Accounting errors lead to Hat Pin suspension and director resignations
Friday, February 08, 2008
Trading in Hat Pin shares was suspended this morning after the company found accounting errors at one of its subsidiaries.
In a statement the company said the findings were likely to cause its 2007 preliminary results to be “materially worse” than previously indicated. The company had already warned that profits were likely to be around 25% below market expectations.
Chief executive Angela Campbell-Noe and finance director Paul Billett have indicated their intention to resign from the company once the preliminary results have been published, following an ongoing audit.
Hat Pin said there was no suggestion or evidence of fraud, or wilful deceit connected with the accounting problems and that the underlying trading position of its three operating businesses was still fundamentally sound.
The company added that its principal bank had indicated that it wished to continue to provide facilities, subject to the audit providing satisfactory answers to certain questions that have been raised by the bank.
Terry Hitchcock, currently non-executive chairman, has assumed the role of executive chairman with immediate effect.
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