Debt company floats without non-execs
Debts.co.uk comes to market without independent boardroom members
Debt advice business ‘debts.co.uk’ is to float this week without any
non-executive directors on its board, raising concerns among investors.
The move, which goes against corporate governance guidelines, means the
company will come to market without an independent member of the board to advise
them.
One investor said in The Times that the company’s argument that
non-execs have been lined up for after the company comes to market was a ‘lame
excuse’.
The London Stock Exchange said there was no requirement for AIM companies to
have non-executive directors and it was up to investors to decide whether to
invest in the company or not.