11 February 2012

New hope for China Evoline

18/03/2010 Robert Tyerman

AIM shell China Evoline is understood to be contemplating the injection of some Chinese mining assets.

Floated three years ago as ZTC Telecommunications, a mobile phone handset maker in South China, the company ran into problems after its former boss and majority shareholder and his brother-in-law, head of the company’s China operating arm, had gone missing after pledging ZTC shares as collateral for a personal loan. Chairman Frank Lewis, a South African originating entrepreneur and member of the AIM Advisory Group with a clutch of smaller company directorships, built China Evoline out of the husk of ZTC and has been trawling for deals.

Observers believe he could be close to clinching one in the People’s Republic’s mining sector. At 46p, China Evoline’s tightly held shares value the company at a mere £140,000, but could repay a punt.

Tags: AIM, Boardroom moves, Mergers & acquisitions

Sector: Technology Hardware & Equipment

Companies: China Evoline (suspended on 21 April 2010)

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