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Alltrue Investments
- BY: Andrew Hore |
- POSTED: 29/01/2010 |
Alltrue Investments says that its two subsidiaries intend to appoint joint administrators.
This news follows a review by the FSA of retail broker Montague Pitman’s activities in relation to the sale of higher risk shares. Alltrue owns 81% of Montague Pitman, which is an appointed representative of Alltrue’s other subsidiary Falcon Securities.
Alltrue says that Montague Pitman may have to pay compensation if any miss-selling claims are upheld. If Montague Pitman can’t pay the liabilities then Falcon, becomes responsible. The directors of the two companies believe that they do not have sufficient assets to meet all their potential liabilities.
On 26 January, Alltrue asked for its shares to be suspended pending clarification of the financial position of its two subsidiaries. The shares were suspended at 0.2p each, which valued the company at £490,000.
Alltrue will no longer have any trading activities. The company intends to publish a circular setting out its new investment policy. The shares should return from suspension when this happens.
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