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Fuse 8

  • BY: Andrew Hore |
  • POSTED: 05/09/2011 |

Fuse 8’s board has relieved its chief executive of its duties following an internal investigation and review that shows that the interim figures will be below expectations.

The share price has fallen by one-third to 15.5p, which values Fuse 8 at £1.95m.

The non-executive directors had previously asked the digital marketing agency’s boss to give them an update on the company’s performance and estimate for the rest of the year. This information was not supplied. The chief executive offered his resignation on 26 August but it was refused. Other issues were subsequently discovered.

The outcome for the full year may fall short of forecasts even though new business activity is strong.

Operational issues mean that Fuse 8 will not be able to push forward with its acquisition strategy in the medium-term. The board is considering cancelling the Aim quotation or selling the operating business and turning Fuse 8 into a shell.

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