News blog

Resources In Insurance Group

• BY: Andrew Hore |
• POSTED: 23/12/2013 |

Zeus Capital has resigned as nominated adviser and joint broker to Resources In Insurance Group (RIIG) following the insurance services provider’s administration.

FRP Advisory is the firm that has been appointed as administrator because RIIG could not meet its payment plan to the HMRC. The arrears became payable in full.

The operating businesses are all owned by subsidiary RiIG Ltd. 

Barry Whyte, who was a founder of the business, and Robert Mitchell have resigned as directors.

Trading in the shares was suspended on 10 September at 0.21p, valuing the company at £819,000.

Peterhouse remain broker to RIIG and there may be scope to turn the company into a shell if the balance sheet can be restructured.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFDecember2013_51.pdf