Temporary suspension pending ‘clarification of the company’s financial position’
Trading in shares of real-estate insurance broker Allanfield Group has been temporarily suspended on the London Stock Exchange’s Alternative Investment Market (AIM).
In a stock exchange announcement, Allanfield said the shares had been suspended at 13.05 today “pending clarification of the company’s financial position”.
The company revealed on 21 November that it had overstated revenue and profit before tax for the full 2010 and 2011 years, as well as the six months to 30 June 2012.
The company said at the time that the overstatement was caused by introducer fees being incorrectly charged to its profit and loss account.
Allanfield estimated that it had overstated of revenue and profit before tax by approximately £240,000 in 2010, £400,000 in 2011 and £195,000 in the six months to 30 June 2012. The cumulative impact was an understatement of trade and other payables by approximately £835,000 as at 30 June 2012 and to overstate retained earnings by the same amount.
It is not clear if the trading suspension and the overstatement are connected.
Allanfield floated on AIM on 18 August 2011.
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