Daniel Stewart has replaced Arbuthnot as nominated adviser and broker to Otium Ventures, previously known as failed pre-paid cards business Hertford International Group.
Past failures have left Otium owing large amounts of cash relative to the size of the company. The completion of a CVA and proposed agreements with lenders will leave Otium with no short-term debt other than convertible loan notes. Loans are being converted at 0.04p a share.
There will be a cash balance of around £150,000 after the agreements go through.
Len Russell has resigned from the board after less than five months as a director.
Shares in Otium were suspended on 23 August at 1.5p each, which values the shell at £730,000.
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