News blog
London Asia Capital
- BY: Andrew Hore |
- POSTED: 01/03/2009 |
Aim-quoted investment company Brainspark is being employed to help sort out London Asia Capital.
London Asia lost its Aim quotation at the end of 2008 because it still had not published its 2007 figures.
Brainspark’s subsidiary, China IPO, is providing three directors for London Asia. Earl of Cromer, Professor Francesco Gardin and Dennis Bailey are the three men joining the London Asia board.
The deal has not been finalised but if London Asia returns to Aim at a valuation of more than £15m then China IPO will receive 43.65m London Asia shares - equivalent to 12% of the enlarged share capital. Brainspark also has an option to acquire 10m London Asia shares at 5p each.
London Asia shares were suspended at 2.875p each, valuing the company at £9.36m. The tangible net asset value of London Asia was £44m at the end of June 2007 but this will be much lower by now.
At 0.18p a share, Brainspark is valued at £580,000.
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