ZTC Ztc Tele.

    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 Company, charged 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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