Zimmerman Adams has resigned as nominated adviser and broker to New Media Lottery Services, following the departure of three non-executive directors in three weeks.
Nigel Blythe-Tinker, Jane Dresner Sadaka and Lord Benjamin Mancroft have all stepped down from the board in the past three weeks. Paula Horan resigned at the beginning of january 2009. According to the company’s website that leaves chief executive John Carson and the 81 year old Milton Harry Dresner on the board.
Zimmerman Adams was appointed as nominated adviser and broker on 20 November 2008 so it lasted less than four months. Jane Dresner Sadaka lasted little more than six months as a director.
Shares in NMLS were suspended at 1.125p each, valuing the company at £280,000. NMLS has one month to find a replacement.
Loss-making NMLS generates revenues from the Rehab charity lottery in Ireland.
The finances are weak and continued losses will make things even worse. Net bank debt was €1.88m at the end of October 2008. On top of that NMLS has raised €2.45m via a secured convertible loan from Trafalgar Capital Specialized Investment Fund.
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