CECU Cec Unet

    RNS Number : 2552L
  CEC UNET PLC
  07 January 2009
   

    7 January2009


    CEC Unet plc - "CECU" or the "Company"

    Following the resignation of the Company's nominated adviser, Hanson Westhouse Limited, on 17 December 2008 the Company is making this
announcement to inform shareholders of the consequences of the Company not having a nominated adviser and to assure shareholders that the
board of CECU is currently taking steps to determine the optimal route forward for both the Company and its shareholders.

    The AIM Rules dictate that an AIM company must retain a nominated adviser at all times and if an AIM company fails to have a nominated
adviser in place, the London Stock Exchange will suspend trading in the AIM company's securities. If within one month of that suspension the
AIM company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled. CECU's shares are
currently suspended from trading and if the Company fails to appoint a new nominated adviser by 17 January 2009 its AIM quotation will be
cancelled.

    Hanson Westhouse Limited was appointed on 29 September 2008, following the resignation of the Company's previous nominated adviser Blue
Oar plc on 26 August 2008. On 30 September 2008, the Company's shares were again suspended from trading on AIM, following a failure to
publish its interim report for the six months to 30 June 2008 (the "Interim Report"). The delay to the publication of the Interim Report was
due to the identification and investigation of certain errors in the Company's annual report for the year ended 31 December 2007.  

    Since its suspension from trading on AIM on 30 September 2008, CECU together with Hanson Westhouse Limited have undertaken an
investigation of the Company's historic transactions and of its ability to operate within the AIM Rules on an ongoing basis. Hanson
Westhouse Limited subsequently advised the Company of its resignation as nominated adviser to the Company. 

    Following the failures of Upstart Games and the China Business Post, CECU is now solely focussed upon developing its core mobile top-up
and payment business. As a consequence of the failings of the previous business ventures the Company has become reliant upon a small number
of its major shareholders for financial and strategic support. The Company is currently in dialogue with its major shareholder, China
Electronic Appliance Corporation ("CEAC"), and is in the process of considering whether it should seek an alternative nominated adviser.
Shareholders should also be aware that the board is considering whether it would be in the Company's best interests for the AIM quotation to
be cancelled and for the Company to seek a new public quotation when global markets are less volatile.
    The Board will write to shareholders again when it has determined how the Company will proceed.

    Chen Zhao Bin
    Chairman

    For further information:
    Jerry Niu
    CEC Unet plc                                           + 86 10 8776 2828

    Paul Quade
    CityRoad Communications                         +44 (0) 207 248 8010

This information is provided by RNS
The company news service from the London Stock Exchange
 
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