RNS Number:3926S
AEC Education plc
06 March 2007
For immediate release
Stock Exchange Announcement
6th March 2007
AEC Education Plc ("AEC" or the "Company")
Guidance on 2006 figures and appointment of new Managing Director
AEC gives guidance that the Directors now expect to report a pre-tax loss of
between #250,000 and #325,000 for the year ended 31st December 2006, when the
Company's final figures are released in April 2007. Trading in Malaysia during
the month of December 2006 was below expectation and in Singapore, a number of
student enrolments scheduled for December 2006 were deferred because of delays
in Immigration Control.
The Board have considered the funding requirements for the Company's operations
during 2007 and for the budgeted growth planned in the current year and confirm
that sufficient working capital is available to meet these plans. A number of
major shareholders in Malaysia and Singapore have also confirmed their
confidence in the future of AEC by indicating their support for funding any
potential synergistic acquisitions that may arise.
The Board have implemented action to reduce costs and is pleased to announce the
appointment of Mr. Peng Cheong Ho (normally called "David Ho") (aged 58) to the
Board of AEC as Managing Director responsible for the execution of the Board's
plans with effect from Tuesday 6th March 2007. This combined with the growth
now being seen from the developments completed last year gives the Board
confidence that the Company will return to profit in the current year.
David Ho graduated with an honours degree in Economics from the University of
Singapore in 1972.
David Ho is a Singaporean entrepreneur and has been involved with a variety of
businesses in Africa, Asia, China, Eastern Europe, India, Iraq and the USSR in
both an executive and a non-executive capacity. He started his career with
Citibank in Singapore in 1972 and subsequently built up his own company,
Windmill International, a bulk comodities and logistics business. He has
specific experience in the educational marketplace.
Matters for disclosure under Rule 17 of the AIM Rules with respect to the
appointment of David Ho as an Executive Director of AEC:
Full name: Peng Cheong (David) Ho
Age: 58
Current Directorships/Partnerships: Windmill International Pte Ltd
Educational Resources Pte Ltd
Savant Infocomm Pte Ltd
Infocomm Technologies and Education Pte Ltd
Playware Studios Asia Pte Ltd
Infotech Solutions Pte Ltd
KSP Investment Pte Ltd
Edutech Investments (India) Pte Ltd
Savant Infocomm Sdn Bhd
Windmill Forest Products Pte Ltd
AEC Edu Group Pte Ltd
Executive Jets Asia Pte Ltd
Executive Jets Asia (Charters) Pte Ltd
AEC Business School Pte Ltd
OLOL Management Services Pte Ltd
MOT Investments Pte Ltd
DJ Trustee Pte Ltd
Directorships/Partnerships held within the last 5 years:
There are no other matters which are required to be announced with regards to
this appointment as outlined under paragraph (g) of Schedule 2 of the AIM Rules.
-End-
Press enquiries:
Liam Swords, Chairman - AEC Plc  07775 787427
David Nabarro - Nabarro Wells & Co. Limited 020 7710 7400
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSKQLBBDXBXBBX
|