The trading of Vantis’s shares has been suspended and chief executive Peter Jackson and partner Nigel Hamilton-Smith have resigned as directors.
UK audit and advisory company Vantis issued a statement to the London Stock Exchange saying its board is no longer certain it will continue to have sufficient funding to enable it to continue to trade on a going concern basis.
In accordance with Alternative Investment Market rules, trading in the company’s ordinary shares was therefore suspended pending clarification of its financial position.
Vantis also announces that Jackson and Hamilton-Smith resigned as directors on 12 June 2010.
Current finance director Steve Smith will take over all executive responsibilities until a replacement chief executive is appointed.
Both Jackson and Hamilton-Smith, who was a joint receiver of the Stanford International Bank, will retain their executive duties within the Vantis group of companies.
The suspension of Vantis’ shares comes two weeks after the company announced it was considering restructuring in order to reduce its level of debt.
Vantis, a member of HLB International, 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.