each, in return for a 60% shareholding in London Asia Capital Land Limited. Simon Littlewood and Josee Lai failed to arrange the issue of that 60% shareholding
as consideration, and failed to pay London Asia Capital Land Limited the premium of approximately £3,870,471 which is claimed.A writ has been filed at the court and was issued and served on 22 June 2010.

[hindsight] 08/7/2010 22:11

Fraud in China carries the death sentance in some cases. I would be amazed if Littlewood hasnt fled to somewhere like the UK where its a pathetic slap on the wrist.

[irenekent] 04/7/2010 10:02

I would like to add my best wishes to Keith Negal and his family. He has done a fantastic job of unravelling the structure of deceipt and fraud created by Littlewood and his merry men. It would be a fitting reward to see Littlewood convicted and hopefully jailed. If Keith can write the book all to the good - maybe the FT would serialise it as a warning to those that think investing in China is easy! Mr. Bolton are you listening?

[loverat] 03/7/2010 22:09

Keith Negal has done a fine job and shareholders have every reason to be proud to have such a person representing their interests. He has dug up loads of stuff and realised some value for shareholders.

I remember congratulating David Buchler for the job he did at Langbar but this has surpassed that achievement by far. Keith has gone that extra mile to nail those offenders responsible for this mess. And he and his team have managed to publish the accounts.

My sincere thanks and best wishes to Keith and his family.

If Allnutt did one thing right, it was getting a professional in to sort out the mess.

[topvest] 03/7/2010 16:54

Agreed - they have done a good job. Very sad news on Keith Negal also. Best wishes to him and his family.

Looks like the flagged deal and listing is all off. No idea how we are going to see value; underlines the risks of investing in the Far East I suppose!

[tokyojohn] 03/7/2010 12:05

2009 Annual Report out. Very impressed by the work they've done, but there seems no end in sight to the detective work. NAV per share quoted at 8p (up from 5.8p in 2008) and there seems plenty of potential upside on that score, but how on earth shareholders are going to get the money remains as clear as mud.

[topvest] 19/6/2010 20:32

Results over a month late from the already delayed date. A bit of a habit of over-promising and under-delivery developing here!

[loverat] 18/5/2010 19:23

Yeah, no doubt someone playing hardball.

Anyway - the odds of a reasonable recovery for shareholders still look good IMO. Keep the pressure up by all means but just remember the directors before Negal who were providing information via ADVFN bulletin boards, rather than RNS.

[curt3] 18/5/2010 19:12

eager to hear if meeting scheduled for today produced anything positive ?? I understand that the proposal with Kaidi was looking a bit rocky !!

[tokyojohn] 12/5/2010 14:17

Interim Management Statement on website today

12 May, 2010
Dear Shareholder

The draft accounts to 31st December, 2009 have been sent to the Auditors and are expected to be available for approval by the Directors towards the end of May.

In recent weeks the talks with Kaidi Electric have not progressed as fast as expected and the time is fast approaching when your Directors will need to consider other options for taking London Asia Capital forward. At this stage every effort is being put into concluding a deal with Mr. Chen. A meeting has been arranged in London on Tuesday 18th May when it is hope to reach a satisfactory conclusion. Shareholders will be kept informed.

[irenekent] 29/4/2010 12:11

I've written these off completely - I'll be amazed if we see anything at the end of the day.

[topvest] 26/4/2010 11:10

Hmmm - doesn't bode well does it. Thanks for the update.
It was predictable from the last announcement where they talked about slow progress and were nowhere near as positive as before. June / july for any news then, based on their timetables (i.e. take any targeted date and add on a couple of months!!). I'm going to write-down the carrying value again in my portfolio, as 5p now looks a long way off!

[stevenlondon3] 26/4/2010 10:38

The 2009 Accounts are now not likely to be published until the second half of May. The discussions with the Kaidi group are not going well. I am afraid it is not particularly encouraging news.

[loverat] 21/4/2010 18:35

Apologies - double post.