London Asia Capital Share Discussion Threads

[irenekent] 09/8/2015 06:44

Lousy offer. Is this what the board have achieved after all this time? What happened to all the money?

[topvest] 08/8/2015 07:47

The letter was from the Company Secretary. One does get the feeling we are all being stitched-up and there is lots of value in the one investment we have not received any details on. It's unlikely we will see any of that value though with the nature of the managers and owners involved.

[unionhall] 07/8/2015 22:54

Not on the website yet ?

[topvest] 07/8/2015 16:03

News today - letter to shareholders to canvass views on whether we would like to sell our shares at around 2p each. I have responded to say yes. Obviously not a great deal but happy to just get 2p and move on from this pile of rubbish.

[hashertu] 01/7/2015 10:25

One strategy Wuhan Kaidi could follow is to allow affair to drag on, and wait for LADC to run out of money.
DB said that this is why he has imposed (on himself) a deadline of the end of the year to raise the £5m and make the subscription into the JV. I imagine this would be some sort of escrow account, as Wuhan Kaidi would also have to provide evidence that the JV has assets and what value can be ascribed to them.
It seems that the (intended) JV subscription by LADC was notified to the Chinese authorities (who, I do not know) some years back. Failure to pay is in breach of some rule and this is causing some difficulties for Wuhan Kaidi (if I understood DB correctly). This might be one imperative for Wuhan to settle in a timely manner.
DB says Richpoint have indicated they might put up their share of the £5m.
If the £5m is not raised, then liquidation of the company is a possibility, but I do not know how this decision is made, and by whom.
Simon Littlewood is thought to be in Africa. As a minimum, DB would like to recover his shareholding in LADC and any affiliates, so that he cannot benefit from positive outcome.

[morro] 01/7/2015 09:31

At very best I suspect shareholders might get half a pence for each share, but if the directors and main shareholder can get away with it there will be nothing. The directors suck out all the remaining cash and the main shareholder and their connections get the non cash assets. Sounds a little bit like what happened with Commodity Growth.

[topvest] 30/6/2015 21:30

By the way, the complexity of what they are now proposing (first time mentioned) is considerable (i.e. fund raising combined with a share sale facility). I suspect this will take many months / years to arrange given their track record. They will probably also disagree over the detail. Same old!

Buchler gets away with promising stuff every time. Always a new angle to buy him some more time. Never a definitive timetable. Keeps himself paid until the next AGM I suspect.

See they have met with representatives of the JV. What about management of the JV and further details of what this investment is worth. As 20% holders we should have information, if it's a legitimate JV with proper accounts that is.

[topvest] 30/6/2015 21:19

All very odd. A totally new direction from a few weeks back. Smells bad in my view. Putting more cash in is ridiculous. I'm not sure you can trust anyone connected with this pile of.

[morro] 30/6/2015 20:06

Commodity Growth had two profitable Chinese investments but that did not stop them being effectively stolen

[hashertu] 30/6/2015 17:00

This link might interest you, especially page 30. The presentation is dated June 2015.

hxxp://www.alternrg.com/wp-content/uploads/2015/06/AlterNRG_New_presentation_-_June-20151.pdf

This is the facility that David Buchler saw operating.
Supposedly, it is one of the assets of the Zhongjiang JV.
However, who has title to what is not clear.

[nextlink] 30/6/2015 10:31

It is like a timeshare scam.
Mug punter buys timeshare, realising its a scam tries to get out.
Then persuaded to pay a second scam company to sell timeshare on payment of fee.
Result - still locked into original timeshare scam and short more money.

If current board have no stake they aren't worried and have lived well to date
on our money.

[unionhall] 30/6/2015 10:21

If they are prepared to put £5m of shareholders' money in to secure 20% of the Chinese company did they give any indication of the value of the whole chinese company ?

Otherwise they are shooting in the dark......

[rotors] 30/6/2015 09:33

I have largely been supportive of the current Board; but I have some concerns with the way this is moving.

For me, the Chairman does not currently inspire confidence, but then I assume he has multiple other interests to attend to, and this is part-time. I was intrigued to hear that Jet A-1 can be created from woodchips.

Also, the question from the floor regarding a substantial increase in costs (mainly to Buchler related companies) was rather swept aside and left unanswered.

Until pressured, no figure per share was put on the proposed cash raising exercise; a rights issue transfers all the risk back onto the original shareholders - none of the board hold any equity in this company.

More detail stressing the positives must be provided if the board wish to float a successful rights issue.

I currently would not place further funds into LAC.

[morro] 30/6/2015 08:42

So after all the supposed negotiations our directors have agreed to pay £5m to Kaidi, no matter for years they have had LDC money and have paid back zero in dividends. It all sounds like another stitch up for some shareholders, although I suspect the largest shareholder and directors are likely to come out of this rather well.

