Elephant shares at risk

Elephant Loans & Mortgages has been given until October 13 to find a nominated adviser or its shares will no longer be listed on the Alternative Investment Market.

This morning Blomfield Corporate Finance resigned as Elephant’s nominated adviser.

AIM suspended the company’s shares in April and the cancellation will take effect on October 13 unless an adviser can be appointed and full clarification is provided regarding Elephant’s financial restructuring before that date.

Gary Miller-Cheevers, chief executive officer at Elephant is confident about its future.

He says: “We are in discussion with a number of advisers and our shares will not be cancelled.”

Elephant suffered a further blow earlier in the month when its broker SVS Securities quit.

Reverse takeover talks between Elephant and Financial Trade Partnership were also terminated.