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Prestbury Aim trading on hold

Prestbury has suspended trading on Aim as it was unable to publish its results by the deadline imposed by the exchange.

In a statement to the stockmarket last week, the mortgage network said it had requested immediate suspension of trading as it is unable to publish its audited results for the year ending December 2007 within the six-month deadline imposed by Aim rules.

Prestbury says it finalising its results, which will be posted to shareholders as soon as possible. Last week, chief executive Lee Birkett confirmed that the board has received a request for an extraordinary general meeting.

He declined to reveal what the EGM would be voting on but it is thought that some shareholders want network chairman and Conservative MP Francis Maude and non-executive director David Anderson to step down.

Earlier this year, discussions over a management buyout led by Birkett, which would have seen the firm delisted, were terminated by Maude and Anderson. Last month, co-founder and chief operating officer Stephen Keenan resigned to set up a bridging lender.

Birkett declined to comment further on the Aim suspension, apart from to say it was “business as usual at the network”. Maude and Anderson were unavailable for comment.

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