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ZTC Telecoms plc (ZTC)

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Monday 10 November, 2008

ZTC Telecoms plc

Further re Temporary Suspensi

RNS Number : 8080H
ZTC Telecommunications plc
10 November 2008
 

10 November 2008


ZTC Telecommunications Plc (the 'Company')


Further re Suspension


The Board of ZTC Telecommunications (AIM: ZTC) regrets to announce that Mr Chaohui (aka Charles) Huang, CEO and majority shareholder of the Company and Mr Yang Ruijin, the Company's General Manager have been absent from the Company and uncontactable since Wednesday, 5th November 2008.


Unfortunately, in this period of heightened uncertainty this unexplained absence of key personnel has destabilised the Company's employees and creditors and may have resulted in the removal of some of the Company's assets from its factory site in ShenzhenChina. The local authorities have subsequently moved to take control of the situation and have sealed the factory and its buildings.


In the meantime, the Board has quickly moved to secure the support of the remaining key management and is in the process of selecting local legal counsel to ascertain the options available to the Group to best optimize the interests of the Company and its employees.


Given the uncertainty relating to the above matters, the Company has requested that trading in its shares on AIM should continue to be suspended. The Board is undertaking every effort to resolve these issues and to allow trading to resume in the Company's shares.  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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