CSS Stellar PLC
25 October 2007
CSS STELLAR PLC
TRADING UPDATE
CSS Stellar plc ('the Company') today provides an update to shareholders on the
progress at its wholly owned subsidiary the Peters Fraser & Dunlop Group Limited
('PFD').
Since the Company's interim announcement, published on 28 September 2007, PFD
has been in discussions with numerous established talent agents eager to join
the firm. PFD is now pleased to confirm that it is recruiting new agents to
strengthen its team of dedicated and talented agents and assistants.
Over the last few weeks, the Company has been investigating apparent
inconsistencies in the payment of commissions and bonuses to certain employees
in recent months. The Company has now decided that this investigation should be
widened to include the period beginning 1 January 2005. This investigation will
be handled independently by external accountants.
When the investigation is complete, the Company will decide on the appropriate
means available to it to recover any monies wrongly paid. Following the
dismissal of the two joint managing directors of PFD in September, a further
eleven employees (some of whom were previously directors of PFD) have been
dismissed.
Group trading remains in line with comments made in the interim announcement,
and Management remains confident that underlying businesses provide a sound base
for future growth.
- Ends-
For further information please contact:
CSS Stellar
David Buchler, Chairman Tel: 020 7647 9903
Bell Pottinger
Piers Pottinger/ Andrew Benbow Tel: 020 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
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