A receiver has been appointed to the Irish-based financial spread betting company WorldSpreads Group , following the appointment of administrators to its main business last week.
Trading in the company's shares was suspended last week, and a statement from WorldSpreads today said it was not anticipated that there would be any return to its shareholders following the receiver's appointment.
Earlier this week, sources confirmed to RTÉ that the City of London Police was being asked by Britain's Financial Services Authority to investigate alleged financial irregularities at WorldSpreads.
WorldSpreads Limited entered administration last weekend following suspected misuse of client funds. KPMG has been appointed as administrator and has warned there is likely to be a shortfall to creditors.
KPMG said there would be no actual sale of the business, which is in the process of being closed down, but some of WorldSpreads' software and data centre assets could be sold.
WorldSpreads suspended its shares last week after discovering possible "financial irregularities" in its accounts. It also said it owed clients millions of pounds.
WorldSpreads said its directors believed that, as of the close of business on March 16, there was a shortfall of around £13m sterling of client money.
Source : RTE
Regards Rav
Trading in the company's shares was suspended last week, and a statement from WorldSpreads today said it was not anticipated that there would be any return to its shareholders following the receiver's appointment.
Earlier this week, sources confirmed to RTÉ that the City of London Police was being asked by Britain's Financial Services Authority to investigate alleged financial irregularities at WorldSpreads.
WorldSpreads Limited entered administration last weekend following suspected misuse of client funds. KPMG has been appointed as administrator and has warned there is likely to be a shortfall to creditors.
KPMG said there would be no actual sale of the business, which is in the process of being closed down, but some of WorldSpreads' software and data centre assets could be sold.
WorldSpreads suspended its shares last week after discovering possible "financial irregularities" in its accounts. It also said it owed clients millions of pounds.
WorldSpreads said its directors believed that, as of the close of business on March 16, there was a shortfall of around £13m sterling of client money.
Source : RTE
RNS Number : 9895Z
Worldspreads Group PLC
23 March 2012
WorldSpreads Group plc
("WorldSpreads" or the "Company")
Appointment of Receiver
Further to the announcement on 19 March 2012 regarding the appointment of joint special administrators to Worldspreads Limited, the Company's principal trading subsidiary, and the directors of Worldspreads having invited the secured lender to appoint a receiver, the Company's secured lender has appointed a receiver to the assets and undertaking of the Company (the "Receiver").
It is not anticipated that there will be any return to the Company's shareholders following the appointment of the Receiver.
For further information, please contact:
WorldSpreads Group plc
Lindsay McNeile, Executive Chairman
Dominic Bacon, General Counsel
+44 (0)20 7398 5100
Collins Stewart Europe Limited
Mark Dickenson
+44 20 7523 8350
About WorldSpreads Group plc
WorldSpreads Group plc (AIM: WSPR) is a financial services group that offered online and telephone trading. The Group's core activity was the provision of spread betting products on the financial markets to retail clients from its website www.worldspreads.com.
WorldSpreads Limited, a wholly-owned subsidiary of the Company, is regulated and authorised by the Financial Services Authority.
WorldSpreads Group plc floated on the London Stock Exchange's AIM market in August 2007 and gained a dual listing by joining what is now the Irish Stock Exchange's Enterprise Securities Market ("ESM") in May 2008.
Regards Rav
Well if there is not enough money left for client funds let alone trade creditors there isnt going to be any left for shareholders,there is no doubt about that.
ReplyDeleteThe shareholders have also been ripped off. Two frauds in one. Priceless!
ReplyDelete