| Carter & Carter shareholders left empty-handed |
|
|
| Friday, 21 March 2008 | |
|
The administrators of Carter & Carter have said that shareholders should not expect a penny.
The firm was a major provider of government-funded vocational training and outsourced services to large corporate organisations and SMEs. It had an extensive client list across a wide range of UK and global industry sectors, including retail, manufacturing and sport. The group's chief executive and founder Phillip Carter died in a helicopter crash in May 2007. Trading suspended Group director of business development Peter Marples and finance director John Green both resigned with immediate effect in October, after trading in the group's shares was suspended. A number of divisional managers also left the company. Carter & Carter's share price fell from around £12 before Carter's death to 82 pence when share trading was suspended in October. The group issued three profit warnings in October. On 2 October 2007 the firm asked for the trading of its ordinary shares to be suspended with immediate effect pending clarification of its financial position. In December it was £131 million in debt, a sum the board said was “likely to be higher than the current performance of the business is able to support”. Listing cancelled The company (LSE:CART) announced on 10 March 2008 that it had instructed its lawyers to file a notice of intention to appoint administrators over the company. Nicholas James Dargan, Dominic Lee Zoong Wong and Christopher James Farrington, all of Deloitte & Touche LLP, were appointed joint administrators the next day. Administrators have also been appointed to a number of the company's subsidiary companies. A request has been made to the UK Listing Authority that the listing of the company's ordinary shares on the Official List of the UK Listing Authority and the admission of its ordinary shares to trading on the main market for listed securities of the London Stock Exchange plc be cancelled. These cancellations are expected to take effect at 8.00 a.m. on Tuesday 25 March 2008. The joint administrators are working with the company's management team, the Learning and Skills Council, the Department for Work and Pensions and other interested parties to secure the ongoing survival of the group's businesses. "The joint administrators do not expect, however, that any value will be returned to the company's shareholders out of the administration," the firm said in a statement. Related articles Related links |
Subscribe to our weekly newsletter for top jobs, news and more
Digg it!
Post to del.ico.us
Seed in Newsvine
Post to Reddit
Post to Furl
Post to technorati
