London Asia Capital Share Discussion Threads

[tokyojohn] 30/12/2010 11:28

Still nothing on the website, and I've never received any correspondence through Selftrade so I don't hold much hope this time. Someone's trying to gain control so they can screw us PIs out of whatever may remain of the various investments? Until the letter is posted on the website I have almost no idea what anyone is talking about. Is it Khaidi (?) trying to screw us? SL?

[topvest] 29/12/2010 18:33

Yes, it does appear that they are a bunch of rather dubious individuals connected with this company. I for one am quite happy to listen if they wish to defend their actions, but there doesn't seem to be any well articulated arguments that they wish to put forward. This may all be part of their plan to offer a low price, but the Board seem to be rightly suspicious. I'm supportive of the Board who have done a great job so far. I think they will probably lose though which is an injustice that someone should put right. Most shareholders here would probably accept a fairly low offer just to get some cash back, but the aggressive shareholder appears to want it all for virtually nothing.
One question mark in my mind is that some holders have previously backed previous management - QVT for example, and the existing management team at China Growth Opportunities Limited - why?

[dougcsv] 29/12/2010 18:10

TJ, As I read it this is the Chinese trying to get it on the cheap - the investment is worth a fair bit and they are trying to say it isn't - they have tried to bully etc the management with various tactics and now they'll try to kick them out - once they have their folk on the board with no opposition you can bet that investment will be written off and we'll be lucky to get a bean.
I believe in China whoever holds the most shares holds sway and they may not fully understand how this works over here...our problem is that if there is the usual apathy amongst the shareholders when it comes to voting we may well be in trouble. The Chinese deal is our key investment so to get the value back we need to get them to make a sensible offer.

[gatehill] 29/12/2010 16:35

I hold a few shares through BSL. I received and read the document this morning. Seems quite a tangled web that needs to be sorted out before we get any cash back. I will definitely vote to support the current board. In fact, I have already put the form on the post!

I made a little bit of money in 2007 when they offered us the option to buy shares in some of the smaller chinese companies in which they had interests. Only one which fell was Dalian Business Institute.

[tokyojohn] 29/12/2010 15:57

Probably right, dougcsv, but it doesn't explain why they can't get the thing on their own website, which is supposed to be used for precisely this kind of thing. Anyway, what are the issues this time? Does the board have any plan for realising shareholder value? What happened to the Chinese deal?

[dougcsv] 29/12/2010 15:32

TJ, I believe it is a legal requirement.

[nextlink] 29/12/2010 15:28

Just received information from the current board today, asking to vote against Requisition.
Needless to say I will be supporting them and hope the majority of the other 4,000 do so as well.

[tokyojohn] 29/12/2010 14:19

Which is precisely why their website is an ideal place to put it. Instant and free (since they pay a flat fee for hosting) Why do they even need to mail things in this day and age?

[topvest] 29/12/2010 14:11

It's dated 23 Dec, so only just issued. Remember LDC have 4000 shareholders so they need to keep mailings to a minimum to avoid burning cash.

[tokyojohn] 29/12/2010 14:03

Why isn't this notice on the website? What the hell has been going on for the past 6 months? If the board wants our support, their pathetic level of communication is a funny way of showing it.

[topvest] 29/12/2010 13:17

Yes, only got a small holding here but read with interest. I must admit that I would like to hear the requisitioner's side of the story. I suspect the fact that we never hear this is the fact that they don't have an honest story to tell.

Anyway it appears clear that LDC's one significant holding is worth a great deal and maybe c£32m, but whether we will ever get to see this is another story. Unfortunately though the requisitioner seems to have a large holding of 30% + maybe other large holders on board. Does anyone know how many shares Littlewood and Ng own - going back to the 2004 accounts they seemed to control c7.5m shares then?

[dougcsv] 29/12/2010 12:36

Not very subtle are they !.....leaving their own director as the only director, Hands up anyone who thinks this would be good for their shareholding.....no...no-one thought not. In any sensible country this would be illegal !

[ianguerin] 29/12/2010 12:24

Notice received of General Meeting to be held on 24 Jan. Richpoint seeking to remove all directors, except one who is non-English speaking, & also remove auditor. Board recommends voting against the Richpoint Requisition

[loverat] 27/12/2010 21:46

I guess we will all await events here with interest.

GLA

[loverat] 26/12/2010 05:46

And perhaps this old post sums up his personality. Tenacious, arrogant and not wishing to waste time in dealing with shareholders.

Trouble is 'painting' did not also tell us at the same time (or indeed the other directors) about the unaccounted loan, illegal share support activity and the diversion of funds.


painting - 26 Jul'07 - 10:32 - 8045 of 8797

SL's time better spent on working at the business level than wasting time dealing with shareholders - look at China New Energy, announced this morning - 5x return on investment in less than a year, with USD20m raised. And note on the press release the contact is SL. Far from having been sacked and disappearing from sight, he is out making money for the fund and London Asia.

[loverat] 26/12/2010 05:19

There does seem to be something going on in the background for a while now. Unfortunatly been out of touch with this the last few months. There was a warning posted by someone whom may be an ex-director of LAC a while back. If Littlewood has made a move I would think it might be more subtle and as a 'back seat driver'.

After all, the man does seem to have a credibility deficit - particularly if as is likely to be the case he is under investigation by the FSA and/or The SFO.

[morro] 25/12/2010 16:40

This could be the expected move by Littlewood and those he is in cahoots with who own less than 50% of the shares to take control and shaft everyone else.

[tokyojohn] 25/12/2010 15:51

Nothing on the website. Maybe there'll be an update next week, as last year. They won't win any awards for shareholder communication, that's for sure.

[phbatbjco] 25/12/2010 09:17

obviously they want to get some news out on a slow news day> Got email from my broker at 5:30 today saying there was anannouncement? Not sure what ot's allabout but seemsto be removing allthe directors and putting a motion to sell up? Anyone any ideas?

[tokyojohn] 17/12/2010 12:24

Interim management statement on Dec. 28 last year. Wonder if we'll hear anything this year.

[phbatbjco] 10/12/2010 16:57

25% drop in shares of CGOP today? Interestingly could this affect LDC?

[irenekent] 30/11/2010 14:39

News in the next 10 days probably. Negotiations with China still ongoing. All is not lost yet I think. Wouldn't say over the phone what the news was.

[napoleon111] 16/11/2010 16:14

just had a look at the website to see if there was anything, and this is what they said in july

The London Asia Capital plc shares were suspended from AIM in 2008 and therefore some shareholders may fear that their shareholding is worthless. This is most certainly not the case as the enclosed 2009 Report & Accounts confirm.

[napoleon111] 16/11/2010 16:13

agreed, ridiculous what went on here! loverat has put a lot of work in here, wonder if he/she has come up with anything new for us?