Share Name Share Symbol Market Type Share ISIN Share Description
London Asia Capital 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
  +0.00p +0.00% 2.85p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown - - - - 6.59

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marksp2011: Although he did get 12 months, I never worked out if he was a greedy fool or a fraudster. All the money was stolen long before he became involved. Well, should we say that shares had been sold in a cash shell that had no cash long before Pearson was involved in the company The RNS he issued were nonsensical. The history of how the money appeared as a result of intercompany transfers was completely implausible This ticks so many of the "stay away" boxes it makes me wonder why rational people can be so gullible. I have made some howling mistakes in my time but I have learned my lessons. I don't touch AIM at all. I have moved to the Nick Train (Finsbury Growth and Income), Terry Smith (Fundsmith) and Buffett world not a guarantee of success but the reasonable growth from their portfolios was beating my mixed bag of punts stellar/dog/stagnant approach which were netting out at nothing. I will not trade illiquid stocks any more. When half a dozen punters can run a price up 100% by lunchtime and then try to bail before the bubble bursts that afternoon leaving dozens holding some bizarre pile off poo with a share price of 1p and 300% spread
loverat: Hi Marksp2011 Langbar is relevant because although a unique situation there are a number of similarities. DB's track record is very relevant to how things play out here. Both situations are fascinating case studies of fraud on AIM and excellent learning points. I actually first took an interest in this company when the irregulaties were discovered and it was curious links from Langbar which led me directly on to this. For example one of the parties involved in the shareholder action/recovery process at Langbar who was constantly harping on about the integrity of everybody else connected to Langbar and LSE, was friends with at least one of the directors on Littlewood's board. Under a host of various ADVFN user names he played a part in ramping these shares for years prior to the suspension which to me, raised serious question marks over his suitability to have a role. At least two LAC directors were ramping these shares for years too. I believe one of these directors was put forward by the Langbar Action Group to replace DB around 2005/2006. Thank goodness that never happened. Then I became fascinated by the findings of Negal and his team into the irregularities. And then imagine my surprise when DB came on board after the Keith Negal era. But then perhaps I should not have been that surprised when some of the shareholders here are ex Langbar shareholders loyal and friendly to DB. Anyway I have praised DB for some of the things he has achieved but there has always been a question mark over whether he fights his corner for shareholders. When I discuss any share, company or special situation like this, the way to learn and speculate what may happen is to look at comparable events. For example you can learn alot from historical share price charts and track records of AIM directors because in the investment world, events have a habit of repeating themselves. That's why people should have an open mind here and look around. Up until DB came aboard I saw the process here as a model of success for others to follow. The investigation into the fraud was excellent work and publishing the findings was a master stroke. The publicity was a good thing and directly resulted in shareholders offering their support and uniting against the danger of the criminals and their cronies coming back. Of course the delicate recovery process is very different and maybe a new pair of hands was needed. However that is not a reason to criticise past achievements or directors who take a more robust view. Anyway the problem with Langbar was that shareholders were split. DB claims someone is trying to split shareholders here. With Langbar there were three expensive law firms involved and several expensive directors and too many people jumping on the compensation bandwagon. With the latest developements here I do wonder whether we might see a few more people getting in on the act. I do hope not. I also note what you said about Gardin and I would not make my mind up about this by whose side he happens to be on this time. As I am sure those who know their history, Italians often change sides and take the side which suits them best at the time. I guess you might call that pragmatism! Anyway I am not sure whether Toby Parker and Gardin are what you might call natural allies, so I have a theory. If we accept that Gardin is someone who would try to be on the side aligned most with his own personal interests, it is perhaps strange that he would come out against someone like DB. I wonder whether what seems like an unlikely alliance was formed because someone was actually making moves against them - as directors associated with the past. Perhaps DB wanted to install his own people and forced their hand. Just a theory.
