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Tenon faces raising £20 million to repair balance sheet
by Alex Steger on Feb 06, 2012 at 08:19
Accountant and advisory firm RSM Tenon has come under pressure to launch an emergency rights issue to raise £20 million in the wake of its recent profit warning, according to The Sunday Times.
The Sunday Times reported that some of Tenon’s biggest investors had told the company it needed to raise up to £20 million in a bid to repair its balance sheet.
Tenon recently announced the departures of its chief executive Andy Raynor (pictured) and chairman Bob Morton, after it reiterated a profit warning. It may now have to restate its June 2011 accounts after the discovery of a black hole.
The news sent Tenon’s share price falling by around 27% on the day of the announcement.
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3 comments so far. Why not have your say?
The ssinnic
Feb 06, 2012 at 09:26
Plot already reserved in the company graveyard!
Diggers in tomorrow?
report thisPhil Sipocz
Feb 06, 2012 at 12:45
There's a lot of black holes in this company, not just in the 2011 accounts.
report thisRobin Jamieson
Feb 06, 2012 at 18:13
I very much hope this leads to a fundamental change in the company's culture.
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