PracticeConsultingInteractive Investor board resigns

Interactive Investor board resigns

The entire non-executive board of Interactive Investor International has resigned after the financial information provider was taken over by rival AMP Investment Services.

Sherry Coutu, Interactive Investor’s founder and non-executive chariman, was among the directors who resigned. Coutu founded Interactive Investor in 1995 and previously worked at Andersen Consulting and Coopers & Lybrand.

Now, chief financial officer Max Ashton’s job hangs in the balance, as the new owners decide what to do with the executive directors. A company spokesperson said there will be management moves following the acquisition and ‘decisions will have to be made’.

However, she said at the moment she could not comment on whether Ashton would keep his job. The chartered accountant has headed the company’s finances since 1999.

AMP acquired Interactive Investor last week for about £55m. At the close of business on 9 August, the day before the acquisition was accepted, the company had cash reserves of £49m.

Shareholders received just 31.65 pence per share from the buyers; half of the price they would have received if they had sold the shares at their 52 week high price of 62.50p.

Interactive investor was valued at nearly £969m at its peak just after it floated in March 2000.

Links

Interactive Investor International’s website

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