LDC London Asia

    RNS Number : 4410U
  London Asia Capital PLC
  14 May 2008
   

    14 May 2008
    London Asia Capital Plc
    ("London Asia" or "the Company")

    Business Update

    London Asia Capital Plc (LDC) regrets to announce that following the de-listing of UK PLUS listed China Education Group ("CEG") last
Friday, the Company will take a charge in its 2007 accounts of up to *1.1 million to reflect the fall in the value of its investment in CEG
since 31 December 2006.

    Given the fall in the value of a number of the Company's listed holdings compared to the value at 31 December 2006, as well as a decline
in the performance of China Financial Services Inc, one of the Company's largest investments, and several of its other non listed
investments as the Chinese economy and stock market cool, the Company anticipates significant provisions against the value of its
investments in the accounts for the year ended 31 December 2007, which are likely to make the Company loss making for the year.

    Given the state of financial markets and the Company's current share price, the Board has decided not to go ahead with the launch of the
London Asia Clean Technology Fund ("the Fund"). The US$5 million commitment previously made by the Company to the Fund has been cancelled. 


    The Company expects to announce its results for the year ended 31 December 2007 in the second half of June.  The Company also announces
that it has changed its regiestered office with immediate effect to:

    Dove House
    Tregoniggie
    Falmouth TR11 4SN.

    George Allnutt, Managing Director, commented: "We are not aware of any of our investments having been directly impacted by the recent
earthquake in China, and our thoughts are with those affected by the disaster.

    "Following the cooling off of stock markets in China in the latter part of 2007 and since, the slowing of the global economy and the
impact of the global credit crunch, a number of our investments have seen significantly harder trading conditions, which have impacted on
their profits, and consequently the value at which we hold them in our accounts. Our listed investments, particularly those listed in the
UK, have also suffered significant falls in value compared to their 2006 valuation.

    "As previously announced, the Board is focused on realising the value of the existing investment portfolio, in order to reduce the gap
between the Company's share price and net assets per share, and has therefore decided not to launch the Fund. We are scaling back all
operations, with the Company's Clean Technology Division, along with most of the offices in China, closed and operations wound down."  

    For further information, visit www.londonasiacapital.com, or contact:

    London Asia Capital:
    George Allnutt                              Tel: 01326 377712

    Seymour Pierce Limited:
    Jonathan Wright/Matt Thomas      Tel: 020 7107 8000

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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