Shares in Camkids, the Aim-quoted Chinese children’s clothing company, were suspended yesterday after the company’s nominated adviser in London resigned abruptly saying it would no longer act for the company.
Two directors simultaneously resigned from the board over plans to hand most of the company’s cash to three distributors.
This summer the company announced that it would cancel three distribution deals because of difficult trading conditions. It added that it intended to buy back inventory worth about ￡28.5m, or Rmb285m, from the distributors to sell it on at a discount. The deal would use up almost all of Camkids’ cash, estimated to be worth about 57p a share.
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