Cambrian Mining, the coal producer, has seen its shares jump from 22.5p to 98.5p following the publication of its latest annual report and accounts, the Daily Telegraph reported.
Deloitte replaced the former auditors Chapman Davis and were called into review the financial reporting procedures after the shares were suspended in December when the company admitted it would fail to meet the deadline for publication of its annual report.
Vivian Silverman, the finance director of Cambrian, said that a 'Big Four firm was more of an appropriate hit. We've now got one of the strongest finance functions I've seen in a while'.
The company is now expected to push ahead with a root-and-branch strategic review.
Further reading:
Comments