Share Name Share Symbol Market Type Share ISIN Share Description
London Asia Chinese Private Eq.F LSE:LCP London Ordinary Share GB00B0XF7K04 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 13.00p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 6.50

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Date Time Title Posts
20/2/200910:56London Asia Chinese Private Equity Fund216

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handycam: just spotted this on sharecrazy: LCP The Plot Thickens. Back in June I warned investors about the pompous-sounding London Asia Capital Private Equity Fund (AIM LCP). The published NAV was then 136p and the share price 75p. The share price is now 35p and the latest reported NAV is 143p. The market's refusal to believe in the stated NAV is understandable. The new auditors (the old ones resigned ) explain that the groups 14 illiquid assets are valued using "a variety of methods and makes assumptions based on the market conditions at the end of each balance sheet date" or to translate the valuations are what the directors tell us they are. Of the groups four investments listed on PLUS at the balance sheet date one, China New Energy (the groups largest single investment) has since been suspended, and two of the others China Biofuels and Dalian have not submitted audited accounts to Plus as required under the rules. What is perhaps most strange is that the group has booked through the P&L a\c around £7mn in performance fees due to its "investment consultant"London Asia Capital in the last two years of which the cash flow statement shows £3.1mn to have been paid already. London Asia Capital is suspended on Aim due to the non appearance of its accounts and its new CEO seems unclear as to where this money has gone. London Asia Capital has no executive directors and on my last look was being run from a language school in Falmouth Cornwall. Trying to find who exactly at the company is providing £7mn of advice to its client in two years is proving somewhat problematic. To recap: the company,s performance and the record keeping of the companies in which it has invested is highly questionable and the whereabouts of the fees it has paid out to its investment consultant are unknown by that consultant's own CEO. If this isn't one for AIMs regulators, I don't know what is.
damanko: Here is the text of the Chairman's statement in the annual report, released this morning. From a personal point of view, having bought the shares on a monthly basis until a year ago, I've watched the slide in share price with the same dismay as other holders. I considered selling when they made it down to 50 pence a few months ago. However, I decided against selling, just in case ...... Whether I will regret that decision (even more) - remains to be seen. The statement is very upbeat, but the market, unfortunately - is seldom wrong. Makes for interesting reading though: LONDON ASIA CHINESE PRIVATE EQUITY FUND LIMITED I am pleased to present the annual report and consolidated financial statements of London Asia Chinese Private Equity Fund Limited (the "Company") and its subsidiary (together the "Group") for the year ended 31 March 2008. Highlights • Net assets at 31 March 2008 £71.7 million (2007: £66.5 million), up 7.7% in the year; • Net assets equal to 143.32 pence (2007: 133.05 pence) per share; • Profit for the year £5.1 million, equal to 10.28 pence (2007: 36.75 pence) per share; • Profits of £1.7 million realised in the year from the sale of investments; • Other income of £1.1 million; • Investments up 63% on cost; • Appointment of Richard Battey as an additional Non-Executive Director and Diana Chen as Chief Operating Officer; and • Proposed change of name of the Company to China Growth Opportunities Limited. The Group has maintained its objective over the year of providing shareholders with capital growth from investing in a portfolio of companies whose business operations are based in China. Results Despite a very difficult business environment, your Group made solid progress during the year. The Group achieved a net profit for the year ended 31 March 2008 of £5.1 million, representing earnings per Ordinary Share of 10.28 pence. The net asset value at 31 March 2008 was £71.7 million (2007: £66.5 million), equal to 143.32 pence per Ordinary Share, an increase both over the 30 September 2007 net asset value of 136.71 pence and the 31 March 2007 net asset value of 133.05 pence. During the year the Group realised its entire holding in two investments and part of a third for £3.3 million at a very satisfactory profit of £1.7 million. The Group re-invested £2.5 million of these proceeds in June 2007 and now holds thirteen investments, which cost £44.4 million. At 31 March 2008 the investments had a fair value of £72.3 million (2007: £65.9 million), an unrealised gain of 63% on cost, and an increase of £6.4 million during the year. £9.5 million (13%) of the investments have been stated at original cost. Investments with an original cost of £34.9 million have been shown at a fair value of £62.8 million. Fair value was determined based on market price where the stock was quoted and there was deemed to be a liquid and active market, latest financing valuation where follow on financing was achieved, or a multiple of post tax profits for those investments illiquid, not quoted or re-financed. Of the thirteen investments, two were already listed in Singapore at the time we invested, and four floated on London's PLUS Market ("PLUS") post our investment. As at 31 March 2008, 49% of our investment portfolio (by fair value) was quoted on a combination of the Singapore Stock Exchange's Main Board and Catalist and PLUS. Investment Environment Since my appointment I have visited a number of portfolio companies and the Non-Executive Directors plan further portfolio visits in the fourth quarter of 2008. During the year, China's economy continued to record strong growth, though this has tailed off since the year end amid mounting concerns of the global slowdown, high commodity prices and inflation impacting Chinese growth. The Chinese Government adopted a policy of trying to dampen growth in order to reduce inflationary pressures and supply shortages, dampen speculation and attempt to allocate resources to more efficient, productive projects. These measures have included restrictions on lending by local