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Six fund firms to rescue EMX if rights issue fails

Six of the UK&#39s biggest fund providers are to step in and save EMX if its rights issue fails to raise a minimum of £6m over the next two weeks.

EMX has appointed a new chief executive and redesigned its business plan following failed attempts to get the rights issue under way as planned in the winter.

Former chief executive officer Caroline Lee has been replaced by Phil Wise. He joins EMX from Halifax where he was chief operating officer for the group treasury and wholesale banking division.

The rights issue will go ahead over the next fortnight, closing on March 28. The aim is to raise £8.5m.

Threadneedle, Fidelity, M&G, Scottish Widows, Standard Life and Invesco say they will rescue the project if it fails to raise at least £6m.

EMX chairman Nicholas Durlacher says: “Caroline&#39s skills were extremely good for establishing the company and ensuring we launched on time and on budget but she accepts that the board needs to refocus the company so we can build the company and market it effectively so that we achievesustainability.”

EMX member Schroders is not taking up its allotment in the rig hts issue although it says it may review its decision. Director Robin Stoakley says: “I do not think there will be any more incentive for people to participate in the rights issue. It is likely that these six companies will end up putting up most of the funding.”

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