10 November, 2014

Dear Shareholder

The Company held its 2014 Annual General Meeting on 3 September 2014. The Company's Chairman, David Buchler, chaired the meeting. In addition to Directors and Advisors there were approximately 30 shareholders present. The following 3 resolutions were put to the meeting:

  • To receive and adopt the audited accounts of the Company for the year ended 31 December 2013 and the reports of the Directors and Auditors thereon.
  • To re-appoint Moore Stephens as auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next general meeting at which accounts are laid before the Company.
  • To authorise the Directors to agree the remuneration of the auditors.

All the resolutions were passed unanimously on a show of hands at the meeting. A discussion then ensued regarding a possible distribution of funds to shareholders. It was confirmed that the Section 110 Scheme was still proceeding and meetings with the largest shareholder in Asia had proceeded satisfactorily. Lawyers had been engaged on both sides and it was hopeful that an agreement could be reached in the months to come. There were still a number of issues that needed to be resolved, but the principle of the Section 110 Scheme had been agreed by all parties.

It was agreed that shareholders would be kept informed regarding the progress of the Scheme.

Chairman's Office
London Asia Capital plc