PracticeAccounting FirmsVantis share price tumbles

Vantis share price tumbles

Sharp fall in value follows going concern warning

The shareprice for Vantis has fallen to a 12-month low opening this morning
with trades that valued the shares at 20p.

The new low follows a
going
concern statement
issued by the company’s auditor Ernst & Young at the
beginning of this week.

Vantis’ share price has now lost almost a third of its value since Friday
when it closed at 29p. It reached a one-year high in May last year of 91p.

Statements from the company this week showed it had lost £10m year on year.
They also revealed that major cause of its woes are the unpaid fees for working
on the joint liquidation of Stanford International Bank, owned by Allen
Stanford.

A
spokesman
for Vantis vigorously denied that the going concern warning had
damaged the firm’s reputation in undertaking big roles or that it had failed to
undertake appropriate risk management before bidding for the work.

“We have the capability, expertise and capacity to do this,” said the
spokesman. “It’s a project that’s worthwhile doing.” The firm’s reputation had
been enhanced by the Stanford appointment, the spokesman added, with its
business recovery division increasing turnover for the period by 43% to £17.4m.

Read more:

Auditors
issue Vantis going concern warning

Vantis
chief buys shares

Vantis
seeks CFO

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