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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:7974A London Asia Capital PLC 25 July 2007 Embargoed until 07.00, 25 July 2007 LONDON ASIA CAPITAL PLC AGM Statement Directorate Change At the Annual General Meeting to be held today at 10am in London, Jack Wigglesworth, Chairman of London Asia Capital PLC ("London Asia" or "the Company") the UK listed (AIM: LDC.L) Asia focused investment group, will make the following statement: "With net assets of over 13p per share based on the last published accounts, and the share price trading at less than 9p, London Asia shares are currently trading at a discount of over 30% to net assets. Despite recently announcing record profits after tax of #3.1 million and net assets of over #33 million for the year ended 31 December 2006, the Company's share price has halved since March, with the Company now valued at less than #30 million. "The Board had previously announced that it considered expanding the operational side of the business to be a necessary focus for the Company going forward. This was for a number of reasons, not least that the operational business would need to obtain licenses and regulatory capital in order to be able to continue to operate and make investments in China. The restrictions on foreign financial firms investing in Chinese businesses, and also on Chinese companies listing outside China, continue to increase. Indeed there has been a further tightening of the rules announced by the Chinese Government earlier this month. London Asia does not meet the current regulatory requirements for investing directly in Chinese listed stocks, and is excluded by the series of recent regulations from investing directly in most Chinese businesses. "In the Chairman's Statement to the December 2006 accounts issued last month, I stated that "The Board has determined that it is not in shareholders' interests at this point for London Asia to commit all the capital needed to fund the expansion of the Merchant Banking Business". Since then, the share price has declined further. At the current share price, raising the capital required to bring the business to a level where it can operate effectively in the Chinese market would be too dilutive to shareholders, and given the recent share price performance, and the significant level of shareholder votes against the proposed AGM resolutions which give the Board the power to continue to issue shares to expand the business, there appears to be little support for the Board's expansion strategy. "As a result, the Board has now taken the decision to stop all expansion of the Company via share issues until such time as the share price more adequately reflects the value of the Company, or where the shares can be placed at a premium to net assets. "All expansion of the operational side of the business will, going forward, be carried out through our 40% owned associate company, London Asia Ltd, which will look to raise its own finances to expand, rather than seeing any more share issues by the Company, as has been the strategy to date. The Company will focus its efforts on realising the value of its assets, which we hope will result in a narrowing of the gap between the value of the Company and the value of its net assets. "Simon Littlewood, London Asia Chief Executive, has stepped down from the Board with immediate effect. He will continue to manage the London Asia Chinese Private Equity Fund on behalf of the Company, and assist in the realisation of the Company's assets, but given the scaling back of the Company's operations, feels that there is no longer a need for a full time Chief Executive at the Company. The London Asia Board now consists of three non executive directors, which it believes is adequate for what is effectively now a #28 million investment company." "We hope that the commitment to realise assets rather than expand through new share issues, and the simplification of the business through focusing on investment only, rather than running operational businesses in parallel, together with the greater transparency brought by the switch to IFRS accounting, will restore the fortunes of the share price." For further information please visit www.londonasia.com or contact: Jack Wigglesworth John West/Andrew Dunn Jonathan Wright London Asia Capital plc Tavistock Communications Seymour Pierce Tel: 020 7231 0282 Tel: 020 7920 3150 Tel: 020 7107 8050 This information is provided by RNS The company news service from the London Stock Exchange END AGMFGGZNNDMGNZM
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