FFWD.L Regulatory News (FFWD)

27 Sep 2007 15:00

London Asia Chinese Private Equity27 September 2007 27 September 2007 London Asia Chinese Private Equity Fund Limited (the "Company") Temporary Suspension of Ordinary Shares and Warrants Due to unforeseen requirements resulting from the audit process, the Company'sauditors have not yet completed the audit of the Company's financial statementsfor the period ended 31 March 2007. The Board has determined that fair value isthe appropriate measure to value the Company's investment portfolio, inaccordance with the Company's requirement under the AIM Rules to report underInternational Financial Reporting Standards. In light of their difficulty indetermining the increase in value of certain investments in China, and havingregard to the fact that the portfolio is based overseas and consists of asignificant proportion of private businesses, the Company's auditors feel itprudent to obtain an independent valuation of the Company's investments byspecialists as part of the audit process. A suitably qualified third party isbeing appointed but the independent investment valuation will not be completedbefore the end of the month deadline as set out in the AIM Rules. The Board andthe Investment Consultant are working closely with the auditors to resolve theseoutstanding audit matters. The Board would like to remind investors that, as more fully documented in theAdmission Document, the Investment Consultant will only be paid any performancefee earned to the extent that the Company has realised profits. In accordance with the AIM Rules, the trading of all the Ordinary Shares andWarrants has been temporarily suspended pending the publication of the Company'saudited financial statements for the period ended 31 March 2007. I was appointed to the Board as Chairman on 24 July 2007. Whilst I am generallycomfortable with the Company's investments, the independent Directors haveinitiated a review of the implementation of certain operational procedures,which have also delayed the audit. The Board is committed to ensuring that theissues that impacted this year's audited financial statements will not affectfuture reporting deadlines. Meanwhile the results for the period ended 31 March2007 will be announced as soon as the audit process has been completed and thefinancial statements approved by the Board. Roy Leighton Chairman Enquiries to: John West/Andrew Dunn Hugh FieldTavistock Communications Collins Stewart Europe LimitedTel: 020 7920 3150 Tel: 020 7523 8350 This information is provided by RNS The company news service from the London Stock Exchange