loverat: And let us not forgot who and what got this company into this mess in the first place......... Anyone who votes against current management risks letting those responsible back through the back door. 6. CAUSES FOR CONCERN 6.1 Bank Accounts In September 2008, almost all LAC's funds were in the bank accounts of its foreign subsidiaries and associated companies, under the control of Mr Simon Littlewood and his wife, Josée Lai. Mr Simon Littlewood resigned as a director of LAC on 25th July 2007 and so it was not proper for him to continue to control - to the exclusion of all other main board directors - the Company's cash and investments. Mr Simon Littlewood failed to tell LAC directors of the locations of many LAC subsidiaries and associated company bank accounts and subsequently volunteered the minimum of information. For example, the LAC directors believed that there were no bank accounts in Singapore, although LAC's wholly-owned Singapore subsidiary, London Asia Capital (Singapore) PTE Ltd, had bank accounts with DBS Bank, Fortis and UOB. Your Board persuaded HSBC in Hong Kong and DBS Bank in Singapore to suspend local bank accounts and were able to send £500,000 back to the UK, thereby putting LAC in funds so that the Company could afford to run day-to-day activities and commence the forensic investigation necessary for the preparation of the accounts for 2007 and beyond. 6.2 Undocumented Transactions With control of the bank accounts, it became apparent that large sums of money had entered, left and moved around LAC in a way that was not supported by proper contracts, invoices or proper business practice. Sums due to one company had improperly been paid to others; in particular, funds due to wholly-owned subsidiaries of LAC were paid into companies in which LAC was only an 80% or even 40% shareholder. Many of the investments, particularly those in China, were held in a way that made it impossible to prove title. Some shares, which were the property of LAC or its subsidiaries, were held by private companies in China, with no adequate contract or other safeguard for the shareholders of LAC. 6.3 Loan of $5 Million Written Off Our investigations have uncovered that on 7th September 2005, LAC plc sent $5 million to Nourican Adriatic d.o.o., in Zagreb, Croatia. The transfer document was signed by Mr Simon Littlewood. A signed contract confirms that the loan was to have been secured by a pledge over 25,000 shares in Industrogradnja d.d., but no signed guarantee or pledge has been traced. The purpose of the loan was to help Nourican Adriatic d.o.o. provide evidence to the Croatian Stock Exchange (Zagrebaka Burza) that cash needed for a bid to be made by two Croatian companies for Industrogradnja was available. LAC was to receive a fee of US$ 1 million for this loan. The bid for Industrogradnja was launched on 11th November 2005 at a share price of 650 Kuna at a discount to its market price of 810 Kuna. As a result, only 2,640 shares were tendered for at a total cost of $273,244. It appears that the $5 million loan provided by LAC was not used for the bid and should have been returned to LAC in January 2006, together with the $1 million fee. We can find no evidence that this sum reached LAC, nor is there documentary evidence to show that steps were taken through the courts in any country to recover this money. 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. 6.4 Share Swap Companies In May and June 2007, LAC announced to the London Stock Exchange that it had issued in total 98 million fully-paid new shares (valued at approximately £10 million) to shareholders in four newly-formed companies, three in Hong Kong and one in Singapore, in return for a 40% interest in those companies ("Share Swap companies"). In each of the four Share Swap companies third-party investors held the remaining 60% interest. In aggregate, these third-party investors paid little more than £20,000 (twenty thousand pounds) for their investment, which effectively gave them collectively a 30% shareholding in LAC. In breach of the Companies Act, no valuation of the Share Swap companies was obtained prior to their acquisition by LAC in May and June 2007. Details of these share issues and of the acquisitions were described in the audited accounts for the year to 31st December 2006, and in company regulatory announcements to the London Stock Exchange. Applications were made for the shares to be dealt on AIM and a further review of the acquisitions was made in the 2007 interim results. These interim results showed that these valueless companies were purported to have increased the LAC Net Asset Value by £10.9 million, equivalent to almost 25% of LAC net asset value. It was stated in the 2007 interim results that these Share Swap companies had a "combined capital value of over £27 million." The audited accounts of those companies demonstrate little or no value. At all relevant times these transactions were managed by Mr Simon Littlewood. We succeeded in having the 98 million shares in LAC, referred to above, gifted back to LAC plc and cancelled at a Board Meeting held on 22nd May 2009, resulting in the number of shares in issue dropping from 327 million to 229 million, to the benefit of shareholders and increasing pro forma Net Asset Value from 7.5p to 10.7p per share. LAC is pursuing claims for up to £16 million against the four 60% shareholders in each of these Share Swap companies for the consideration they failed to pay on their shares. While it is unlikely that these claims will be met in full, we are confident that there will be a significant net financial benefit to shareholders in LAC. 6.5 Aborted Acquisitions Not Announced In May and June 2007 announcements were made to the London Stock Exchange of acquisitions by the above Share Swap companies totalling £12 million. These appeared in the Chief Executive's Report in the 2006 Report & Accounts as signed by Mr Simon Littlewood and as a post balance sheet event note, in which shareholders were informed on various other matters, including:  China Exchange Limited had acquired an 80% stake in SYGC  China Exchange Limited had acquired a 40% stake in Xi'an Private Equity Exchange  London Asia Limited had acquired a 51% stake in Jin Lian Ann Insurance Broker of Beijing  London Asia Limited had acquired a 51% stake in Zhong Nan Auction House The 2007 Interim Report also referred to these acquisitions. We are unable to find evidence that these acquisitions took place and they are not recorded in the audited accounts of those companies. The first indication was an email sent in May 2008 by Mr Simon Littlewood to Moore Stephens, auditors to LAC, shown below: 11 No statement concerning these events was made to shareholders until the announcement made in my letter to shareholders on 7th May 2009, which meant that LAC was in breach of its obligations to the AIM market and gave a misleading impression of its financial status. 