Verdes Management, which offers independent advice and solutions to UK companies, lost a third of its value after announcing problems collecting money from a recent placing.
The firm announced a placing on 29th October 2012 to raise £550,000 in two separate subscriptions.
The first went off without a hitch and raised £211,000.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
But the bigger of the two, the second subscription, has run into trouble.
It theoretically raised £339,000, but the firm said it had only collected £39,000 of that so far.
Verdes said the remaining amount - equivalent to 300m ordinary shares, which were supposed to be allotted on or before 7th December 2012 - had not been admitted to AIM as payment had not yet been received.
It said discussions are proceeding between the relevant parties and their advisers.
The company's shares were trading down 31.6% by 1100.
MM
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
