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Trading firm's financial irregularities and share suspension 16 March 2012

Worldspreads has confirmed its shares were suspended because of financial irregularities within its accounts.

The news comes after the departure of several senior figures from the board, including Conor Foley, the former chief executive officer of the group who left to ‘pursue other interests’.

Lindsay McNeile, who had been the non-executive chairman of both Worldspreads and of Worldspreads Ltd (the FSA regulated business), has become executive chairman for both companies with immediate effect.

In today’s statement to the London Stock Exchange, the company said that the group and its advisers are investigating the financial irregularities and said it has subsequently suspended its shares from trading pending its findings and clarification of the group’s financial position.

It added: “Given the uncertainty as to the outcome, Worldspreads is currently unable to assess its financial position, and inform the market accordingly, and considers the suspension to be appropriate.

“The group expects that the suspension will remain in force until such time as Worldspreads is able to determine with sufficient clarity the group’s financial position.”

The Group has notified the Financial Services Authority of these developments.

Dominic Bacon who has served since 2010 as general counsel and group head of compliance has been appointed to the board of Worldspreads with immediate effect.

Worldspreads confirmed yesterday that it is in negotiations with Roger Hynes, who was previously chief executive of Worldspreads Limited, in relation to his appointment as interim group chief executive of Worldspreads subject to terms and regulatory approval.

Additionally, following the announcement on 28 February 2012, regarding the resignation of Niall O’Kelly, chief financial officer, the group has released O’Kelly from his notice period and he has now left the group’s employment.

 

 

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