AsianLogic Limited (ALL), based in Hong Kong, operates land-based sports betting outlets in the Philippines and is the Asian distributor for ID Games’ slot machines and bingo machines and Videobet’s server-based games. The Group maintains online gambling licences in Alderney, the Philippines (through CEZA) and Curacao. Today the company has announced it proposes the cancellation of admission to trading on AIM.

A strategic review was undertaken in February and ALL has now resolved that, subject t shareholder approval, it will cancel admission of its Ordinary Shares from trading on AIM. Trading in the Ordinary Shares has been very low – 170 days in the twelve months to 26 May when there have been none traded. ALL considers that under the present market conditions it is unlikely that it will need or be able to raise money through a new share issue.

The Board believes that there is a limited investor appreciation of the Company's business areas and an increasing difficulty in attracting and maintaining institutional investors in the Company, particularly in the current economic environment. In light of the limited trading in the Ordinary Shares, the tangible costs associated with maintaining the AIM quotation is disproportionately high when compared to the benefits and the Directors consider that these funds could be better utilised in running the business.

The Board has accordingly concluded that it is in the best interests of Shareholders as a whole that the De-Listing be approved. Under the AIM Rules for Companies, the De-Listing can only be effected by the Company after the passing of a resolution approved by at least 75% of the votes cast by Shareholders in general meeting, and the expiration of a period of twenty Business Days from the date on which notice of the De-Listing is given. (E-05.27.09)

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