Tuesday May 13, 03:49 PM
Hat Pin calls in administrators
LONDON (Thomson Financial) - UK AIM-listed recruitment consultancy Hat Pin Plc. said it has called in the administrators.
Additionally, non-executive chairman Bob Morton - who was appointed to replace former chairman Terry Hitchcock
just two months ago - has resigned, along with non-executive director Peter Walker.
The company's shares have been suspended since February after it found accounting errors in a subsidiary that it said would likely make its 2007 results 'materially worse' than previously expected.
Hat Pin (LSE: HTP.L - news) had already said in a trading statement January that it expected profits for the year to Dec 31 to be around 25 pct below market expectations, causing their shares to plunge.
In Tuesday's statement the company noted that its subsidiaries have not been placed into administration and continue to trade normally.
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