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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:8470M London Asia Capital PLC 27 May 2005 For immediate release: 27 May 2005 LONDON ASIA CAPITAL PLC INVESTEE COMPANY LISTS ON OFEX - SIGNIFICANT UPLIFT IN VALUATION INVESTMENT IN CHINESE OUTSORCING BUSINESS - TARGETED FOR OFEX FLOAT London Asia Capital plc ("London Asia"), the Greater China focused investment and merchant banking group, announces that investee company Betex Group plc ("Betex") has been successfully admitted to trading on OFEX. London Asia Corporate Finance Ltd acted as corporate adviser for the OFEX listing, and assisted Betex in raising #1 million via a private placement with a mixture of institutional and High Net Worth investors prior to the listing. London Asia invested #200,000 via a Convertible Loan Note in November 2004, which it converted into 1.47 million ordinary shares as part of the OFEX listing, representing 2.8% of the issued equity in Betex. At the closing price of 21.5p on 26th May, this values its stake at #316,000 representing an uplift in valuation of 158% on the original investment. In addition, London Asia also owns 1.47 million warrants to subscribe for ordinary shares in Betex, exercisable at 13.6p per share. Betex is an online football betting site operating an Asian-style handicap betting system in which bets are taken on the favourite or the underdog rather than "home win", "draw" or "away win". The handicap betting system has grown in popularity as it provides both football teams with a roughly equal chance. The favoured team will have to overcome a deficit of goals, while the other team will have a head start. Betex attracts bets from the European, Asian and Middle Eastern markets on UK, European and international football matches. Johnny Hon, Chief Executive of Betex, said: "We expect to see significant organic growth, but as the gambling sector remains fragmented we believe there is also large scope for acquisition opportunities, a number of which we are already looking at with London Asia's assistance. OFEX provides a useful platform for our growth strategy, both for raising money and valuing our business for when we make equity based acquisitions." London Asia has today invested #340,000 for an 8% stake in Eastsea, a leading IT outsourcing service provider for the petrochemical industry and central and local government market in China. The company has to date completed over 60 projects with profits of over #900,000 for the year ended 28th February 2005. London Asia has been appointed corporate adviser to raise additional funds to fund the expansion of the business and to list the company on OFEX. Simon Littlewood, Chief Executive of London Asia, commented: "Betex is the first of our investments to list on OFEX and proves that there is significant appetite among UK investors for the companies we have invested in. As well as the significant uplift in valuation in our investment in Betex, we are also receiving a fee for our work related to the listing and will be the on-going corporate adviser to the Company, giving us multiple revenue streams. We intend to replicate the success of Betex among other investee and client companies and look forward to bringing Eastsea to OFEX in the next few months." For further information please visit www.londonasia.com or contact: Simon Littlewood, Chief Executive Jeremy Carey/Clemmie Carr London Asia Capital Tavistock Communications Tel: 020 7248 7578 Tel: 020 7920 3150 Notes to Editors - About London Asia Capital plc London Asia is an AIM listed investment and merchant banking group focused on the SME market in Greater China. London Asia operates three principal businesses: * Investment of own funds in profitable businesses in Greater China, with exits via IPO or trade sale; * Investment Banking services, mainly corporate finance advisory (fund raisings, IPO's, M&A and restructurings); and * Fund management London Asia has offices and management teams, as well as strong local partners, across the Greater China region. These work in conjunction with our international network in London, New York, Hong Kong and Singapore. About Betex The Company was founded by Johnny Hon, Chief Executive, who previously worked at ABN AMRO Bank as a financial adviser to high net worth individuals. He began operating in the betting business in 2000. Betex began trading in the first quarter of 2005. Betex already has a significant client base attracting bets from the European, Asian and Middle Eastern markets. For more information, visit www.betex.com About Eastsea Group Holdings Limited Eastsea was formed in 2004 through the buyout of the IT department of Sinopec Zhenhai Oil Refining and Chemical Company Limited (a leading oil refinery in China), and a series of other acquisitions. The Group provides outsourcing services including IT strategy formulation, system design, ERP implementation, software development, business workflow processing and system maintenance. The Group has proprietary technology on a management platform over Internet, intranet and corporate portals, as well as on information integration. The Group has successfully leveraged its expertise in search engines and information management to build customized products to grow its government IT outsourcing market. 92% of the Group's 95 staff have bachelor degrees and above. Oil/gas industry clients include Sinopec Zhenhai, BP Ningbo and various subsidiaries of Sinopec. Government clients include the Ministry of Foreign Affairs, the State Development Bank, the Ministry of Culture, the State Development and Reform Committee and the municipal governments of Beijing, Shanghai, Guangzhou and Ningbo. The Group's ERP project for Sinopec Zhenhai won a prestigious National award for "Best IT Application". This information is provided by RNS The company news service from the London Stock Exchange END MSCZGGZKLNGGKZG
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