26 September 2018
ETAIREIA INVESTMENTS PLC
(“Etaireia" or the "Company")
Company Update
In the announcement published on 19 April 2018, the Company stated that it had commenced an independent investigation on transactions undertaken by its former chairman Mr Baron Bloom. The Company would like to disclose the findings of the investigation.
The Company engaged Bishop & Sewell LLP to undertake the independent report. The following acquisitions were revisited: Whitehouse Business Park, Girvan Dev Limited, Pacha Cleator Limited and Ivy Leaf Club. The conclusion of the investigation is that these assets and their valuations did not show any issues. The consideration paid for these acquisitions was in accordance with the valuation reports.
Following the Ivy Leaf Club acquisition, it was noted that Mr Bloom failed to report that he received £6,230 of rent due to Etaireia from a tenant in respect of that property. As Mr Bloom was due general expenses which he failed to claim at the time and is still due substantial outstanding salary the Company will not take action against him..
The report has made a number of minor procedural recommendations which the new Board has adopted.
Enquiries:
Etaireia Investments Plc
Tel: 07870 200470
Myles Cunliffe
NEX EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott –Corporate Finance
James Dewhurst – Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
49 Queen Victoria Street, London EC4N 4SA