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FSA Limitations Placed on Pritchard Stockbrokers


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do you have proof he hasn't.

 

Regan will have done his job. the rules of which are clear. whyte can't be a director but can own us all he wants.

 

that's even assuming he has seen any more info than us. which we don't really know he has.

Considering the chaos Whyte has caused Scottish Football i'd say the SFA would be making it a priority to know he wasn't involved.

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Come on now FS, looking for such links is obviously you hinting at Whyte being involved with Rangers still.

 

Who knows, did Whyte not set up a debt collecting business in Glasgow recently? His activities at Rangers don't exactly seem to have left him in limbo sadly.

 

Why would I need to hint ? if I thought it was the case I'm not too shy to come out and say so, I just posted the facts as they are, feel free to disprove them.

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  • 2 weeks later...

 

Pritchard begins payouts to clients

 

 

The joint administrator of Pritchard Stockbrokers, where former Rangers owner Craig Whyte was company secretary, has begun paying the first interim distribution to clients at 50p in the pound.

 

Around 3300 clients of the broker have made claims of £13.7 million, according to administrators Mazars, and the final shortfall is set to be around £2.8m.

 

Mr Whyte was secretary of the Bournemouth-based company until he resigned in February. In the same week, administrators were put into Rangers, and Pritchard was ordered to cease operations and placed in a special category of administration by the Financial Services Authority. The watchdog said the stockbroker had failed to protect client funds, and may have used them for its own expenses.

 

Pritchard was custodian for Merchant House Group, an AIM-listed financial services group in which Mr Whyte's British Virgin Islands-registered Liberty Capital has a 10.8% stake.

 

The broker's £350m non-cash assets were transferred to a new custodian, but all cash assets were frozen.

 

Mazars said: "Extensive work has been carried out on pooled client monies, with considerable difficulty being encountered in the reconciliation process. The current estimate is that there may be a shortfall in pooled client monies of approximately £2.8m."

 

The Financial Services Compensation Scheme is to start contacting Pritchard clients over compensation.

 

http://www.heraldscotland.com/business/company-news/pritchard-begins-payouts-to-clients.18582030

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  • 3 months later...

The curse of the "turnaround specialist" strikes again.

 

Doesn't portray Allenby Capital in the best of lights either, but in fairness the damage was done long before they arrived on the scene.

 

 

27 November 2012

 

MERCHANT HOUSE GROUP PLC (the "Company")

 

Cancellation of admission to trading on AIM

 

The Company regrets to announce that despite considerable efforts by the Board, the Company has been unable to raise sufficient funding in time in order to restore trading on AIM in the Company's ordinary shares and therefore admission to AIM will be cancelled pursuant to the AIM rules with effect from 7.00am on 28 November 2012.

 

The Company has entered into some investment agreements which are conditional, inter alia, on the lifting of the suspension in trading in the Company's ordinary shares. The directors intend to enter into discussion with the funding parties to determine if this condition may be waived. There is no guarantee that these discussions will result in a satisfactory outcome but shareholders and creditors will be updated within the next few days.

 

In the meantime the Company will consider all the options open to it to preserve value for stakeholders.

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  • 2 months later...

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