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Shares suspended amid going concern worries
Trading in Vantis shares on the AIM has been suspended today. Vantis have said:
"Suspension of shares from trading on AIM
As has been previously announced, the Board of Vantis has been focussed on reducing the Company's level of debt. The Board now announces that, although discussions continue in relation to the disposal of certain of the Company's assets as well as with both potential new investors and its debt providers, it can no longer be certain that it will continue to have sufficient funding to enable it to continue to trade on a going concern basis. Accordingly, in accordance with the AIM Rules, trading in the Company's ordinary shares has been suspended pending clarification of its financial position.
A further announcement will be made as and when appropriate.
Board changes
The Board of Vantis also announces that Paul Jackson and Nigel Hamilton-Smith resigned as directors of Vantis plc on 12 June 2010. Steve Smith, currently Finance Director, will take over all executive responsibilities until a replacement Chief Executive is identified. Mr Jackson and Mr Hamilton-Smith will retain their executive duties within the Vantis group of companies."