Begbie waves red flag at Chairman – MoneyWeek

Traynorhaspledgedtopumpinupto£1mofnewcapitalintotheLLPtofundongoinglossesanditsfuturedevelopment。

Theagreementallowsforareturnofupto£1。

5moftheinvestmentmadebyBegbiesinthebusinesstodate,togetherwithafutureshareofanytradingprofitsoftheLLP,withade-minimisobligationforfutureinvestment。

TraynorwillactasChairmanoftheRedFlagbusiness,whichwillbemanagedbythecurrentmanagementteamwhotransferwiththebusiness。

Begbieshasagreedtocontinuetoprovidesharedaccommodation,informationtechnology,personnel,marketing,administrativeandaccountingservicestoRedFlagonasimilarbasistocurrentintra-grouparrangements。

BegbieshasnegotiatedanagreementtoretainfullaccesstothedatabaseandjointmarketingrightsforthepublicationofRedFlagAlertquarterlystatistics。

FortheyearendedApril30th2011,theRedFlagbusinessgeneratedrevenueof£0。

2m(2010:nil)andanoperatinglossof£0。

7m(2010:lossof£0。

6m),reflectingtheon-goinginvestmentrequirementsofthedivision。

NetliabilitiesattheendofApril2011were£0。

03m。

ThedivisionwasreportedasadiscontinuedoperationinthegroupshalfyearresultsannouncementissuedinDecember2011。

JH

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