6.6 Diversion of Funds In December 2007, London Asia Capital (Singapore) PTE Limited ("LAC(S)") was due £1.6 million from China Growth Opportunities plc in respect of performance fees. At the written instructions of Josée Lai, wife of Mr Simon Littlewood, these funds were not paid to LAC(S) but instead to London Asia Fund Management Ltd, a Brunei company in which LAC held 40% of the equity, while Mr Simon Littlewood and associates held the remaining 60% shareholding. On receipt of these funds by the Brunei company, £401,440 was immediately transferred to each of Mr Simon Littlewood and a third party. In so far as the Directors are aware, LAC and its subsidiaries have no contractual relationship with that third party. 12 6.7 Improper Share Support Activity Between December 2007 and April 2008, shares in LAC were purchased on the AIM market by the Company totalling 1.85 million shares. RNS announcements were issued stating they were to be held in Treasury. The majority of these transactions were arranged by Mr Simon Littlewood. Your Directors have been advised that these purchases were illegal because LAC did not have sufficient distributable reserves and was therefore in breach of the Companies Act. While Mr Simon Littlewood was a Director of Huang He Securities Ltd, one of the Share Swap companies mentioned earlier, instructions were given for the purchase of 2.5 million shares of LAC in 2007 and 2008. The cash to buy these shares came from London Asia Investments (Hong Kong) Ltd ("LAI(HK)") and thus the transaction was circular. The effect was to artificially support LAC's share price which was in breach of the Companies Act. 6.8 Substantial sums of circa £50 million which passed through the accounts of LAI(HK) Since March 2006 Mr. Simon Littlewood has served and continues to serve on the Board of CGO, previously called London Asia Chinese Private Equity Fund plc, which invested heavily in China and Asia, raising and investing circa £50 million. We have discovered that the cash for these investments made by CGO passed through the bank accounts of LAI(HK). LAI(HK)'s records do not provide full transparency for these arrangements and neither can all such sums be validated. Commissions received by LAI(HK) from CGO for both managing and investing the fund were paid away and could not all be reconciled from the information available. Pursuant to the cooperation agreement referred to in paragraph 5 above, LAC asked CGO (including Mr Brett Miller) for details of the substantial commission payments, but in breach of that agreement CGO withdrew and refused to provide further information, frustrating our efforts and further delaying the preparation of the Accounts of LAC. 6.9 Shares Held in Trust in China LAC has significant shareholdings in unquoted Chinese companies. It is now clear that, with the exception of Zhongying and Biaoqi Tienfeng, the shares are not held directly by LAC or its subsidiaries but instead are held in trust by a Chinese private company under an informal arrangement with no proper documentation or trust documents. LAC and its subsidiaries may therefore have paid substantial sums in shares for investments where proof of ownership is uncertain. 6.10 China Financial Services China Financial Services ("CFS") was one of LAC's early investments, and paid substantial dividends. CFS provided real-time information on securities and analysis software to support investors to buy in the stock market. We understand that CFS was prepared for a public listing in 2006. As at 30 June 2007 the fair value of this investment of £4.76 million was included in LAC's interim results. Your Directors have now discovered that in the summer of 2006, the China Stock Exchange announced that it would no longer provide free market data and as a result the business of CFS rapidly collapsed. 14 In calendar year 2006, CFS's revenue was £2.78m and pre-tax profits £1.97m. Based on the information available, the revenue in 2007 was £227,873 and the losses amounted to £1.34m. In the first half of 2008, CFS had no revenue and lost £841,103. It is believed the business has since ceased operating. In 2007, LAC announcements were made to the London Stock Exchange concerning CFS but none indicated its rapid trading decline. The last statement included in the Offer Document referred to below mentions "the confidence we have in CFS`s expansion strategy". Failure to keep shareholders and the market informed is in breach of the AIM rules. 6.11 Sale of Shares in Investee Companies by LAC On 5th October 2007 London Asia Corporate Finance Limited (an FSA-regulated corporate finance company headed by Mr. Simon Littlewood) authorised the issue of an Offer Document, which stated that six LAC portfolio investments valued at £7.7 million were being offered to LAC shareholders at a discounted value for a direct investment therein. The Offer Document stated the portfolio investments being sold represented "less than 10% of the LAC balance sheet as at 30th June 2007" and went on to state "should the Offer be taken up in full there will be a realised profit on disposal of over £1.5 million." Your Board could not reconcile these holdings to the books of LAC and have subsequently discovered that some of the shares offered belonged to Third Parties. The Offer Document makes no such reference to Third Parties and indicates that all the shares on offer were owned by LAC and related companies. On 30th October 2007 LAC announced, "There was a strong level of interest shown in the Offer, with offers made for a total of £3 million worth of shares, out of £7.7 million on offer. The total sold represents 7% of LAC's reported net asset value as at 30th June 2007. Based on the original cost of £1.4 million, the profit on sale against original cost amounted to approximately £1.5 million." Of the purported £3 million sales proceeds, less than £700,000 has been traced. Failure to keep the markets and shareholders informed is in breach of the AIM rules.
