London Asia Capital Share Discussion Threads

[vish65] 21/7/2010 20:48

Yes its better than nothing. But with the Zhongying issue it seems to depend on Kaidi playing ball or should i say playing 'fair ball' They've been unwilling to provide info or appoint LAC directors and the comment as below

"the LAC investment in ZY may be nullified under China Ruling".

say the Kaidi relationship is failing so not sure we should hope for as much as potentially indicated.

China a big no for me now

[loverat] 21/7/2010 20:44

Tell you something that happened today and a true story.

I was on a training course and as part of the introductions all delegates were asked a question to answer as follows:

Which three people living or not would you invite to dinner?

I had three in my mind but only gave the trainer two:

Freddie Mercury
Winston Churchill

You know what - the third was Keith Negal but I thought I would not mention him as other folks on the course probably had no idea who he was and it would take the whole of the morning explaining to other delegates what he has done for shareholders here.

And that is the god's honest truth.

And Mr Negal is more than welcome to come for dinner.

[phbatbjco] 21/7/2010 19:30

Cash - certain
Quoted - certain but variable
Unquoted - uncertain and variable
liabilities - uncertain.

All in all a positive value but highly volatile and variable.

How are they going to realise shareholder value?

Sales of assets and wind up, distribute cash - probably,

Relisting - unprobable due to the history I suspect - unable to get authorisation.

Anyway better than I thought - had written these off in my portfolio.

Next question - who is loverat? KN in disguise?

[unionhall] 21/7/2010 15:45

10p seems to be the minimum - a long way up from the Zero I expected a year or more ago...

[crockanure8] 21/7/2010 14:57

Just read the update and seems reasonable.
I have also sent an e-mail to LAC thanking them for all the hard work and wishing Keith well. E-mails from all shareholders like wise would show
how grateful we all are.

Crock

[tokyojohn] 21/7/2010 13:18

New letter to shareholders posted on website:


NAV/share estimates ranging from 10p to 21p, though all seem dependent to a greater or lesser extent on not being screwed over the Zhongying issue, which might be regarded as optimistic.

[loverat] 19/7/2010 21:20

Well, I suppose being exposed as an individual who serial ramped this stock whilst a director is the last thing on his mind.

He has more pressing matters to deal with.

Mr and Mrs Littlewood are up before the judge soon.

And him and the other offenders will be pursued until they are brought to book.

[loverat] 18/7/2010 17:28

So, would our resident expert in all matters relating to LAC care to explain these anomolies? He posted on here since 2002 and disappeared in early 2008 to pursue 'other opportunities in the market'

I give you 'painting'

Your chance to finally explain yourself.

[loverat] 18/7/2010 12:26

If this was the case, I could have told the idiot not to loan money to a bunch of crooks.

Still, let us await the results of further investigations

[loverat] 18/7/2010 12:23

Croatian money.

$5 million is alot of money to be written off.

Amazing that the disappearance of this amount of money went unnoticed until KN examined the transactions.

So where is the money?

Was Simon Littlewood conned out of the money and kept it quiet, so people would not realise he was such a fool?

[loverat] 18/7/2010 12:08

As I said before - this is an incredible story from start to finish. How many recovery specialists have taken over poorly run AIM companies and been successful?

I mentioned Langbar before but to be fair, David Buchler was not wholly successful in his work. Talk now of one group of shareholders recovering nearly all and others loyal to him around only 10%. Not confirmed of course but those are the murmourings.

As for this company, I think this is a model and an example as to what can be done if you are determined. Unusual I know. But the management here have supported their shareholders - now it is time for shareholders to support their management more in apprehending the offenders.

Who knows - if everyone pulls together we might see a sizeable return and criminal prosecutions as well. Now - how satisfying would that be and a tribute to the work carried out by Keith Negal and his fellow directors?

[loverat] 16/7/2010 18:22

Irenekent

There is no doubt that both SL and VN will not be quite so bold in the future. In fact, I would not be at all surprised if they are firmly under their rocks, afraid to come out as per usual.

So be it, shareholders and the new directors will pursue Littlewood and other offenders until justice is served.

[irenekent] 16/7/2010 08:33

I notice from the link supplied by phbatbjco that Victor Ng is also on that conference. In the spiel relating to their considerable 'achievements' there is no mention of London Asia Capital. I wonder why!

Irene

[vish65] 15/7/2010 12:39

Putting the 'market value and liquidity issues' to one side and just doing the straight maths , i was very encouraged if you pick though the 2009 accounts on what the asset value of LAC could amount to .

Zhongjing based on what they say has doubled in value based on cost investment and % holding + say 5.4p
The Croation £5 million has potential recovery + say 2.0p share
The 20 million writs say get back half + say 4.0p share
The quoted investments has also hit higher than they quote in Dec 2009 and seem to be growing nicely

Its all conjective to a degree and subject to liquidity write down but added to the 8p net assets figure the 'to go at ' figure is nearly 20p per share. Atleast the potential is there.

[blackmonday] 14/7/2010 23:20

Regarding how much we might get back,
From the accounts there is about £4.1m in cash or approx 1.8p, hopefully that should be the least we get back, eventually, after some costs perhaps.
On top of that there are listed investments of £5.2m, or 2.3p but these might be illiquid, and unlisted investments of £12.5m, 5.4p but this valuation is the cost value and unreliable.
Against these is a liability of £3.1m, or 1.3p of which the largest element is final subscription of £2.7m in the share subscription agreement with Zhongjing Changjiang IGC ltd. Hopefully they will only pay this if they can recover some of the £12.5m cost value of that investment but this adds an element of uncertainty to any calculations. If they had to pay the £2.7m without any other recoveries, there would be virtually no cash left for shareholders.

Any other thoughts on recoveries welcome