Arab Today, arab today bdo censured over shore capital listing
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

BDO censured over Shore Capital listing

Arab Today, arab today

Arab Today, arab today BDO censured over Shore Capital listing

London - Arabstoday

BDO has become the first firm to be publicly shamed for failings in its advice when it acted as a sponsor of a listed company. The Financial Services Authority (FSA) censured BDO\'s corporate finance arm for trying to avoid classifying a 2009 deal involving the buyout of the unlisted Germany property group Puma Brandenburg by its client Shore Capital as a reverse takeover – something that could have led to the temporary suspension of Shore\'s shares, unless the UK Listing Authority (UKLA) decided that there was enough public information about the transaction. The FSA said that instead of checking with the UKLA in advance of the announcement, BDO \"agreed with Shore Capital from the outset that it would delay contacting the UKLA until after the announcement\". The firm also attempted to avoid classifying the deal as a reverse takeover \"despite recognising at the time that this strategy was highly unlikely to succeed\". \"Sponsors provide important protections for investors and the market under the listing regime. They are entrusted to provide sound and expert guidance to issuers on their obligations and are relied upon to be open with the UKLA,\" the UKLA head of department, Marc Teasdale, said. \"BDO failed in its responsibilities as a sponsor on this transaction are we are sending a clear message with this public censure about the importance we attach to the sponsor role.\" BDO and the former partner in charge of the firm\'s team – who has since left for unrelated reasons – accepted the FSA decision. The head of BDO\'s advisory services, Gervase MacGregor, said the firm had made changes. \"Under new leadership, BDO\'s corporate finance practice has implemented changes to strengthen its systems and controls in relation to sponsor work, as the FSA has acknowledged,\" he explained.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bdo censured over shore capital listing Arab Today, arab today bdo censured over shore capital listing

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bdo censured over shore capital listing Arab Today, arab today bdo censured over shore capital listing

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday