Millfield suspends trading

Millfield Group has asked the Alternative Investment Market to suspend trading of its shares as of June 22 while it seeks to clarify the companies financial position.

The announcement comes just weeks after Paul Tebbutt stepped down as CEO after receiving a fine from the Financial Services Authority.

Tebbutt was fined 35,000 on April 12 for providing misleading information in connection with an application by MPL to merge with Inter Alliance.

Millfield issued a statement yesterday citinginsufficient support as its reason for requesting trading be suspended, adding the board and its advisers are actively pursuing a resolution of the position which will avoid disruption to the Groups businesses although it is not anticipated that this will result in any value for the companys shareholders.

The statement adds: It is highly likely that the company and at least three of its subsidaries will be placed into administration in the near future.

Millfield declined to comment further.