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Alltrue Investments / Wills & Co
- BY: Andrew Hore |
- POSTED: 26/01/2010 |
- COMMENTS: Add yours
Alltrue Investments has asked for its shares to be suspended pending clarification of the financial position of its two subsidiaries.
The shares have been suspended at 0.2p each, which values the company at £490,000.
Just before Christmas Alltrue said it was reviewing the future of its businesses. Corporate broker Falcon Securities was trading at around break even but retail broker Montague Pitman’s performance was deteriorating.
Montague Pitman was formed in March 2007 and Alltrue took an initial 57.9% stake. The initial management team was Richard Beese, David White and Thomas Knifton, the son of Alltrue chairman Leo Knifton.
Montague Pitman is an appointed representative of Falcon.
Both businesses are still trading according to the FSA website (http://www.fsa.gov.uk/register/firmSearchForm.do).
This follows the news that small broker Wills & Co has stopped trading. The Financial Services Authority will not allow Wills to “dispose of, deal with or diminish the value of any of its assets” without its permission. That effectively means that Wills can’t trade.
Wills can pay fees and expenses incurred in the course of ordinary business. Wills is thought to have consulted insolvency advisers but it insists that it is still solvent. The tough smaller company environment means that Wills has been losing money.
Wills has been involved in raising cash for mining companies DiamondCorp, Berkeley Mineral Resources, Noventa and Conroy Diamonds & Gold in recent months.
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