Pre-paid debit cards marketer Hertford International Group is without a chief executive and finance director.
The resignations of Lewis Findlay, who was chief executive, and finance director Adam Dougall were announced at 5.33pm on Friday evening. Findlay was appointed in April 2008 but had worked for the main subsidiary since October 2007. He was the man behind the company’s expansion strategy.
Dougall joined Hertford in July 2008 and stepped up to the board in March 2009 after the acquisition of Cheque Exchange had been completed. Dougall was previously employed by Cantor Fitzgerald and investment manager Legg Mason.
There is an ongoing deferred consideration dispute between Hertford and Provident Financial over Hertford’s purchase of Cheque Exchange, which has been the UK super agency for MoneyGram since 2000.
Hertford was supposed to be paying a total of £3m for Cheque Exchange. The initial payment was £1.25m, with a further £1.25m payable six months later in July 2009. The other £500,000 should be paid in two instalments of £250,000 in January 2010 and January 2011. It is not clear if the July payment has been made because it was due after the most recently reported figures.
There was no additional news about the Cheque Exchange dispute.
Hertford shares were suspended on 5 November at 4p each, which valued the company at £1.94m. Hertford raised £1.67m after expenses at 20p a share when it joined Aim on Christmas Eve 2007.
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