(Alliance News) - Staffline Group PLC on Monday said PricewaterhouseCoopers LLP has resigned as the company's auditor and will not be participating in a tender process for a new auditor.
Shares in the recruitment company were down 6.8% at 152.82 pence each in London. PwC's resignation was effective from August 1.
"In the letter of resignation, PwC confirmed the reason they are ceasing to hold office is the company will soon be undertaking a competitive tender process for the position of statutory auditor and there was mutual agreement with the audit committee not to participate in this process following the completion of the company's audit for the year ended December 2018," Staffline said in a statement.
Staffline is holding is annual general meeting on September 11 and will publish its results for the six months to June-end on September 17.
In July, the firm successfully completed the open offer part of a critical fundraise worth up to GBP41 million. Without that, there was a risk it would go out of business.
Staffline (STAF)