Azlan Group Plc is seeking to raise 24.2m pounds from investors and warned that if it fails to get backing it will have to go into administrative receivership. The struggling networking systems integrator, revealed there had been serious management neglect and this led to last year’s reported 15.1m pound profit being restated as a 14.3m pound loss. A new management team commissioned a probe by auditors KPMG which discovered chaotic and inadequate internal controls by a management unable to cope with the pace of change. The previous management team has left, nine staff have been disciplined and three more have quit. The company, which raised 48.5m pounds nine months ago, now proposes a two-for-one rights cash call at 37 pence. An 8m pound loss is expected for the six months to October 4.
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