[loverat] 17/6/2015 07:09

I said this only the other day on an old Langbar thread. Basically in these situations the people charged with seeking recovery from the fraudsters usually turn out not much better in terms of outcome. The original fraudsters, Action groups and so called good samaritans and folk like Buchler amount to the same - little or no recovery and all wanting a piece of the pie leaving shareholders with nothing.

Thank heavens there was no action group here. Otherwise the people running that would have wanted a cut too.

At least with the original fraudsters you know where you stand and have half a chance.

[morro] 16/6/2015 21:44

Nice picture of the originator of this fraud

hxxp://www.capec.org.cn/eng/b_info.aspx?info_id=4440

[loverat] 15/6/2015 05:50

Those who remember 'Painting' and his posts on here will now be aware that it was Littlewood. These posts always makes me laugh. He used to always get annoyed when shareholders criticised the management at the time. Just think - not long before the first two posts he was conned out of 5 Million USD.


painting - 26 May'07 - 14:45 - 7804 of 8914

If you read the PBM announcement correctly, I think you'll find LDC had 150k shares, worth at listing STG30k, which is no doubt the fee LDC received for listing it, rather than an investment, as the announcement says the shares "were issued in conjunction with the Ofex Admission."

Re directorships - I think you'll find that LDC and LCP have a stated investment policy of always talking board seats on their investments, which is standard practice in PE investment.

You are obviously an expert on listing businesses in Singapore having spent 5 minutes looking at the marketing literature on their web page - your knowledge is clearly vastly grater than the 15 years I have spent in Asia listing busineses on Asian markets, and next time I have a float, will certainly be seeking your advice. Do you seriously believe the appication fee is the largest cost - do you have an idea (stupid question, as you clearly have no idea what you are talking about)how much lawyers, corporate finance advisors, sponsors, underwriters and accountants charge?


painting - 26 Jul'07 - 11:32 - 8045 of 8914

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.



winterfun - 30 May'08 - 02:29 - 8704 of 8914


the company is run by someone in Cornwall (their new global HQ!) who seems to have no experience in China, private equity, fund managment, banking, or anything else relevant to what LDC is supposed to be doing. They've announced the closure of their offices in China, so presumably the staff that had any idea of how to run the business have disappeared, so who is going to manage their assets and generate any income? No surprise people heading for the exit. What institutional investor is going to back this?

[loverat] 15/6/2015 05:32

Still not a great deal on the Nourican loan. This is what Littlewood said in 2010 or thereabouts.

SL - Nourican funds.

The transaction was managed by Mr Simon Littlewood, who has since commented that :

'the Croatian Mafia has the outstanding $6 million belonging to LAC shareholders'.


DB - 2015

'Following investigation and legal advice it is our view that this was a fraud perpetrated on the Company'.



Did it take the current management all this time to realise that for once in his life, Littlewood was telling the truth? Of course, anyone who had lost 5M USD in such an amateur fashion would keep quiet about it hence why it never came to light at the time. Anyway - the loan was probably part of some criminal scheme devised by the directors running LAC at the time. Just seems that a bunch of foreign thieves scuppered whatever plan it was.

[topvest] 07/6/2015 08:49

What do people think the best case outcome is now? I personally think this is a 1p dividend per share if we are very lucky. The main investment is a non-starter in my view.

[topvest] 07/6/2015 08:41

Well the cost base is ridiculous - now 8 staff costing £589,000 including directors' emoluments of £242,000. £130,500 for the highest paid director, but I thought originally his claim was that he would only get paid on results.

But, there is another £585,242 being paid out to the greedy directors through related party transactions.

So the cost base in total is now £1,180,000. For a company with only £16k of dividend income (and where the costs of pursuing far exceed the income received) and no revenue .....this is just unethical.

They can't even get the accounts right. Clearly note 21.5 is incorrect as they have received the MyEg dividends already; lots of care and attention given to the legal claims note then given they probably spent £100k+ to chase a £16k dividend. What a success!!!

Butcher keeps saying how complicated it is. It's not. Step 1 is to convert to a limited company by passing a special resolution. Step 2 is a capital reduction. Step 3 is to pay a dividend. Stop taking advantage of us all please!

[irenekent] 05/6/2015 07:38

Its a pity that Littlewood can't be made to face justice in the UK. There should be an International Arrest Warrant out for him at the very least. The rest will just wriggle until we die off or they do. An absolute scandal but what can we do?

[topvest] 04/6/2015 19:52

Yes, the high cost base continues. Some more upbeat comments about concrete proposals at the end of June. Lets wait and see whether that is another wind-up or whether they can actually get something done for shareholders as opposed to serving themselves.

[hindsight] 04/6/2015 16:41

Yes terrible mess, make Fifa look clean