Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

RSM Tenon Group (TNO)

  Print      Mail a friend       Annual reports

Thursday 22 August, 2013

RSM Tenon Group

Appointment of Administrators

RNS Number : 2804M
RSM Tenon Group PLC
22 August 2013
 



22 August 2013

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

RSM Tenon Group PLC

Appointment of Joint Administrators, sale of operating companies and suspension of shares

RSM Tenon Group plc ("the Company") announced on 25 July 2013 that it was in discussions with Baker Tilly UK Holdings Limited ("Baker Tilly") which may or may not lead to an offer being made for the entire issued share capital of the Company.  The Company confirms that it is no longer in discussions with Baker Tilly regarding a possible offer for the issued share capital of the Company and that it is no longer in an offer period.

Lloyds Banking Group plc ("Lloyds") informed the Company this morning that, should the Company, as expected, be in breach of its banking covenants, it would not be willing to grant a covenant waiver.  Consequently, and in the absence of any other available facilities, the Company does not expect to continue to be able to meet its liabilities as they fall due.  The Board of the Company therefore concluded that, in such circumstances, the appointment of administrators was the most appropriate course of action.  Three insolvency practitioners at Deloitte LLP were therefore appointed as Joint Administrators to RSM Tenon Group Plc this morning.  RSM Tenon Limited and the other principal trading entities continue to trade as normal and are not affected by this.

Immediately following their appointment, the Joint Administrators agreed a sale of the Company's trading entities to Baker Tilly.  The sale is expected to complete within two weeks, following regulatory and shareholder approval. 

The Company announced on 16 August 2013 that it was likely that, as a consequence of the Company's high debt level, if an offer was made by Baker Tilly, minimal value, if any, would be attributed to the issued share capital of the Company.  The sale agreed by the Joint Administrators will realise no value for the ordinary shares of the Company.  At 31 December 2012, the Company had net borrowings of £80.4 million.  The terms of the sale agreement mean that Lloyds will not recover its secured debt in full.

As stated above, the trading entities of the Company have not entered into insolvency proceedings and will continue to trade as normal.  As a result no employees, clients or suppliers (other than Lloyds) are expected to be materially affected.

The Company's ordinary shares have been suspended from trading with immediate effect.  It is expected that, the Joint Administrators, on behalf of the Company, will request the UK Listing Authority to cancel the Company's ordinary shares of 1p each from admission to the Official List of the UK Listing Authority.

A copy of the announcement made by the Joint Administrators is set out below.

Enquiries:

College Hill

Tony Friend

+44 (0)20 7457 2020

 

About RSM Tenon

RSM Tenon (LSE: TNO) is the 7th largest accountancy and business advisory firm in the UK, employing circa 2,500 people across 38 offices. RSM Tenon is an independent member of RSM Tenon International, the 7th largest network of independent accounting and consulting firms worldwide with more than 700 offices across more than 100 countries.

For more information visit www.rsmtenon.com

 

Appendix

 

22 August 2013

 

Deloitte appointed Administrator of RSM Tenon Group plc and Premier Strategies Limited

 

Matt Smith, Nick Edwards and Clare Boardman of Deloitte, the business advisory firm, have today been appointed Joint Administrators to RSM Tenon Group plc, a leading accounting and advisory business.

 

The trading entities of the RSM Tenon group have not entered insolvency proceedings and will continue to operate as usual.  Under a proposed sale of the trading entities of the group to Baker Tilly, subject to certain approvals, no job losses are expected.  The group operates out of 35 offices and employs c2,300 staff.

 

Matt Smith, Joint Administrator and restructuring services partner at Deloitte, commented: "RSM Tenon is a well-known accounting and advisory business serving a wide variety of businesses.

 

"Immediately following our appointment, a sale of RSM Tenon Group plc's trading subsidiaries to Baker Tilly was agreed and is expected to complete within two weeks, following regulatory and internal approval at Baker Tilly, which we are advised is a formality.

 

"We believe the proposed sale to Baker Tilly represents the best outcome for the RSM Tenon group.  The management of the group have stabilised the business, returning it to profitability over the past 18 months and making this transaction possible to secure its future.

 

"In the meantime we are working closely with the directors of the trading entities and their management and staff to continue to support the business until the sale is completed.  We appreciate the cooperation and support from the staff, customers, suppliers and landlords during this period.

 

"Trading in RSM Tenon Group plc's shares on the London Stock Exchange has been suspended in light of our appointment."

 

Matt Smith, Nick Edwards and Clare Boardman of Deloitte have also been appointed Joint Administrators of Premier Strategies Limited, a subsidiary entity which historically provided tax advice, but ceased selling new business in March 2012.

 

RSM Tenon Limited, RSM Tenon Investment Solutions Limited, RSM Tenon Financial Management Limited, RSM Corporate Transactions Limited, RSM Tenon Corporate Finance Limited and certain non-trading subsidiary companies remain outside of any insolvency process and are included in the agreed sale to Baker Tilly.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLIFETTAIFFIV