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27/07/2010

Connaught Faces Second FSA Investigation

The Financial Services authority (FSA) is probing integrated services provider Connaught after its shares dropped by 75%.

The City watchdog is investigating whether Connaught failed to disclose its terrible financial situation to investors ahead of last months shock profits warning.

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The social housing maintenance firm has also admitted it is about to breach its overdraft terms.

Yesterday, Connaught announced that its shares had slumped to 31.46p, the second time in a month the firm's shares had fallen.

The company is also believed to be looking at job cuts to reduce its debt.

For further information Visit: Connaught Shares Freefall

(CD)

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