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Wealth firm plunges 32% as founder exits on funding worries

by Robert St George on May 08, 2014 at 13:58

Wealth firm plunges 32% as founder exits on funding worries

Nitin Parekh has resigned as chief executive of Hume Capital, the investment firm he founded in 2007, with immediate effect.

Parekh has been succeeded on an interim basis by Hume non-executive director Jonathan Freeman (pictured), the founder of Ashcourt Rowan.

Hume also revealed that it was currently undertaking a review of its financial resources to ensure they were ‘adequate to fund the business for the foreseeable future’.

To that end, Hume confirmed that it was in ‘advanced discussions with a group of investors who have indicated that they are willing to provide funding into the company should this be necessary in either the short or medium term’.

Last month Hume, which rebranded from Xcap Securities earlier this year, suddenly closed its market-making business, explaining that it would focus on higher-margin activities.

Hume made that announcement on Haydale Graphene’s first day of trading, despite having acted as the company’s broker.

The move prompted speculation about Haydale Graphene suing Hume, forcing the company to state publicly that it had ‘no current intention of pursuing any such legal action’.

At its most recent results, Hume reported a pre-tax loss of £3.7 million for the year ended 31 August 2013; it lost £4.5 million in the prior year.

On today’s news Hume’s share price plunged by 32% to stand at 0.13p at 1.50pm.

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