LDC London Asia

    RNS Number : 6158J
  London Asia Capital PLC
  05 December 2008
   

    London Asia Capital plc

    Cancellation of trading

    London Asia Capital plc announces today that it expects the Company's admission to trading on the AIM Market of the London Stock
Exchange ('AIM') will be cancelled with effect from 7:00am on 8 December 2008 pursuant to Rule 41 of the AIM Rules for Companies.

    The Company's shares will have been suspended from trading on AIM for a period of six months since June 2008. During this period, the
Directors have been unable to prepare and publish the Company's audited accounts for the year ended 31 December 2007 despite their best
endeavours.

    The Company will remain an unquoted company in the immediate term.  However, it is not proposed that the Company be re-registered as a
private company.  The Directors will diligently prepare and publish the audited accounts for the years ended 31 December 2007 and 31
December 2008 and will then consider the alternatives to restore liquidity in the Company's shares, or if thought preferable in the light of
market conditions prevailing at the time, the Directors will consider liquidating investments and returning cash to shareholders.  Any
further announcements will be made via the Company's website at www.londonasia.com. 

    Chief Executive, Keith Negal, said,

    "Since my appointment at the end of September we have put a great deal of effort into the preparation of the accounts and looked well
placed to meet the deadline.  However, determining the fair value of a number of material investments made by the Company has proved to be
more difficult than expected.  

    "We have also been in discussions with a number of parties, one of which we hope will be able to contribute to realising the value of
the business for the benefit of shareholders.  If these discussions do not proceed or if it is thought undesirable at the relevant time to
return to the public equity markets your board will consider other alternatives with the aim of maximising shareholder value.

    "In the meantime, the further strengthening of your Board by the addition of Tony Drury, who will be focusing on the corporate finance
business, and Toby Parker, who as Finance Director is conducting a thorough review of the accounts, can only serve to bring forward the time
at which we will be able to provide more information. It will be our priority to do so."

    Enquiries:

    Keith Negal
Chief Executive                                 Tel: 07917 406050


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