Led International Holdings Regulatory News (LED)

1 Jun 2009 08:05



1 June 2009

LED International Holdings Limited

(the "Company")

Change of adviser and Board changes 

LED International Holdings Limited (AIM: LED) and its subsidiaries specialise in the development, manufacture and sale of LED modules and other LED products such as LED screens, advertising displays, outdoor signs, lamps, lighting and building illumination. The board of directors of the Company (the "Board") is pleased to announce a number of key appointments, with immediate effect.

Appointment of Nominated Adviser

The Board is pleased to announce the appointment of Strand Partners Limited ("Strand Partners") as the Company's nominated adviser ("Nomad") and broker.

The Board approached Strand Partners for informal advice several weeks ago and has, as a result of this advice, taken a number of measures to strengthen the Board, its advisory team and corporate governance procedures. These measures include, inter alia: 

Strengthening the Board through the appointment to the Board of Stephen Chan as Chief Financial Officer who will join the Board with immediate effect. The Board is also finalising the appointment of a further non executive director and an announcement regarding this will be made in due course;

Strengthening its advisory team, via the appointment of Strand Partners as its Nomad and Broker and Hammonds LLP as its retained legal adviser on matters relating to UK and Hong Kong law; and

Strengthening corporate governance procedures, improving the flow of financial, and other key information, between operational management and the Board and the Board's advisers.

Appointment of Executive Director

Mr. Stephen Chan Wing Bun has been appointed to the Board as Chief Financial Officer of the Company, having joined the Company in February 2009, and has assumed prime responsibility for its finance and regulatory functions.

Prior to joining the Company, Mr. Chan advised on a number of corporate transactions, including M&A, restructurings and IPOs during his time with LehmanBrown CPA Co., Ltd. Prior to this he was the Finance Controller of Avnet Sunrise Ltd, a wholly-owned subsidiary of Avnet Inc, a global fortune 500 company operating in the electronics industry, where he performed a number of financial and regulatory based roles. 

Mr. Chan began his accountancy career at Grant Thornton before moving to Deloitte Touche Tohmatsu in Hong Kong. He is CPA qualified in Hong Kong and ACA qualified in England and Wales. Other professional qualifications he holds include ACCA (1992), AHKSA (1993) and FCCA (1999). He was educated at Hong Kong Baptist University and later received an International Master of Business Administration from the University of South Australia. He has recently completed an LLM at the Renmin University of China.

Thomas Li, Chairman of the Board, commented, "In making the above change to the Board, the Board's advisory team and the Company's corporate governance procedures, the Company has significantly strengthened its financial management and strategic decision making functions. This provides solid foundations on which to grow and develop the business in the future".

**Ends**

For further information:

Notes to Editors:

LED International Holdings Limited and its subsidiaries specialise in the development, manufacture and sale of low powered / low maintenance LED screens and other LED products such as outdoor signs, lamps, lighting and building illumination. The screens are manufactured in a 'building block' format to a specific design, which allows screens to be assembled to suit a customer's size and definition specifications.

This design also ensures that the screens are relatively easy to transport and assemble. Based in Hong Kong, the Company's primary market has been the People's Republic of China ('PRC'), but it has also supplied end products to Macau, Japan and the USA. Part of the Company's strategy in 2007 was to widen its customer base to markets outside PRC.

The Company was originally listed on AIM, a market operated by the London Stock Exchange, on 23 October 2006. For more information, please visit: http://www.led-intl.com

Additional information

Information disclosed in accordance with Schedule 2(g) of the AIM rules:

Executive Director: Stephen Chan Wing Bun

Age: 44

Current Directorships

LehmanBrown CPA Co., Ltd. (formerly Stephen W.B. Chan Co., Ltd., C.P.A.)

SWBC Consulting Ltd. (formerly SC Consulting Ltd., Clever Well Ltd.)

SWBC Properties Ltd. (formerly Profit Up Ltd.)

Past Directorships

SWBC Investments Ltd.

SWBC Capital Ltd.

AgriChina Holdings Ltd.

AgriChina International Trading Ltd. (formerly Leadwave International Ltd.)

AgroChina Holdings Ltd.

AquaChina Holdings Ltd.

VictualChina Holdings Ltd.

Alliance Petroleum Co. Ltd.

There are no further details in relation to the above appointments which require disclosure under paragraph (g) of Schedule 2 to the AIM Rules.