LED International Holdings Ltd Resignation of Nomad & Resignation of Director (7368E)
July 20 2016 - 7:18AM
UK Regulatory
TIDMLED
RNS Number : 7368E
LED International Holdings Ltd
20 July 2016
20 July 2016
This announcement contains inside information
LED International Holdings Limited
("LED" or the "Company")
Resignation of Nominated Adviser and Resignation of Director
The board of directors of LED announces that the Company's
nominated adviser, Allenby Capital Limited, has resigned with
immediate effect. Accordingly, the Company's ordinary shares will
remain suspended from trading on AIM, inter alia, pursuant to AIM
Rule 1, pending the appointment of a replacement nominated
adviser.
If the Company fails to appoint a replacement nominated adviser
within one month of today's date, admission of the Company's shares
to trading on AIM will be cancelled.
LED also announces that Stephen Weatherseed, Non-Executive
Director and Chairman, has today resigned from LED's board of
directors with immediate effect.
The Company continues to work on its half-yearly report in
respect of the six months to 31 December 2015. The board will
continue to examine options to achieve value for shareholders and
pursue a strategy of developing new energy related businesses,
including lease financing.
**Ends**
For further information:
LED International Holdings Limited
Stephen Chan - Chief Executive Officer +852 2243 3100
Notes to Editors:
LED International Holdings Limited and its subsidiaries
specialize in the provision of EMC contracts under which the group
(the "Group") installs energy saving products in its customers'
premises, including lighting and reactance filtering equipment
supplied by the Group, and the subsequent savings made by the
customers in their electricity charges are then shared between the
Group and the customers thereby enabling the Group to generate
recurring revenue rather than one-off sales revenue. Historically,
the Group's business has been the development, manufacture and sale
of low-powered light-emitting diode ("LED") display screens and
modules.
Under EMC contracts, the Group provides energy efficiency
solutions, including LED lighting, reactance filtering energy
saving and other energy efficiency solutions. Specifically, the
Group overhauls its customers' existing lighting and power
consumption systems (which are based on traditional lighting
technology and power generation equipment) with proprietary LED
lighting products, reactance filtering equipment and other
solutions provided by the Group. These energy efficiency products
are installed in customers' premises. The Group bears all the
upfront costs associated with the supply and installation of the
energy efficiency solutions and these costs are then recouped by
sharing in the monthly energy savings generated by the customers'
use of the energy efficiency solutions over the period of the
contracts. The Group receives revenue from customers on several
different payment terms including on a pre-payment, monthly or
quarterly basis.
For more information, please visit: http://www.led-intl.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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