AGM Statement
08 Agosto 2008 - 4:33AM
UK Regulatory
RNS Number : 9525A
Natsun Holdings Limited
08 August 2008
For Immediate Release 8 August 2008
Natsun Holdings Limited
("Natsun" or "the Company")
Annual General Meeting : 2008
& Trading Update
Natsun Holdings Limited, (AIM:NTS), the integrated worsted fabric and garment producer, held its Annual General Meeting at Nanshan
Industrial Park, Longkou, China earlier today. All resolutions put to shareholders were duly passed.
During the Annual General Meeting Mr. Song Jianbo, Natsun's Chairman, made the following comments:
"The flotation of Natsun marks a leap in the Company's development as we evolve further as a global supplier of quality textiles. Our
status as an AIM quoted company with improved corporate governance and financial controls has helped raise our profile with customers,
suppliers and employees and our new worsted wool factory will make us one of the leading compact spinning fabric manufacturers in China. We
have been able to market our brand name internationally, particularly in Europe, provide new funding capacity to expand the Company's
production facilities, and to incentivise key employees through the introduction of a share option plan. Our key focus will be to create
greater value for our shareholders going forward.
"Although 2007 was a demanding year for us, particularly due to the increased wool prices, with the joint efforts of all staff, and the
support of our customers, we met our financial targets.
"As reported at the time of our full year results, announced in June, 2008, the current financial year continues to be demanding as the
challenges faced in 2007 such as cost demands continue. Whilst management are striving to take measures to alleviate these pressures over
the next few months the first half trading up to the end of June 2008 has been disappointing. The Company was loss making for the first 5
months of the financial year; however it expects to have fully reversed these losses during the month of June. The Board therefore expects
the Company to achieve a breakeven position for the six month period ended June 2008.
"Natsun is due to announce its Interim results in September 2008. At this time the Board expects to provide a full update on current
trading and full year expectations."
For further information please contact:
EVOLUTION SECURITIES LIMITED Tel No: +44 (0) 20 7071 4300
(Nominated adviser)
Bobbie Hilliam
EVOLUTION SECURITIES CHINA LIMITED Tel No: +44 (0)20 7220 4850
(Financial adviser and broker)
Barry Saint
Esther Lee
BUCHANAN COMMUNICATIONS Tel No: +44 (0)20 7466 5000
Lisa Baderoon
Mary-Jane Johnson
Robin Haddrill
This information is provided by RNS
The company news service from the London Stock Exchange
END
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