News blog

Safeland

• BY: Andrew Hore |
• POSTED: 22/10/2012 |

Baker Tilly has resigned as auditor to property investor Safeland following the recent announcements that it had suffered £1.25m worth of fraudulent transactions.

Baker Tilly says that “the reason for the cessation of audit appointment was that following the identification by the directors of an alleged defalcation, an unmanageable conflict of interest has arisen, which has led to our resignation.”

At 7.25p a share, Safeland is valued at £1.22m. Even when adjusted for the loss from the fraudulent transactions, the most recent NAV was £7.8m, with net debt of £7.6m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2012_37.pdf