Shareholders Agree to De-List AsianLogic

HONG KONG – Come July 3rd, AsianLogic Limited stocks will no longer trade on London’s AIM.

In last Friday’s Annual General Meeting and Extraordinary General Meeting, shareholders of the Asian-focused gaming company, recently hit hard with an $11.9 million loss in its 2008 figures, have agreed to de-list from the London Stock Exchange market.

The last day of trading for AsianLogic will be on July 2.

In an earlier statement, AsianLogic Executive Vice Chairman Thomas Hall had voiced the proposal to de-list:

“The Board has unanimously decided to recommend delisting to the shareholders as we feel that the current economic environment means there is little benefit to AsianLogic and its shareholders in remaining listed. The delisting will reduce costs and management time associated with a listing on AIM and will enable AsianLogic to focus its operations to better service our shareholders, business partners and customers alike.”

On July 3, AsianLogic becomes a private company again and will try to rebuild.

In 2007, bullish about the prospect of online gaming in Asia where it has been active since 2007, AsianLogic listed on AIM with 111.62 pence per share, the first gaming company to do so in recent memory. Posting a promising return of $7.9 million in profits for 2007, its shares however careened in 2008 dropping more than 80% hurt by several factors including the worldwide recession. As of yesterday, shares for AsianLogic ended at 24.5 pence apiece.

Moving forward, AsianLogic hopes to move out of the wholesale betting business into the more profitable deposit-based one and projects to be in the black towards 2011.

In a previous announcement, Hall has previously stated that the Company is “repositioning the business by looking to dispose of its wholesale business and invest further into higher margin deposit and retail based products, as well as services and again we expect revenues to continue to grow.”

He had added in that previous statement:

“However, the capital expenditure, marketing and advertising spend required to grow this business means that profitability will be impacted throughout 2009 and into 2010. The global economic crisis has not helped our trading but we see continuing long term opportunity in our core Asian gaming marketplace.