Shares in IT group suspended

SHARES in west Suffolk-based information and communication technology group Hilton Head have been suspended “pending clarification of its financial position”.

SHARES in west Suffolk-based information and communication technology group Hilton Head have been suspended “pending clarification of its financial position”.

However, its operating companies - business IT solutions firm Sicon, voice and data solutions specialist Q\DOS Networks and cabling and fibre contractor Lan Synergy - are continuing to trade normally.

And a director of Hilton Head, which operates mainly from Bury St Edmunds, yesterday expressed optimism that the company would soon be able reach an agreement that would allow trading in the shares to resume.

Director Hamish McFall said the company had an obligation to an investor, Trafalgar Capital, under which it had been due to start making repayments by the end of March.


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“They have been extremely supportive to the company and we are in discussion with them,” he said. “However, because there was potential for a false market, we thought it best that the shares be suspended until it is sorted out.

“It is being sorted out and as soon as it is agreed we will be asking for the shares to come out of suspension.”

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In separate statement on the same day that its shares were suspended, Hilton Head also announced that its board had accepted the resignation of chairman Miles Berkeley.

Hilton Head's shares have been traded on the PLUS market (formerly OFEX) for small and mid-size companies since July 2006. It was formed to develop an integrated consultancy-based business meeting the communications and IT needs of companies.

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