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June 3, 2010

Vantis considers restructuring

UK audit and advisory company Vantis is considering restructuring in order to reduce its level of debt.

The company’s board has announced negotiations with potential investors and preliminary discussions with debt providers are in progress.

Vantis’s banks have confirmed their support for the board’s exploration of options to improve the financial position for the company and its shareholders.

Vantis, a member of HLB International, is listed on the London Stock Exchange’s Alternative Investment Market and has about 1,000 staff throughout the UK.

The company received a going concern warning from its auditor Ernst & Young in February due mainly to payment problems stemming from insolvency work on Stanford International Bank.

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