8th May 2014 09:15
LONDON (Alliance News) - Hume Capital Securities PLC plummeted to the bottom of the AIM All-Share market Thursday after the firm announced the resignation of Chief Executive Nitin Parekh amid a board review of its financial resources.
The firm said it has appointed Jonathan Freeman, a non-executive Director of the company, as interim Chief Executive with immediate effect.
Hume Capital said that its board is currently undertaking a "review of the company, and in particular, is looking to ensure that the Company's financial resources are adequate to fund the business for the foreseeable future."
The firm said that it is in advanced discussions with a group of investors who have indicated that they are willing to provide funding into the company should this be necessary in either the short or medium term.
Hume Capital said it will update on the review in due course.
Last month the firm hit headlines after Haydale Graphene Industries PLC looked set to pursue legal action against Hume Capital over the broker's decision to halt its market-making activities in the short-term on the same day as the graphene company floated just two weeks before.
Haydale has since said its directors have "no current intention" of pursuing any legal action.
Shares in the company were trading 27.37% lower at 0.138 pence per share Thursday morning, the biggest faller on the AIM All-Share market.
By Alice Attwood; [email protected]; @AliceAtAlliance
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