Vanco Plc requested on Tuesday that the Financial Services Authority suspend trading in its securities pending clarification of its financial position.
The virtual communications company said that it was undertaking a review of its balance sheet and that further provisions against the carrying value of certain assets were expected.
Vanco also said that the profitability of the business for the year ended 31 January 2008 was being reviewed and could be subject to revision. As a result Vanco said it was not able to update the market accurately on its financial results, as it is required to do.
The company said that it would be making a further announcement in due course.
Vanco also announced a change of leadership. Allen Timpany chief executive officer and company founder resigned on Tuesday with immediate effect.
Andrew Coppel, the former chief executive of Jockey Club Racecourses and Queens
Moat Houses Plc, was appointed as chief restructuring officer.