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Astaire Group
- BY: Andrew Hore |
- POSTED: 13/05/2010 |
- COMMENTS: Add yours
Astaire Group’s bid for Hoodless Brennan has lapsed because it does not feel it will get approval from the FSA.
In April, Aim adviser Astaire admitted that there were unrecoverable debtors of up to £1.4m at its Rowan Dartington subsidiary. This has affected the financial status of Astaire.
Astaire says that the £1.4m is not client money. The broker will be able to make up any deficiency in Rowan Dartington’s regulatory capital from its own cash pile but the shortfall did affect solvency calculations required by the FSA for the Hoodless Brennan takeover.
Astaire had received acceptances of 99.85% of the share capital of Hoodless Brennan.
At 3p a share, Astaire is valued at £6.22m.
Astaire had net cash of £9.1m at the end of June 2009. The net asset value was £16.8m, or £12.3m excluding intangibles. These figures are likely to be lower now.
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