LONDON (Thomson Financial) - Subsea Resources has been publicly censured by
the AIM disciplinary committee for breaching five AIM rules, but has avoided a
fine in light of doubts as to its ability to continue as a going concern and
current need to obtain financing.
The shipwreck recovery company issued a statement accepting the committee's
findings, and pointing out that its board has undergone "significant changes"
since the matters referred to took place, from Sept 2005 to Oct 2006.
New controls were in place, it added.
It also said, further to December's H1 results when it said it required
financing in the first few weeks of 2008, that it is continuing to face
financial difficulties and is "urgently seeking further financing."
The company was found in breach of rule 10 over a statement it made about
the shipwreck it identified as 'Ella'; rule 11 over a failure to notify promptly
a new development concerning a change in the expectation of its performance;
rule 13 over a failure to notify promptly on funding received; rule 17 over a
failure to notify promptly a material change between SubSea's actual trading
performance and its forecast; and rule 31 on consulting its nominated advisor.
tf.TFN-Europe_newsdesk@thomson.com
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