damanko: CHAIRMAN'S STATEMENT I am pleased to have the opportunity to present the unaudited condensed half yearly results of China Growth Opportunities Limited (the "Company") for the six month period ended 30 September 2009. Key points Return of Capital of 20 pence per Ordinary Share (equivalent to £10.0 million), comprising 18 pence per Ordinary Share on 15 July 2009 and 2 pence per Ordinary Share on 5 October 2009. Net assets at 30 September 2009 of £14.4 million (30 September 2008: £47.2 million; 31 March 2009: £25.5million). Net assets at 30 September 2009 of 28.8 pence per share (30 September 2008: 94.4 pence; 31 March 2009: 51.04 pence); Loss for the period ended 30 September 2009 of £2.1 million, equal to a loss of 4.3 pence per share. On 29 September 2009, notice was given to terminate the Asset Divestment Support Agreement with London Asia Capital (S) Pte Limited on 31 October 2009, and Rhys Davies and Brett Miller, who were Non-Executive Directors, became Executive Directors. Dr Weiming Zhang appointed to the Board, as a Non-Executive Director, on 9 April 2009. Resignation of Simon Littlewood as Executive Director on 19 October 2009. Sale of holdings in United Envirotech, Asia Water Technology and China New Energy for a total of £4.4 million. Results During the six months ended 30 September 2009, the Company was successful in finding buyers for three of its investments, United Envirotech, Asia Water Technology and China New Energy (see below for details), and I believe the Company is on course to sell the remaining six investments in the portfolio by 30 September 2010. The net assets of the Company at 30 September 2009 were £14.4 million a decrease of £11.1 million since 31 March 2009, largely attributable to the return of capital to shareholders of £9.0 million on 15 July 2009 (see below). The Company suffered a net loss for the period of £2.1 million (4.3 pence per Ordinary Share) (30 September 2008: £24.5 million, 31 March 2009: £46.1 million). Share Price The share price rose 72% from the 31 March 2009 price of 12.5 pence to 21.5 pence per Ordinary Share at 30 September 2009. The total return (including the 18.0 pence per share return of capital) was 216% for the period. Return of Capital At an Extraordinary General Meeting held on 6 July 2009 the shareholders approved a Return of Capital Scheme and amended the Articles to permit future returns of capital. The Board made an initial return of capital to shareholders of 18 pence per Ordinary Share (equivalent to £9.0 million) on 15 July 2009. A further return of capital of 2 pence per Ordinary Share (equivalent of £1.0 million) was made, after the period end, on 5 October 2009. At 30 September 2009 the Company's cash balance totalled £1.9 million. Directorate Changes Dr Weiming Zhang was appointed to the Board on 9 April 2009. On 29 September 2009, following notice of the termination of the Asset Divestment Agreement with London Asia Capital (S) Pte Limited (see below), Brett Miller and I ceased to be classed as Non-Executive Directors and were deemed to be Executive Directors of the Company. On 5 October 2009, Simon Littlewood resigned as an Executive Director. Asset Divestment Support Agreement On 29 September 2009 the Company gave notice to terminate the Asset Divestment Support Agreement with London Asia Capital (S) Pte Limited on 31 October 2009. There was no cost to the Company of the termination of the Asset Divestment Support Agreement. Following the termination of the Asset Divestment Support Agreement, the Board has continued to manage the sale of the Company's investments and the Company's investment activities are now fully self-managed, with all services previously provided under the Asset Divestment Support Agreement now being undertaken by the Executive Directors, being Brett Miller and I. This has reduced the investment consultancy costs to the Company significantly. Change of Nominated Adviser and Nominated Broker As part of the continuous endeavours of the Board to ensure that the Company receives excellent service as well as value for money from its advisers, on 6 November 2009, the Board terminated the Company's agreement with the Nominated Adviser and Nominated Broker, Collins Stewart Europe Limited, and appointed Singer Capital Markets Limited to undertake both roles. Investments During the period ended 30 September 2009, the Company sold its entire holding in United Envirotech, Asia Water Technology and China New Energy for a total of £4.4 million. This was £0.1 million above the 31 March 2009 "fair value" of