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9 Mar 2012 07:00
9 March 2012
Gable Holdings Inc
("Gable" or "the Company")
Audit Partner
Under the UK Auditing Practices Board Ethical Standards that govern UK auditors, no partner should act as the audit engagement partner , for a listed company , for more than a five year period. Gable Holdings current audit engagement partner reached this five year period at the conclusion of the 2010 audit. Gable has requested that its auditor, Littlejohn LLP ("Littlejohn"), extend the rotation of its audit partner to enable him to continue with his role for an additional period of up to two years.
The rationale for this is that the Group has expanded into new areas of business over the last two years, and undergone significant changes in the business structure of the Group. In addition, due to the recent strengthening of the reporting functions within the Group, it is important to management that the audit team is fully aware of how the Group operates and understands the nature of the Group's business . This is particularly important given the new lines of business the Group has expanded into over the last two years . Management believe that a change of personnel at this stage is not in the Group's best interest and the quality of the audit function could be impacted.
Littlejohn LLP has agreed to this request and has also jointly agreed with the Company to introduce additional safeguards in the audit process to ensure that the audit function remains independent from management.
Ends
Enquiries
Gable Holdings Inc William Dewsall, Chief Executive | tel: +44 (0) 20 7337 7460 |
Panmure Gordon Paul Lumbis / Fred Walsh | tel: +44 (0) 20 7459 3600 |
Gable Communications Justine James / John Bick | tel: +44 (0) 20 7193 7463 +44 (0) 7525 324431 |
About Gable Holdings Inc
Gable is a European non-life insurance company underwriting a comprehensive range of specialist policies for the commercial sectors in the UK, France, Norway and Spain. Gable benefits from a low-cost online underwriting platform and the Company has continued to successfully grow its business geographically whilst simultaneously exploiting a range of niche insurance segments which exist across the EU.
Gable Holdings Inc is quoted on the London Stock Exchange's AIM market (ticker: GAH.L GAH.LN). For further information please visit www.gableholdings.com.
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