The asset management consulting firm, whose shares were banned last month due to alleged accounting problems, has engaged consultants to solicit interest in its divisions.
A troubled financial services company whose shares have been suspended due to alleged accounting irregularities will report this week that it has received takeover offers for portions of its firm.
MJ Hudson, which went public on London’s junior stock exchange on the day of the 2019 general election. Would declare on Monday that it has hired City advisors to evaluate the proposals.
According to sources, there were “many” approaches for sections of MJ Hudson, but none for the full organization.
Alvarez & Marsal has been hired to supervise the upcoming sales.
MJ Hudson touts itself as an asset management consulting firm that advises clients on topics. Such as sustainability and competitive benchmarking.
It notified the suspension of its shares in December after being made “aware of… problems. Notably regarding the reporting of past trade of the business about [fiscal year] 2022, the full impact of which is unknown.”
It also stated that its finance director, Peter Connell, had been suspended.
The company had previously warned investors in October that it was in discussions with its auditors regarding adjustments to its full-year figures, but added last month that it had also hired external accounting advisers to help it “achieve the necessary clarity to complete the year-end FY 2022 reporting.”
Shares of MJ Hudson were stopped at 13.13p. Leaving the company with a market value of £26.7m, down two-thirds from a year ago.
This weekend, the identities of the potential buyers for its various divisions were unknown.
The MJ Hudson spokesperson declined to comment.
