UPDATE 1-Vantis raises going-concern doubts, shares suspended

* Says CEO Jackson resigned on June 12

* Still in talks regarding disposing some businesses

* Talks on with potential new investors, debtors
(Adds details)

June 14 (BestGrowthStock) – British accounting firm Vantis (VTS.L: )
raised doubts about being able continue as a going concern due
to lack of funds, leading its shares to be temporarily
suspended on Monday.

The AIM-listed company also said Chief Executive Paul
Jackson resigned on June 12 and Finance Director Steve Smith
would assume all executive duties until a new CEO was

Earlier in June, Vantis had said it was in early talks with
banks regarding a potential restructuring of its balance sheet
to reduce debt.

On Monday, the company said it was still in discussions
regarding disposing certain assets and with potential new
investors as well as its debt providers.

Vantis has been hit by the impact of the recession on its
business advisory and tax division and weaker-than-expected
performance of its business recovery unit.

The company had 40.4 million pounds in net debt as of last

In January, it posted a first-half pretax loss of 10.7
million pounds ($15.6 million), hurt by delays in receiving
fees for liquidation of Ponzi schemer Allen Stanford’s
Caribbean bank.

Vantis Director Nigel Hamilton-Smith, who was the Antiguan
liquidator on that case, also resigned with CEO Jackson.

Shares of the company were suspended up 2.5 percent at
10.25 pence. Vantis, which is now valued at about 6.4 million
pounds, has lost almost 90 percent of its value in the last

Stock Investing

($1=.6876 Pound)
(Reporting by Aditi Samajpati in Bangalore; Editing by
Aradhana Aravindan)

UPDATE 1-Vantis raises going-concern doubts, shares suspended