Britain’s MJ Hudson MJH.L said on Tuesday it had agreed to sell its data & analytics, and business outsourcing units for 40 million pounds ($49.66 million) to asset manager Apex Group.
Shares in the asset management consultancy were suspended at the end of last year and chief financial officer Peter Connell was suspended as the company warned it would not be able to complete its full-year audit by the end of the year after it uncovered more irregularities in its accounts.
On Tuesday The group noted that as at the end of March, it owed around £33.7m under its facilities and overdrafts with its senior lender and it expects further funding will be needed to the point of completion of the sale of the business outsourcing unit. As a result, the majority of the consideration will be applied to reducing the debt owed to the senior lender.
“While there are a number of potential outcomes, given the level of creditors of the business expected at the point of final completion of the business outsourcing sale, it should be noted that it is highly unlikely that there will be a substantial, or any, amount available to shareholders following payment of all creditors and costs,” it said.
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