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Astaire Group / Evolve Capital
- BY: Andrew Hore |
- POSTED: 26/05/2010 |
- COMMENTS: Add yours
Aim adviser Astaire Group is ending its consolidation strategy and majority shareholder Evolve Capital is loosening the ties between the two companies.
Astaire may end up being broken up because a sale of its main businesses is being considered. Evolve owns 53.6% of Astaire but does not want to be involved in its management.
On top of this Corporate Synergy, a dormant subsidiary of Astaire, has been hit by a claim from lawyers for Izodia for £4m plus interest. The former Aim-quoted software company was the subject of fraud.
Astaire, then known as Corporate Synergy, was involved in a concert party that built up a stake in Izodia in 2002. Edward Vandyk, who is stepping down from the board of Astaire and Evolve, and Astaire finance director Chris Roberts joined the Izodia board but left in a few weeks.
Orb bought out the other members of the concert party and ended up controlling the company and siphoning off the cash. Dr Gerald Smith was one of the main people involved in the fraud and he was eventually sentenced to eight years’ imprisonment and disqualified from acting as a company director for 15 years. As chief executive of the Farr construction group Dr Smith had been prosecuted in 1993 for stealing £2 million from its pension fund.
Accounting problems at asset management subsidiary Rowan Dartington scuppered the purchase of rival broker Hoodless Brennan and it is likely to prevent any further acquisitions for the time being – even if Astaire stays in its current form.
Chris Roberts has resigned as a director of Evolve, as has James Noble, who will become chairman of Astaire. Oliver Vaughan has resigned as chairman of Astaire but remains executive chairman of Evolve.
On 13 April, shares in Astaire were suspended at 3p each, which values the company at £6.22m. Shares in Evolve were suspended at 3.25p each on the same day. Evolve is valued at £5.8m.
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