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ZTC Telecoms plc (ZTC)

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Friday 28 November, 2008

ZTC Telecoms plc

Director/PDMR Shareholding

RNS Number : 1917J
ZTC Telecommunications plc
28 November 2008
 

28 November 2008


ZTC Telecommunications Plc (the 'Company')


Further re disappearance of Charles Huang and director's dealing


The Board of ZTC Telecommunications Plc (AIM: ZTC) received notification on 27 November 2008 that, on 16 May 2008 and 3 June 2008, Mr Chaohui (aka Charles) Huang, CEO and majority shareholder of the Companycharged an aggregate of 68 million shares in the Company, which were registered in the name of Tomorrow's Focus Ltd, to Maiden Undertaking Ltd, a Hong Kong-based company (registered in the British Virgin Islands)as security for loans made to Tomorrow's Focus Ltd on the same dates and aggregating to a total of HK$27.39 million. The Company has received notification that these loans have not been repaid by Tomorrow's Focus Ltd in accordance with the applicable loan agreements which provided for repayment within 3 months of the advances.


The charging agreements purportedly entered into by Mr Huang would amount to dealings under the AIM Rules and should have been announced when made.  None of the purported agreements were previously notified by Mr Huang/Tomorrow's Focus Ltd either to the Company or any of the Board and the entering into them breached the Company's internal code of directors' dealings and the lock-in arrangements put in place at the time of the acquisition of what is today the Company's wholly owned subsidiary in March 2007, to which Tomorrow's Focus Ltd is party. 


Following the announcement made on 10 November 2008 regarding the current uncertainties in the Company as a result of the absence of Mr Huang and Mr Yang Ruqiang, the Company's General Manager, the Board has appointed legal advisers in China to act to protect the Company's assets to the maximum extent possible. The Board regrets to announce that the majority of the Company's Chinese workforce has been paid off by the local government authorities which took control of the premises previously operated by the Company's wholly owned subsidiary.  This action is reportedly not currently uncommon in the Shenzhen area where 50,000 jobs have been lost through factory closures.


A further announcement will be made in due course.



FOR ENQUIRIES:


ZTC Telecommunications plc

Mark Syropoulo, Finance Director

+86 21 6867 0012

Frank Lewis, Chairman

+44 7785 273 111


Fairfax I.S. PLC

Nominated Adviser & Broker

Adam Hart/Laura Littley

+44 20 7598 5368


Conduit PR

Jos Simson/Ben Way

+44 20 7429 6609



This information is provided by RNS
The company news service from the London Stock Exchange
 
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