Speculation has been mounting that Steve Hare will stand down as a result of the company’s life-saving deal, which executives believed was the only way to stave off administration. Banks are said to blame him for spending six months seeking alternatives to such a radical restructuring plan before being forced to admit defeat.
However a company spokesman refused to confirm or deny that Hare’s departure was imminent. ‘I have no comment to make,’ he told AccountancyAge.com.
Marconi’s £4.9bn debt restructuring deal will see the current listed company, Marconi plc, wound up though the group expects to apply for a listing on both the London and NASDAQ markets through its wholly owned subsidiary, Marconi Corporation plc.
Shareholders will lose most of their investment, and will instead receive 0.5% of the share capital of Marconi Corporation post restructuring.
The deal is still subject to the approval of the creditors and further due diligence by the banks and bondholders and is expected to be finalised in November 2002. An agm is expected to take place in early October.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016