Network Data says MBSL continues to trade

Network Data Holdings has this morning told the London Stock Exchange that its subsidiary network MBSL continues to trade.

Mortgage Strategy was the first to reveal yesterday that the Financial Services Authority had placed a note on Network Data’s FSA register listing which announced that the regulator had removed Network Data’s permissions.

Richard Griffiths, chief executive of Network Data, refused to comment.

But this morning, in a short note outlining the FSA’s actions on the LSE, Network Data Holdings also revealed that MBSL, the network that Network Data Holdings acquired from mutual the Manchester in October 2008, continues to trade.

The official announcement of the news this morning has caused Network Data Holding’s share price to plunge 25% in early morning trading, from 3p per share to 2.25p per share.