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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Asia | LSE:LDC | London | Ordinary Share | GB0008251513 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6757G London Asia Capital PLC 25 July 2006 25 July 2006 LONDON ASIA CAPITAL PLC ("London Asia" or "the Company") AGM Statement London Asia Capital plc ("London Asia"), the Asia focused investment and merchant banking group, announces that at its Annual General Meeting held today all resolutions were duly passed. In a statement to shareholders, Simon Littlewood, Chief Executive of London Asia said: "I am pleased to report that the Company has begun the period strongly and that we have seen a high level of activity in all divisions. Our Corporate Finance team listed Dalian Business Institute on Ofex in May, raising #2.0 million. This follows our listing of investee company China Biotech on Ofex in February 2006. We have a number of listings for Ofex and AiM in the second half of the year that we are currently working on. Our investee companies continue to perform well: * Ofex listed China Eastsea announced a 65% increase in profits to #1.3 million for the year ended 28 February 2006, a significant acquisition, and the completion of a US$4 million fund raising from Asian venture capitalists, led by Mitsubishi Capital; * Ofex listed Peach Blossom Media has announced a number of new contract wins, and profits up 112% for the year ended 31 December 2005; * Ofex listed China Biotech announced a 55% increase in interim profits to 31 December 2005; * Singapore listed Asia Power announced profits up 86% to #3.5 million for the year ended 31 December 2005 * Ofex listed China Education Group announced a 47% increase in profits to #1.67 million for the six months to 31 December 2005. As at 30 June 2006, the value of our listed portfolio was #4.8 million above that shown in our accounts at 31 December 2005. We continue to build our stake in UK AiM listed Europasia Education plc, where we believe the market value does not reflect the value of its underlying assets and potential. We have been seeking to list China Financial Services ("CFS"), the financial software business in which we hold 48%, on the US markets for some time. All historical audits are now complete, the business continues to perform well with audited profits of #1.9 million for the year ended 31 December 2005, up 80% on the previous year. We are now in a position where we could list the company. However, given the significant increase in costs of a US listing, both for the initial listing and the ongoing costs of maintaining it as a result of Sarbanes-Oxley and similar regulations in the US, we do not believe that it is in the interests of CFS to list it at this point and have decided to delay any attempt at listing. We will instead assist CFS to expand via acquisition until such time as it reaches a sufficient size to justify the costs of the listing. In March we listed the London Asia Chinese Private Equity Fund ("the Fund") on AiM (code LCP), raising the full #50 million it was seeking. The Fund focuses on investments in private Chinese businesses, and has to date committed to make five investments, totalling #9.3 million, with another ten transactions currently going through final due diligence. We have announced that we are working on three further funds, for Vietnam, Mongolia, and the Energy and Environment sector. We will continue to expand our fund management operations with a series of specialist funds leveraging on the extensive network and operations we have created in Asia. In June we organised a highly successful seminar in London, showcasing in front of UK investors a number of our portfolio companies and clients that are interested in listing in London. We announced that we have increased our number of offices in China to 32. This has given us unparalleled access to deals in second tier cities, counteracting the effect of increased valuations seen in the main Chinese cities. We are flooded with opportunities and anticipate an increased level of activity in the second half." As announced in a statement dated 18 January 2006, at today's Annual General Meeting Cesidio Di Ciacca officially stepped down from his role as a Non-Executive Director of the company. Commenting on his departure, Jack Wigglesworth, Chairman of London Asia Capital plc said: "On behalf of the board of directors and shareholders I would like to thank Cesidio for his contribution and commitment to the Company. We wish him well for the future." -ends- For further information please visit www.londonasia.com or contact: Simon Littlewood/Stephen Lucas John West/Matt Ridsdale London Asia Tavistock Communications Tel: 020 7355 7928 Tel: 020 7920 3150 This information is provided by RNS The company news service from the London Stock Exchange END AGMAKPKBKBKDBOB
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