PracticeAuditCambrian Mining shares restored after Deloitte review

Cambrian Mining shares restored after Deloitte review

Cambrian Mining saw its shares jump following a review of its reporting procedures.

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:

Cambrian
review follows £50m hit

Bank
lead FTSE rally but traders stay cautious

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