banks, continuing controls on non-Chinese bringing money into China, and greater controls over licensing and permissions for projects. These measures have coincided with the global credit crunch and falling stock markets, with the Chinese stock market down over 50% from its October 2007 peak. This has resulted in a more difficult climate in which to realise investments, and to obtain new funding for our portfolio companies, particularly debt and structured finance, where it has been difficult to secure funding, or the terms are considerably less attractive than those previously available. This has had a significant negative impact on several of our investments, particularly the Singapore stock market listed water businesses, United Envirotech Limited and Asia Water Technology Limited, which are dependent on debt finance to expand their operations and saw considerable falls in value over the period and since the year end, which will impact on our 30 September 2008 half yearly results. China's rising currency, and a series of natural disasters, including some of the worst storms seen in decades and the Sichuan Earthquake, have also negatively impacted on China's economy and the performance of our investments. The diversion of central and local government resources to the disaster zones has led to delayed projects and payments for several of our investee companies. With the Olympics now behind us, the fallout from Sichuan settling down, and rumours that the Chinese Government is going to relax some of the previous controls introduced to damped the economy and bring in an economic stimulus package, it is to be hoped that conditions will ease going forward to counteract the impact of the expected slowdown in the global economy. Change of Company Name The Board is proposing changing the name of the Company at the Annual General Meeting to "China Growth Opportunities Limited", which better describes the Company's operations and structure. Operational Update The past year has seen a number of significant follow on financings for a number of our portfolio companies, as well as two complete and one partial realisation. There has been only one new investment, made in June 2007, compared to fourteen in the previous year, reflecting the shift in emphasis from investing to realising the value of the portfolio. 2 Annual Report 2008 LONDON ASIA CHINESE PRIVATE EQUITY FUND LIMITED During the year PricewaterhouseCoopers CI LLP were appointed as Independent Auditors. There have been a number of changes in personnel, as the Group moved from a period of raising and investing funds, to managing and realising investments. In June 2008 the Group appointed Diana Chen, based in Beijing, China, as Chief Operating Officer, with specific responsibility to ensure that adequate financial information is available from our portfolio companies to improve our own financial reporting. Diana is a qualified CPA and has worked in China for two of the world's leading accountancy firms. Following her appointment, we hope to be able to provide more regular reporting of net assets for the Group. I was appointed as Chairman on 24 July 2007, following the departure from the Board of Mr Manser and Mr Hill. I am pleased to welcome Richard Battey to the Board, as an independent non-executive Director. He is a Chartered Accountant, a Guernsey resident and has extensive experience of investment management. After the Company's AGM he will take over from me as Chairman of the Audit Committee. These appointments complete the re-organisation which I initiated in my first year as Chairman and I am confident that we have a good executive and non-executive team to take your company forward. The shares of the parent company of the Investment Consultant London Asia Capital Plc, were suspended from trading on AIM on 4 June 2008 as it was unable to publish its report and accounts. As at the time of writing this report, the suspension remains in place. The suspension of London Asia Capital Plc's shares has not affected the ability of the Investment Consultant to fulfil its duties to the Company. However, the Board is concerned that the suspension of London Asia Capital Plc's shares may have adversely affected the price of the Company's Ordinary Shares and Warrants. Outlook I am confident that the price at which the shares in your company trade on the AIM market in no way reflects the Group's true value. In the last year, we have seen very difficult market conditions stemming from the credit crunch and this has affected sentiment towards investment companies in emerging markets. It would be foolish at this stage to have a 'fire sale' of the Group's assets to prove that the business has significantly greater value than indicated by the current share price. Clearly however circumstances have changed since the flotation and we currently envisage more trade sale realisations than IPOs. We shall endeavour to achieve a few meaningful realisations or part-realisations in the next twelve months to demonstrate the quality of our portfolio. It is important to remember the growing domestic prosperity of China and the rise of a middle class – amply demonstrated by the recent Olympic Games. Our investments are not targeted at mass market, Chinese exporting companies. Our investment focus on clean technology, consumer products and services fits closely with the Chinese Government's objectives for the near and medium term. The solid investment performance of your company illustrates that there remain opportunities in the Chinese market for carefully selected businesses in the right sectors. Whilst other competing investments and markets have suffered, your portfolio is well placed to prosper in the medium term, however, due to current market conditions we expect the value of some of our investments to have fallen in the six months to September 2008. R Leighton 17 September 2008 Chairman's Statement
damanko: egoi, I think nick is correct, regarding the situation with CCEP. Also, the LCP NAV is already considered with great caution, the share price alone tells us that. Whatever, it'll be interesting to see how this pans out in a few years. Most ADVFN posters (but by no means all), don't seem to have the patience for this kind of time frame. Part of me thinks I've made a mistake by putting money into LCP, knowing what I did at the time, about London Asia. Anyway, time will tell....
