Interim Management Statement

6 Mar 2007 09:52

AEC Education plc06 March 2007 For immediate release Stock Exchange Announcement 6th March 2007 AEC Education Plc ("AEC" or the "Company") Guidance on 2006 figures and appointment of new Managing Director AEC gives guidance that the Directors now expect to report a pre-tax loss ofbetween £250,000 and £325,000 for the year ended 31st December 2006, when theCompany's final figures are released in April 2007. Trading in Malaysia duringthe month of December 2006 was below expectation and in Singapore, a number ofstudent enrolments scheduled for December 2006 were deferred because of delaysin Immigration Control. The Board have considered the funding requirements for the Company's operationsduring 2007 and for the budgeted growth planned in the current year and confirmthat sufficient working capital is available to meet these plans. A number ofmajor shareholders in Malaysia and Singapore have also confirmed theirconfidence in the future of AEC by indicating their support for funding anypotential synergistic acquisitions that may arise. The Board have implemented action to reduce costs and is pleased to announce theappointment of Mr. Peng Cheong Ho (normally called "David Ho") (aged 58) to theBoard of AEC as Managing Director responsible for the execution of the Board'splans with effect from Tuesday 6th March 2007. This combined with the growthnow being seen from the developments completed last year gives the Boardconfidence that the Company will return to profit in the current year. David Ho graduated with an honours degree in Economics from the University ofSingapore in 1972. David Ho is a Singaporean entrepreneur and has been involved with a variety ofbusinesses in Africa, Asia, China, Eastern Europe, India, Iraq and the USSR inboth an executive and a non-executive capacity. He started his career withCitibank in Singapore in 1972 and subsequently built up his own company,Windmill International, a bulk comodities and logistics business. He hasspecific experience in the educational marketplace. Matters for disclosure under Rule 17 of the AIM Rules with respect to theappointment of David Ho as an Executive Director of AEC: Full name: Peng Cheong (David) Ho Age: 58 Current Directorships/Partnerships: Windmill International Pte Ltd Educational Resources Pte Ltd Savant Infocomm Pte Ltd Infocomm Technologies and Education Pte Ltd Playware Studios Asia Pte Ltd Infotech Solutions Pte Ltd KSP Investment Pte Ltd Edutech Investments (India) Pte Ltd Savant Infocomm Sdn Bhd Windmill Forest Products Pte Ltd AEC Edu Group Pte Ltd Executive Jets Asia Pte Ltd Executive Jets Asia (Charters) Pte Ltd AEC Business School Pte Ltd OLOL Management Services Pte Ltd MOT Investments Pte Ltd DJ Trustee Pte Ltd Directorships/Partnerships held within the last 5 years: There are no other matters which are required to be announced with regards tothis appointment as outlined under paragraph (g) of Schedule 2 of the AIM Rules. -End- Press enquiries: Liam Swords, Chairman - AEC Plc 07775 787427 David Nabarro - Nabarro Wells & Co. Limited 020 7710 7400 This information is provided by RNS The company news service from the London Stock Exchange