An organization owned by the funding agency Intermediate Capital Group (ICG) is plotting a raid on the information analytics arm of MJ Hudson, the stricken London-listed asset administration providers supplier.
Sky News understands that With Intelligence is among the many events which tabled gives this week for elements of MJ Hudson, which has been compelled to droop its shares amid a probe into its accounts.
With Intelligence, which is itself being put up on the market by ICG, specialises in offering data-led insights into the asset administration sector.
It was unclear on Thursday what value it is perhaps ready to pay for the MJ Hudson unit.
MJ Hudson confirmed in a press release final month that it had “received a number of inbound indications of interest for certain divisions of the business and has engaged advisers Alvarez & Marsal to look at a potential sale of one or a number of its business lines”.
The firm has parachuted in an interim finance chief following the announcement that it had suspended Peter Connell, the previous chief monetary officer.
MJ Hudson, which floated on London’s junior inventory market on the day of the 2019 common election, is an asset administration consultancy which advises on points equivalent to sustainability and serving to shoppers to benchmark themselves in opposition to their rivals.
In December, it introduced that its shares have been being suspended after being made “aware of…issues, including in relation to the reporting of historical trading of the business in relation to [fiscal year] 2022, the full impact of which is unclear”.
The firm had already warned traders in October that it was in discussions with its auditors about changes to its full-year figures.
It added extra lately that it had additionally appointed an exterior accounting advisers to help it “in achieving the necessary clarity to enable the year end FY 2022 reporting to be completed”.
MJ Hudson’s shares have been suspended at 13.13p, leaving it with a market worth of simply £26.7m – down two-thirds on a 12 months earlier.
ICG declined to remark.
Source: information.sky.com”