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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:7580S London Asia Capital PLC 17 October 2005 LONDON ASIA CAPITAL PLC ("London Asia" or "the Company") Second Successful Ofex Float and Acquisition of London Asia Corporate Finance Second Successful Ofex Float London Asia (LDC.L), the Greater China focused investment and merchant banking group, is pleased to announce that its investee Company, China Eastsea Business Software Ltd ("Eastsea"), has today successfully listed on Ofex. Eastsea is a leading IT outsourcing service provider for the petrochemical/ petroleum industry in China. Its core product enhances business processes, focusing on the oil, power and government sectors in China. Eastsea started trading with a market capitalisation of #8m. London Asia Corporate Finance Ltd ("LACF") was corporate adviser to the Company for the flotation and continues to act as adviser to the company. London Asia holds a 12.6% stake in Eastsea, plus options for a further 7%. Eric Zha, Chief Executive of Eastsea, said: "Our listing on Ofex provides us with access to capital from international investors to continue to expand the business, as demonstrated by the recent US$1 million investment in us by leading Taiwanese venture capitalist Hotung Group." Simon Littlewood, Chief Executive, London Asia Capital said: "This is our second successful listing of portfolio companies on Ofex this year, with a further two listings planned before the end of the year. We look forward to continuing to work with Eastsea in taking advantage of the huge opportunities in their sector both within China and internationally." Acquisition of London Asia Corporate Finance Ltd Following the approval of shareholders at the Annual General Meeting earlier this year, and the approval of the Financial Services Authority to the transfer of control, the Company has today acquired 100% of LACF for a cash payment of #200,000, and the issue of 1.4 million London Asia ordinary 5p shares at 13p per share (the closing mid market price on 14th October). LACF was 91% owned by Simon Littlewood (London Asia Chief Executive) and 9% by Temima Group plc, where Simon Littlewood and Victor Ng (London Asia executive director) are directors and shareholders. On 15 October LACF exercised 26,334 warrants, convertible into 526,680 London Asia ordinary shares at 5p per share, resulting in cash proceeds to the Company of #26,334. On 15 October LACF sold 1,728,360 London Asia ordinary shares for a total consideration of #1, as a result of which LACF no longer has a holding of ordinary shares or warrants in London Asia. Application will be made for the 1,926,680 shares issued to be admitted to trading on AIM, with admission expected on 21 October 2005. Jack Wigglesworth, London Asia Chairman, said: "In order to list companies on Ofex and provide advisory services to Chinese and other companies within the UK, it is important that we have the necessary regulatory approvals, which the acquisition of LACF provides us with. LACF was the corporate adviser for the Ofex listing of both Betex Group plc and China Eastsea Business Software Ltd. LACF will generate recurring fee income for the Company from corporate adviser fees where we continue to act as adviser post the Ofex listing, as well as one-off corporate finance fees on fund raisings and listings, ensuring a steady UK cash flow for the group to offset our UK running costs." For further information please visit www.londonasia.com or contact: John West/Matt Ridsdale Simon Littlewood Tavistock Communications London Asia Capital plc Tel: 020 7920 3150 Tel 020 7248 7578 About Eastsea Formed in 2004 from a buyout of the IT department of Sinopec Zhenhai Oil Refining and Chemical Company Limited, members of the Group have undertaken a total of more than 60 Business Process Outsourcing ("BPO") projects. BPO is the act of giving a third-party the responsibility of running what would otherwise be a company's internal system or service, and is becoming increasingly common as technology and processes become more complex and businesses look to cut costs. Clients of the Group include large oil firms such as Sinopec Zhenhai, BP (Ningbo), Yang Hong Petrochemical, Shanghai Petrochemical, and various subsidiaries of Sinopec, Clients of the group in the power industry include Hubei Power and Kaidi Power. Government clients include the Ministry of Foreign Affairs and the State Development Bank. The Group's ERP project for Sinopec Zhenhai won a prestigious National award for "Best IT Application". In September 2005 Huitung Investment Ltd, part of Hotung Group, the Taiwanese venture capital firm, invested US$1 million (#570,000) in the Group for an 8% stake. For additional information, visit www.chinaeastsea.com About London Asia Corporate Finance Ltd London Asia Corporate Finance Ltd ("LACF") has been regulated by the UK's Financial Services Authority (and its predecessors) since December 2001, enabling it advise companies seeking to raise finance, carry out mergers and acquisitions and restructuring and refinancings. LACF is also an authorised Corporate Adviser for OFEX, able to advise companies seeking to float on OFEX and act as adviser to those already listed. LACF has to date acted as corporate adviser on the listings of Betex Group plc and China Eastsea Business Software Ltd on Ofex. This information is provided by RNS The company news service from the London Stock Exchange END ACQLDLFFEBBBFBX
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