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Hilton shares dealing suspended

28th July 1972, Page 17
28th July 1972
Page 17
Page 17, 28th July 1972 — Hilton shares dealing suspended
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Which of the following most accurately describes the problem?

• The board of the Ralph Hilton Group has asked for a temporary suspension of the Stock Exchange quotation until such time as accurate results and a forecast can be determined. The results for the year ending July 29 are expected to be available by December 311972.

The move follows the completion of an investigation by Peat Marwick Mitchell and Company and the company's auditors Wilson Wright and Company. The joint auditors are said to be of the opinion that it is not practicable to determine accurately the results for the first half of the current financial year, ended on January 31 1972, without causing a significant delay.

In a statement issued this week, it is said that the cause of the inability to determine the present results of the Group arises from a premature amalgamation of accounting systems of the various takeovers, resulting in a partial breakdown of management accounts. "Intensive remedial actions have now been taken to ensure that accurate and meaningful management accounts will be prepared from the beginning of the new financial year", said a spokesman for the company.

The Hilton Board has instructed Peat Marwick Mitchell and Company to assist in the preparation of budgetary systems.

Mr J. V. Skinner, director and secretary, has resigned and Mr Carl Young, formerly managing director of Export and General, one of the Group's companies, has been appointed secretary. Mr T. Goodfellow has been appointed financial controller and Mr James MacNaughton is the newly appointed chief administrator of the group. He is directly responsible to the chairman, Mr Ralph Hilton.

One of the group's principal shareholders, the Industrial and Commercial Finance Corporation Ltd, has agreed to provide if necessary, further substantial facilities to the group.

The Board also announces that its reorganization and rationalization policies (CM June 23) are now being implemented.


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