Sports group suspends FD

Link: One FD in, one out at Xansa

The company is investigating accounting regularities at a subsidiary -merchandising arm Podia TMG UK.

The irregularities only apply to the period since 30 June 2002, and are believed to be a mistake rather than deliberate fraud.

Podia has merchandising agreements with a number of Formula One teams, including Williams BMW, Arrows and Jaguar. Share holders included F1 commentator, Tony Jardine.

The shares are now suspended at 19p, valueing the company at just over £12m.

A further announcement is expected within the next few days.

Related reading