Sunday, 20 December 2015

J McClean , Fraud or fiasco ? 20 /12/ 2015

Sorbic’s Chinese CEO refuses to give back £8m

The  Chinese chief executive of Sorbic International, an Aim-quoted food additive business operating in Shandong province, has refused to hand over nearly £8m of the company’s cash and is continuing to control its day-to-day operations.
Non-executive directors of Sorbic — one of about 50 Chinese companies quoted on the London Stock Exchange’s junior market — tried to wrest control of the company from Wang Yan Ting, the group’s chief executive, late last month. They removed him from office and replaced him as the company’s legal representative in China

Ninety Plc 
('Ninety' or 'the Company')
Proposed acquisition of Honour Field
Proposed Placing of 320,166 New Ordinary Shares at a price of 75 pence per share
Proposed 1 for 60 Share Consolidation
Proposed change of name to 'Sorbic International plc'
Notice of Extraordinary General Meeting

The Board is pleased to announce that the Company has conditionally agreed to acquire the entire issued ordinary share capital of Honour Field for a consideration of up to £20.12 million, payable in New Ordinary Shares, 9,860,000 to be issued on Completion and up to a further 10,300,000 to be issued conditional upon Honour Field achieving a minimum audited net profit after tax for the financial year ending 31 December 2008 of RMB60 million, £4.38 million (£1: RMB 13.71) and against which the Deferred Shares will be allotted. The total consideration includes 6,666,666 New Ordinary Shares issued on conversion of the Albany Convertible Loan and the Hermes Convertible Loan. FinnCap is nominated Adviser and Broker to Ninety Plc.

Certain definitions and terms apply throughout this announcement and your attention is drawn to the table at the end of this announcement where these definitions and terms are set out in full.

  • The acquisition will provide Ninety with a well established and proven business in the PRC which produces Sorbic Acid and Potassium Sorbate and with customers in over forty six countries. Honour Field will also provide the Company with a profitable business with the opportunity for continued commercial development and sustained long-term growth, under an experienced local management team. In the six months ended 30 June 2008 LVST made profit before tax of £2.26 million.


  Many shareholders are waiting on Mr J McClean`s next move . After persistently underperforming the market via Albany Capital , Sorbic International , China Food Co , Naibu Global & Aquatic Foods . 
Can he find some sort of redemption by returning funds to impoverished investors .
   We all wait to see if he can become Honest John & restore his reputation .

         And May

Shareholder update dated 23rd December 2015

 Issue of loan stock and update On 22nd December 2015 the Company issued £60,000 of new loan stock to cover the working capital requirements of Sorbic International plc whilst negotiations continue with Mr Wang Yan Ting ('Wang'). During the autumn there have been a number of discussions both with Mr Wang and the Chinese government authorities and officials to find a resolution. Negotiations are continuing and it is anticipated that there will be a further shareholder update within the next 8 weeks. Again, I must alert shareholders to the fact that any announcement may be read by either Mr Wang or his advisers. Finally, I can confirm that John Gunn, Piers Monckton and Les Allen have joined the Board and that the Company's actions to date have had the complete support from all the Board.

 John McLean Chairman

 The wait continues

John McLean is executive Chairman of China Food Company plc, the 9th largest manufacturer and seller of soya sauce in China and is also Non-executive Chairman of Sorbic International Plc, the leading Chinese sorbate producer and distributor.
John has more recently he has been appointed to the boards of the China Britain Business Council (CBBC) as a non-executive director and as Chair of VSO China. John is a Chartered Accountant and was previously with Coopers & Lybrand in both London and New York before moving in to the corporate arena in the 1990's.

 The wait continues ............................................  

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