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Information for all shareholders
Whilst the board is continuing to pursue a potential transaction, shareholders should be aware of an issue, outside the control of the board, that has arisen and which the board is endeavouring to resolve.
The company has retained a prominent accountancy firm (understood to employ more than 7000 people) for several years to act as its outsourced accounts department, receiving invoices, paying creditors, liaising with the bank, etc. In this capacity, the accountancy firm has retained for safekeeping substantially all of the company's accounting records.
The board has been informed by the company's accountants that those records have been mislaid and are, in all likelihood, irrecoverable. The firm has assured the board that they have made exhaustive efforts, for quite some time, to recover these records, but they have admitted to the board that they have not been able to do so.
This severely hampers the company’s business plans. In particular, the company is effectively prevented from relisting on a Stock Exchange as it would be unable to satisfy financial due diligence without historic information readily available.
There is a procedure for seeking redress in these circumstances, and the board has triggered that procedure. The board has made it clear to the accountancy firm that it expects to be properly compensated, with the level of that compensation to be determined by experts. The board will provide further information to shareholders as that process progresses.
W - T - F!!
Thanks Fyoz. Already written this off so can’t get too upset about it but maybe some compo lol
From memery I think the MC when we delisted was about #2.5m. If we take the message at face value, that would be a tiddly amount for a large accountancy firm (or indeed their indemnity insurers) to cough up in compensation. Then, if the BoD aren't greedy (ha ha), we might just get our money back
Lots of if's and but's at this stage, however, a gimmer of light at the end of a long dark tunnel
If bod are not greedy!!!!!!!
No doubt the bod are making slow, slow and slow steady progress in recouping a few £ for us. Is anyone else surprised by the apparent inft position that all relevant paperwork is in the hands of the accountancy firm and can't be obtained in whole or significant part from other sources?
The accountants listed on the website are Azets (they're the auditors as well), a top 10 accounting firm with over 7,500 employees. Hard to believe that such an experienced outfit would have completely lost all the records, but I suppose in a digital world it is possible. So, are they going to own up to their negligence and do the right thing, or are they going to prevaricate, and hope they can somehow wriggle out of a large compensation payout? You'd think there'd be safeguards in place for this kind of event, some kind of arbitration to determine the compensation owed? But if INFT can show this has prevented them from clinching some kind of deal, then it could develop into a long drawn out legal bunfight
I was banned in Feb 2021