Vantis in administration - Oh, the irony!
Vantis PLC has today appointed administrators. The shares remain suspended and trading in the shares is not expected to recommence.
Vantis has issued the following statement:
"The Board of Vantis announces that it has appointed administrators to the Group with immediate effect.
The directors have vigorously explored every available option to reduce the level of debt in the Group. However, given the lack of progress to date with these options and the Group's ongoing funding requirements, the Board has today appointed Chad Griffin and Simon Granger of FTI Consulting as Joint Administrators of the Group.
The Board also announces that Investec Investment Banking has today resigned as the Group's NOMAD and accordingly, under Rule 1 of the AIM Rules for Companies, if the Group has not appointed a new NOMAD by 7.00 a.m. on 30 July 2010 the admission of the Group's ordinary shares to trading on AIM will be cancelled. The Board has no current intention to appoint a new NOMAD."
There are rumours to the effect that TENON may purchase parts of Vantis and that other offices will be purchased by the partners resident in them.
Hopefully the employees' jobs will, for the most part at least, be preserved.
- Sole trader works on client site - home costs??? 79 1
- members of a guarantee company 133 2
- How to do a Sage Journal/s to put things straight? 268 7
- Sole Trader business bought by a Ltd Company 215 6
- Maximum AIA Claimable 254 1
- On track to get SA tax returns done... 294 10
- HMRC requesting information 333 9
- 2 Properties being rented 311 4
- SELF EMPLOYED HOME COSTS IF NOT THE HOME OWNER 203 2
- online 64-8 authorisation 177 3
- coding underpayments 149 5
- Property issues (tax) 219 4
- Small private limited company 125 2
- Snotty HMRC letter - result 558 6
- RTI 433 18
- Directors undrawn salary 593 22
- Rant (unrelated to accountancy) 936 29
- Sole trader renting property from self and co owner 270 1
- RTI notices 305 8
- Mileage allowance 1,061 7
- confusion about 286
- Competition time! 247
- Alternate 212
- hp versus contract hire versus lease purchase with balloon 209
- Tax treatment of lost partnership capital 184
- Recommend commission tracking software? 169
- VAT on advisory fuel rates 151
- Capital allowance claim 144
- Claiming Employment Expenses 143
- Partial exemption using standard method produced unfair result 134