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Astaire Group
- BY: Andrew Hore |
- POSTED: 21/05/2010 |
Lindsay Mair has resigned as managing director of Aim adviser Astaire Securities.
This follows its parent company Astaire Group’s failure to secure the takeover of rival Hoodless Brennan. The deal fell through because Astaire did not fell that it would get approval from the FSA.
That was because in April, 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.
Mair had previously worked at the firm when it was called Corporate Synergy, before moving to Daniel Stewart. He returned as managing director of Astaire Securities, then known as Blue Oar Securities, on 1 May 2009.
On 13 April, shares in Astaire were suspended at 3p each, which values the company at £6.22m.
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