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Network Data is suspended from Aim

Network Data was temporarily suspended from Aim on Tuesday after Lighthouse revealed it had abandoned talks for a potential takeover of advisers and some key staff. A source says Network Data’s bank, HBOS, blocked the deal when it failed to release security over the company by last week’s Friday afternoon deadline. The source says HBOS believes it can get more money for the company than Lighthouse was offering.

In a stockmarket announcement, Lighthouse Group says it has “discontinued all discussions with Network Data Holdings concerning a potential transaction involving certain Network Data’s assets and operations”.

Last month, Network Data was suspended from carrying out regulated business by the FSA.

In a separate alert, Network Data said: “Given the uncertainty surrounding the company’s financial position in light of the offer being withdrawn, the board has requested a temporary suspension of trading in accordance with the Aim rules.”

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