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Anger at Lamensdorf as accounts are postponed

Lamensdorf IFA has been slammed by shareholders for refusing to call an EGM and postponing filing its accounts after its failed flotation and the aborted acquisition of Essential Mortgages earlier this summer.

The firm has blamed stockmarket volatility for its failure to list on AIM.

The deal to acquire Ess-ential Mortgages, which depended on a successful flotation, fell through and has not been renegotiated.

Shareholders are angry that an EGM scheduled for July 26 was cancelled at short notice and they have been refused another meeting on the grounds that there is not sufficient support.

But the shareholders say documents filed with Companies House show there is enough support among shareholders to force an EGM.

The shareholders&#39 group solicitor Simon Davies says: “Last year, Lamensdorf used a device to put off filing their accounts and they have done it again.

“It is legal and there can be good reason to use this device. But although most people might not jump on this move, accountants and solicitors will take it as a sign that the company is having problems.”

Lamensdorf group chairman Ken Newell says: “What we have agreed is to issue a formal update to all staff and shareholders next week. It is business as usual.”

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