egoi: Damanko, the LDC stake in CCEP - alone - appears to be worth the entire LDC market cap. So why is LDC suspended, unable to produce accounts on time, and announcing such negative RNSs? On the face of it including cash and all their investments I suspect LDC would have a nav of something like 10p a share. Yet it is suspended at under 3p. Given that some of the same people are involved in LCP I think the LCP nav must be considered with great caution - and I would personally factor in a very large discount into the share price for its management. PS: Cap, I agree with your comments re CNE, trouble is, we both thought that about CEG at one time!
damanko: As you (so rightly) say Buffin, FWIW .... I bought some of these early 2007, and carried on buying on a monthly basis for 6 months or so. I saw it as long term stuff then, and still do. However the tie in with London Asia always bothered me, I posted the comment (shown below), and didn't really get much in the way of an answer. I knew at the time that London Asia itself was regarded with suspicion by people in the City, you only have to look at the other BB thread to see that these suspicions appear to have been valid, and a lot of PI's will have lost money there. Although I remain a little wary of Simon Littlewood & the other people behind LCP, the business model still seems okay, & the news emanating from the fund is generally positive. Unfortunately the negative stuff coming from London Asia, in terms of RNS's & general BB comment - continues to have a drag on the LCP share price. If the NAV you mention is even 75% correct, the fund itself should prosper. Eventually. With current market sentiment though, it may take a year or so to sort all this out. From my post 116, a little over a year ago: "For those of you with decent knowledge of London Asia, is there an image / historical problem with the City boys? Doesn't seem very well regarded in the square mile, I just wonder if there is any particular reason?"
nickcduk: What a stunning deal. The share price of the investee company has gone up over 100% on the news. LDC have pulled off an exceptional investment here for the fund. Absolutely amazing.
robsy2: Here is what IC has to say; It's easy to confuse London Asia Chinese Private Equity (LAE) with its sister company London Asia Capital (LAC). Both have a similar management, their investment aims are the same, they share two common investments - and both their share prices have wilted because of regulatory changes in China. Advertising Starting in September 2006, the Chinese government brought in regulations to restrict the ability of non-Chinese investors to acquire assets in China. Tax preferences for foreign-invested businesses have been removed, and Chinese companies that accept foreign rather than local money risk being unable to list in China, where valuations can be much higher. These changes don't appear to be good news for LAE. But the company is putting on a brave face, saying that its portfolio will now be more valuable to outside investors. But the share price does not agree as yet - although a switch in emphasis from new investments to realising investments may change sentiment when it happens. LAE holds a number of Plus-listed shares; its largest shareholding at end-March 2007 was a £12.7m fair-value stake in China New Energy. It provides equipment to produce raw alcohol from which "edible alcohol", fuel ethanol and acetic acid can be produced. LAE does not think that its shareholders will want to follow the same course as those in its sister operation, which offers its investors direct shareholdings in Plus-quoted shares. LONDON ASIA CHINESE PRIVATE EQUITY FUND (LCP) ORD PRICE: 108p MARKET VALUE: £ 54.0m TOUCH: 107-109 12-MONTH HIGH: 124.5p LOW: 107.5p DIVIDEND YIELD: NIL PE RATIO: 3 Year to 31 Mar Net asset value (p) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p) 2007* 133.05 18.4 36.75 nil * 14 months. IC VIEW BuyAt this bombed out level, the shares are a speculative buy for the brave. Last IC View: Good value, 115p, 12 January 2007
robsy2: saw this on the ldc thread posted by Jellybean.looks interesting "e-mailed the company (i.e. LDC)last week got a bit of a standard reply saying that they were disappointed at the share price as well as the NAV was 14.7p on 31st Dec/ positive developments in the London Asia Chinese Private Equity Fund/LAC has a stake China EastSea which is looking to float on AIM in the fourth quarter."UNQOUTE I can't see any investmnt in China East sea, Anyone know anymore?
kamitora: so lcp will need to be 150p for a profit Yes, but obviously if the LCP price were 151 in five years, buying LCP would be better because the profit on LCPW is lower. There is a year 2011 price at which buying LCPW becomes more profitable than LCP per pound invested, possibly around 170 if some quick mental calculations are correct - I'd have to put the figures into a spreadsheet later to verify that. After that, the profits from LCPW grow exponentially more than an equivalent position LCP. The downside is they may expire worthless so the risk is much greater. The warrants should follow the shareprice of LCP fairly closely, but there is an time decay factor as the expiry nears. Movements in LCPW of course, will be greater than LCP.
gagner2006: thx, found that. In effect warrants to 2011 to subcribe for lcp share at 120p, currently costing 30p so lcp will need to be 150p for a profit. I think the warrants may follow the share price of lcp down, so a good investment but perhaps not immediately. What do you think Kam??
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