News blog
Orbis
- BY: Andrew Hore |
- POSTED: 18/12/2007 |
KPMG Corporate Finance has given notice to quit as Orbis’ nominated adviser following the resignation of the last non-executive director on the board.
The resignation will take effect from 17 March 2008 and Orbis, which protects unoccupied properties, will have to find a replacement nominated adviser by then or its shares will be suspended. Its quotation will be cancelled if it doesn’t appoint a replacement by 17 April.
Orbis is talking to a potential acquirer of its business and is also looking to restructure the company. It doesn’t look as though it will be good news for shareholders. “The Board considers it unlikely that either of these options will produce value for shareholders”, according to an announcement on 11 December.
Orbis shares fell 0.25p to 1.25p, valuing it at £170,000. At the end of March 2007 Orbis had net debt of £59.2m.
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