Technology fund misses filing deadline
Struggling technology investment fund Galileo Innovation has been suspended from trading on AIM after it failed to file its accounts on time.
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The suspension was imposed yesterday morning. In a statement, the fund said it had been unable to report its results as directors were ‘reviewing the position of the company as to its ability to continue as a going concern’ and hoped to resolve this by the 30 April.
Paul Davidson, the entrepreneur who runs the fund, has promised that the business will continue trading, according to reports.
Another director, Mark Warburton, said the company was in discussions with its auditors in order to prepare the accounts for publication.
An announcement about a possible indicative bid for the business is expected to be made in the next few weeks.