London Asia Capital Share Discussion Threads

[dougcsv] 22/2/2011 23:07

Loverat, At one point in the meeting reference was made to a letter written to the company (well Toby/Dennis anyway) it (or a copy) was passed to Prof Gardin - who was not aware of it. The letter was apparently written by Lord Cromer and gave details about the threats made against him and his family.
Mr Sha claimed he was at the same meeting and these threats were never made.

It seems incredible that Lord Cromer would make up such a thing and back it up with a letter and resign.....

[dougcsv] 22/2/2011 22:53

The co need to reopen negotiations with the Chinese - there is no point in being antagonistic as that'll just result in us either losing our biggest holding and/or spending vast amounts of cash (which we don't have) in legal wrangles.
But the actions against former directors can still be progressed hopefully and at the right time.
Richpoint may not be on the board now but they remail a substantial holder and are still very close to people the co need to work with.
I'm hoping this recent fiasco will help them all to reach a fair and equitable solution.

[loverat] 22/2/2011 22:48

Has anyone heard anymore about why Lord Cromer resigned?

If what I heard was true (and I have difficulty in believing it) it does seem the rest of your board were not intimidated by bullies.

If I have learned anything in life it is always to stand up to bullies

[unionhall] 22/2/2011 21:56

Thanks loverat.

[loverat] 22/2/2011 21:47

22 February, 2011

Dear Shareholders,

The Board of London Asia Capital plc is pleased to announce the results of the adjourned General Meeting of the Company which took place on Monday 21 February 2011:

Resolution 1 - Passed
Resolution 2 - Failed
Resolution 4 - Failed
Resolution 6 - Failed
Resolution 7 - Passed
Resolution 8 - Passed

No vote was taken on Resolution 3 as Lord Cromer resigned in December or Resolution 5 as, sadly, Mr Negal passed away earlier this month. Resolutions 9 and 10 were not required as Resolution 8 was successfully passed.

The result of the vote is that Mr Sha leaves the board of the Company, Moore Stephens are appointed auditors and the directors are authorised to begin the process of realising the assets of the Company. Your directors are now Toby Parker, Dennis Bailey and Francesco Gardin.

Your board would like to thank shareholders for their tremendous support

[unionhall] 22/2/2011 21:12

..so what happens now ?

[topvest] 22/2/2011 21:08

Good news on the vote - justice! Very sad news on Keith Negal - lets hope his terrific efforts end in justice. I think most of us agree on here; it's not really about money here now - for me it's about justice and bringing the crooks to serve time for their alleged activities.

[dassera] 22/2/2011 20:10

Well said, Loverat. I see a bit of Keith (rest his soul) in you. Such sad news.
D

[vish65] 22/2/2011 12:18

Oh that's very sad to hear about Keith Negal . I know nothing of him other than through shareholder releases but he certainly came across as a very genuine person who wanted to do what was good/right and proper.

Condolences to his family.

This news just seems to endorse that this LAC situation is a fight for justice not money.

[irenekent] 22/2/2011 12:15

Terribly sad news about Keith Nagel. I spoke with him a couple of times and he was always more than helpful. I join all of you in sending my sympathies to his family. Without his tireless efforts we would have been in no position to take on Richpoint and get rid of them. Gardin should consider his position too.

The board will hopefully now be able to get on with the job of recovering our money without costly and time-wasting diversions like Richpoint.

[morro] 22/2/2011 09:48

I would like to say how grateful I am for the work of Keith Nagel, in diligently investigating the web that was spun by the previous management. It is a tragic loss, and my deepest sympathies go to his family and friends. In light of his death it would have been a travesty if the vote had gone in favour of Richpoint.

I hope that Professor Gardin, if he maintained his support for Richpoint, will now do the right thing and resign from the board.

[dougcsv] 21/2/2011 23:36

Dennis Bailey also informed the meeting that Keith Negal passed away on the 4th Feb in Hospital - I understand his funeral is tomorrow - A great loss and a nice guy - I spoke to him on several occasions and he was always very helpful and pleasant. He was also the current President of the BMAA (British Microlight Aircraft Association)

[zorija] 21/2/2011 22:38

email received a few hours ago...

Dear Shareholder,
I will report more later but suffice to say that Mr Sha was removed from the Board of LAC and Dennis Bailey, Toby Parker and Franceso Gardin retained their places
John M Slater

[unionhall] 21/2/2011 21:31

Is that good ?

[dougcsv] 21/2/2011 20:37

Richpoint lost the requisitions, Sha is now off the board. Of course they may well mount some legal challenge..so we'll have to wait and see what happens next......ps it took 5 hours to get to that !!

[irenekent] 21/2/2011 13:49

Anybody know the result of today's meeting?

[dougcsv] 15/2/2011 09:29

You sholdn't need to to but you might want to check - PLUS if you voted to keep Gardin on the the Board you might want to reconsider as he is now 'voting' for Richpoint....you might just have time to change but you need to be quick.

[jettyboy] 14/2/2011 21:50

i have had my letter through the post re adjournment. i hold through selftrade so do i have re instruct them how to vote?

[dougcsv] 03/2/2011 13:42

News re the adjourned meeting now posted on the company website....

[dougcsv] 30/1/2011 22:16

Sorry Loverat, I was making a more general point really - didn't mean it to be personal !! But you and I know how these things can ramp up (no pun intended!) But I do think that one persons name is best left to history...

;-)

[loverat] 30/1/2011 20:35

dougcsv

Point taken and I am sure posters will bear it in mind - although I note you have hardly been complimentary of one current director yourself. I do not however think in these circumstances that the truth and the right to post forthright opinions should become casualities of caution and restraint. That mentality has prevailed too often on this site and usually gets people nowhere. The deserted threads of numerous failed companies bear testimony to that.

Anyway - off for a while so will leave you with that thought and the best of luck.