these investments but realised a loss of £11.3 million. The Company now has six remaining investments in its portfolio, valued at £12.0 million. At 30 September 2009, the Company's main investment was a 14.64% holding, valued at £7.6 million, in China Metal Packaging Group Company Limited. China Metal Packaging is a market leader in its sector and represents a pure investment play on the trends of rising urbanization and domestic consumption growth in China. Brett Miller was appointed to the board of China Metal Packaging Group Company Limited as a non-executive director during the period. We have valued your investments in China Metal Packaging Group Company Limited and Wan Wei Oil & Gas Technology Group at a 10% discount, in local currency, to their 31 March 2009 valuations. This reflects our conservative assessment of the value at which your investments could have been exchanged between knowledgeable, willing parties in an arm's length transaction at the reporting date (so-called "fair value"). The valuation of China CDM Exchange Centre Limited rose by 78% in the period under review as we value it on an NAV basis, using a 50% discount to its AIM listed peer group of environmental investment companies. Therefore, while the peer group traded at a 29% discount to NAV on 30 September 2009, we valued China CDM Exchange Centre Limited at a 65% discount to its stated NAV at 30 June 2009. Moreover, as the pound appreciated by 10.4% against the Renminbi during the period under review the overall investment loss in the period was £1,091,000. Outlook The Board is optimistic that it will achieve the targets outlined in the Investing Policy and maximise the return to shareholders by negotiating the best possible value for the sale of the remaining investments. R Davies 8 December 2009
loverat: leapinn I would not worry too much about what the shares are worth. Who pays what shares are actually worth? Closing share price of LDC at suspension was around half what the directors paid.
don muang: >capt bligh - 6 Mar'08 - 16:43 - 8562 of 8562 >time will tell Any timescale for that thought? Plotting LDC share price against HK, China or Asia ex-Japan indicies over recent years is very 'telling'....
nickcduk: The idiotic decision to issue all those shares is coming back to haunt LDC now. All those shares they issued were probably done so without any lock in terms. Now the companies who took LDC shares are selling hand over fist to turn those shares into cash. Its created an almighty overhang. The best thing that LDC could do here is try and revoke all those agreements they made. That would get rid of the overhang and return value back to original shareholders. The companies who took LDC paper would benefit hugely by not diluting their own NAV as a result of the collapse in LDC share price. I am hopefully going to speak to the company this week. I will be putting my views across quite frankly and asking whether the management are considering their own positions. If they have any shred of decency they obviously will be. An orderly sale and liquidation of assets is probably the best outcome here for shareholders. New management could go about doing that and restore the share price back towards double digits again.
don muang: >painting - 26 Jul'07 - 11:32 - 8045 of 8045 >he is out making money for the fund and London Asia. Shouldn't he have been doing that before as the share price floundered rather than 'printing' shares? Why wasn't it included in the last staegic revue which was only completed recently.... now we had another stategic revue on day of AGM - seems somewhat reactive ... >slapdash - 26 Jul'07 - 10:12 - 8044 of 8045 Thanks for a realistic summing up. I know there are some die hards that believe in SL. But can they plot a graph of China Composite Index against LDC share price and then explain why the lines diverge - one up - one down. My personal opinion is, and will remain, that SL had stragegic foresight and worked very hard - however his tactical errors screwed up a unique opportunity for LDC at the emegence of the China Century...
painting: as the LDC share price has shown, in bulk small AIM stocks not worth a great deal either. But for small trades, no problem selling
don muang: cougar6. You still seem positive on LDC - do you consider we're at the bottom now as regards LDC share price (and sentiment)? Any guestimates where you think share price will be this time next year?
London Asia Capital share price data is direct from the London Stock Exchange
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