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METEOR LOSES LISTING AFTER PROBLEMS WITH ACCOUNTS

Internet telephony and payphone operator Meteor Technology Plc, has resigned its listing from the UK’s Alternative Investment Market, and its application for listing on the less demanding Ofex electronic bulletin board was refused due to fundamental uncertainties in its accounts. The company has been in trouble since November 10 when its auditors, BDO Stoy Hayward, queried its reporting of 250,000 pounds in losses and claimed it should have reported 1.33m pounds in losses instead. Meteor Chairman, Daniel Wettreich, commented at the time that it was merely an accounting policy matter. But already by that time, the firm’s nominated AIM advisor, Butterfield Securities, had resigned, leaving Meteor with little alternative but to seek an alternative exchange. Two senior executives at the firm have since resigned.

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CBR Staff Writer

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