ZOL.L Regulatory News (ZOL)

27 Dec 2007 07:50

Crosby Capital Partners Inc27 December 2007 December 27 2007 CROSBY CAPITAL PARTNERS INC.("Crosby") IB Daiwa released from Kanri Post Crosby is pleased to announce that on 26 December 2007 the Jasdaq stock exchangeannounced that, effective from 27 December 2007, the shares of IB DaiwaCorporation ("IB Daiwa") will be released from the Kanri Post to resume normaltrading. An English translation of IB Daiwa's announcement relating to therelease of its shares from the Kanri Post is given below. A copy of the textcan be found on IB Daiwa's website - www.ibdaiwa.co.jp. Crosby owns, through two wholly-owned subsidiaries, 86,700,000 shares in IBDaiwa, representing 20.33% of the issued share capital. 26 December 2007 Name of Company: IB Daiwa Corporation Representative: Seiki Takahashi President and Representative Director JASDAQ Code No.: 3587 Contact: Keiko Toyoshima Chief Officer, Investor and Public Relations Tel: 03-3264-1378 (General) http://www.ibdaiwa.co.jp/ Announcement of Release from Kanri Post and Submission of Kaizen Report IB Daiwa Corporation (the "Company") announces that, as in today's announcementmade by Jasdaq Stock Exchange ("Jasdaq"), the Company's shares which have beenassigned to Kanri Post of Jasdaq since 3 February 2005 will be released fromKanri Post effective 27 December 2007. In relation to this, Jasdaq has demandedthe Company to submit a Kaizen Report (improvement report) on or before 15January 2008. 1) Background of Kanri Post Assignment The Company's shares were put in Kanri Post on 3 February 2005 by Jasdaq,indicating the shares would be undergoing review for delisting. The decisionwas based on Jasdaq's judgment that the Company lacked the ability to makeappropriate disclosures, arising as a result of the release of two conflictingstatements related to changes made in respect of the Company's representativedirectors on 17 January 2005. The Company replaced the management on 24 June 2005 at its 60th Annual GeneralMeeting of Shareholders and continued its efforts to strengthen its internalcontrol systems including disclosure system. Despite of such efforts, therearose two delays in disclosures, one of which was on the decision to acquire asubsidiary made in June 2005 and the other was on the change in majorshareholders which occurred in December 2005. Such delays have led to tworemarks made by Jasdaq on its website questioning the Company's ability to makedisclosures in a timely manner. 2) Kanri Post Release and Submission of Kaizen Report The Company has taken the above situations very seriously and strived to furtherstrengthen its internal control system. These efforts have led to Jasdaq'sdecision to remove the Company's shares from Kanri Post effective 27 December2007, indicating the Company's delisting risk has become remote. In relation to the above Kanri Post release, based on its belief that theCompany requires continuous improvements in its internal control, Jasdaq hasdemanded the Company to submit a Kaizen Report stipulated in clause 1 of section23 of Timely Disclosure Rules of Jasdaq, on or before 15 January 2008. The Company will put together the plans for continuous improvements in itsinternal control systems including disclosures in a Kaizen Report and submit toJasdaq on or before the deadline. The Company will continuously make efforts tofurther enhance its internal control systems based on such plans, and remainfocused on regaining the trust and confidence of the market. ABOUT CROSBY CAPITAL PARTNERSCrosby is a leading independent deal-focused, Asia-oriented merchant banking andasset management group. Crosby's shares are quoted on the AIM market of theLondon Stock Exchange. Further details about the Group can be found on theGroup's website - www.crosby.com. For more information please contact:Steve Fletcher, Chief Operating Officer +44 20 7590 2800 This information is provided by RNS The company news service from the London Stock Exchange