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.
