Good morning everyone!

Thanks to Paul for manning the fort here so incredibly well, while I've been busy with some other projects.

In terms of my own portfolio, the most interesting development recently was the small acquisition by Volvere (LON:VLE) - which I think looks promising.

On the RNS feed today we have:

Finished at 2pm.


Staffline (LON:STAF)

  • Share price: 46.5p (pre-market)
  • No. of shares: 69 million
  • Market cap: £32 million

Resignation of CEO

Paul covered Staffline's profit warning on 31 January. The industrial recruitment company's CEO has now tendered his resignation.

It sounds like he is jumping of his own accord, but as ever we don't know what sort of pressure he was under from the Boad.

I note that Staffline's CFO jumped ship in December. A Director who was also Chair of the Audit Committee left in January. And now the CEO.

As a reminder. Staffline has had serious financial and accounting problems.

Last year, PWC resigned from its position as auditor to the company. In giving reasons for its decision to resign, as it is legally obliged to, it merely cited the company's 2018 audit report, without being any more specific than that.

If you ever find yourself with more time on your hands than you can put to good use, check out Staffline's audit report from 2018. It's a classic example of a disastrous audit report - it has everything from a warning about the company's ability to continue as a going concern, to anonymous whistleblower accusations of wrongdoing, goodwill impairment and breach of national minimum wage legislation.

In the midst of this horror show, PWC disclosed that there were "failures by management to fully disclose to us and to account for certain…

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