WH Ireland has resigned as nominated adviser and broker to shell company Crucial Plan.
Crucial Plan shares were suspended on 30 October 2008 at 0.33p a share, which values the shell at £170,000. The company had not released its annual report for the year to April 2008.
The company’s auditors still have not completed their audit of the full year figures or the interim results for the six months to October 2008.
The sale of The Borrowdale Gates Hotel, Crucial Plan’s only business, raised £1.7m in September 2008. At the end of October 2007 the balance sheet value of the hotel was £1.83m.
The board said that it was going to repay borrowings of £1.3m from the proceeds of the disposal.
Crucial Plan intended to change its strategy and invest in the minerals, precious metals and resources sector. This is an area where the board has experience.
Rafael Scolari resigned as a director on 16 December 2008.
That leaves Mike Neville and John Liwosz on the board. Both men are directors of Minmet, which recently left Aim. Its leaving coincided with Aim public censuring the company for a number of failures to comply with Aim rules. However, these events happened prior to Neville and Liwosz becoming directors.
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