Paul Marks has resigned as chairman of pre-paid debit cards marketer - and apparent former owner of Cheque Express - Hertford International Group.
Trading in Hertford shares was suspended on 5 November 2009 at 4p each, when Hertford admitted that there was an ongoing deferred consideration dispute between itself and Provident Financial over the AIM-quoted company’s purchase of Cheque Exchange. This was followed five weeks later by the resignation of chief executive Lewis Findlay and finance director Adam Dougall.
That appears to leave business development director Alexander Lubin and company secretary Paul Seakens on the Hertford board.
There is still no statement about Cheque Express from Hertford, but it does not appear to own the business any more.
To quote the Provident Financial full year results announcement on 2 March 2010: “Following non-payment of the first instalment of the deferred consideration, the group exercised its charge over the ordinary shares and regained control of Cheque Exchange Limited on 1 November 2009”. This was in the notes to the finance company’s announcement.
Hertford was supposed to be paying a total of £3m for Cheque Exchange, with £1.9m deferred, according to Provident Financial. A payment of £1.4m was due in July 2009. The other £500,000 was due to be paid in two instalments of £250,000 in January 2010 and January 2011 respectively.
Hertford is likely to lose its AIM-quotation in less than one month unless the shares return from suspension.
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