Know what you want? Try our 'Supplier Directory' 

Worthington Nicholls must write off £15.9m

Late on December 7, after the market closed, Worthington Nicholls' new board said it must write down its net assets to the value of £15.9m.
This figure, £15.9m will be required to reduce the net assets as reported in the management accounts as at September 30, 2007. This is £9.4m more than the £6.5m estimates made by the previous directors.

The new board made its latest announcement following a review of the company's accounts by KPMG.

On December 3, Worthington Nicholls suspended trading of its shares on the Alternative Investment Market (AIM) and trading resumed on December 10. On December 10,the company's shares were worth 12.75p per share, down from 17.5p on December 3 and a peak of £1.90 in April.

On November 22, the air conditioning installer announced that David Levis, Stephen Mulligan and Christopher Neilson had resigned as directors and it had appointed Rodney Mann deputy chairman, Simon Beart chief executive and William Good as group finance director.

At Worthington Nicholls' general meeting on December 6 some shareholders expected a resolution to remove Alaistair Stoddart as a director of the firm to be passed. However the resolution was not passed. Alastair Stoddart until recently was acting executive chairman before he resigned from the role.

The November 22 appointments follow September's resignation of the company's chief executive Mark Worthington.
10 December 2007

Comments

Already Registered?
Login
Not Yet Registered?
Register

Industry urged to switch to continuous flow fans to address damp and mould crisis

Ventilation installers and electricians are being encouraged to move away from installing intermittent flow fans and instead fit continuous flow fans. The call comes from governing bodies and industry experts, like Elta, as the country continues to ...

  14-Feb-2025

Fernox launches new product selector tool for its expanding renewables range

Leading water treatment manufacturer Fernox, is pleased to announce the launch of its new Renewables Product Selector, designed to provide a fast, easy-to-use single source tool for professionals working with renewable heating systems....

  13-Feb-2025

STOKVIS R600

CONDENSING ULTRA LOW NOx PREMIX COMMERCIAL BOILER
  10-Jan-2019
Heating & Ventilating Review is the number one magazine in the HVAR industry. Don’t miss out, subscribe today!
Subcribe to HVR

Diary