Podia examines TMG 'irregularities'

Podia, one of the leading F1 marketing companies, has begun an internal inquiry into "certain irregularities" in its TMG subsidiary. Podia shares were suspended yesterday on the Alternative Investment Market (AIM) after the company revealed that it was examining the financial and trading activities of TMG, which handles merchandising and marketing for the Jaguar, Williams, Jordan, BAR and Arrows F1 teams. Click on the link for a Podia statement

Podia examines TMG 'irregularities'

Podia released this statement:

In the light of press speculation which has followed this morning's announcement, the Podia board wishes to confirm that the primary focus of the current investigation is its TMG UK subsidiary, and that it is not presently aware of any irregularity relating to either its Event Vision or Jardine subsidiaries. The primary area being examined relates to the financial and trading activities of TMG UK in respect of the period from June 30 this year. It is hoped that a further announcement reporting on progress of the current enquiry in relation to TMG will be forthcoming in the next few days."

Podia's other interests include the PR firm formerly owned by F1 commentator Tony Jardine, which the company bought earlier this year for £1.5m, and Event Vision, the grand prix hospitality business, which organises the sport's pre-race balls in Monaco and Silverstone, bought last year for £13.5m.

Podia was formed in February 2001 from a reverse takeover by TMG of e-comsport, the troubled online sports company chaired by Sir Richard Greenbury, the former Marks & Spencer chief. In July the group reported interim pre-tax profits of £707,000 comapred with losses of £1.2m the year before. Shares in the company rose from 12p in February 2001 to 39p last December. The company's shares have slipped to yesterday's suspension price of 19p, which values the company at £12.2m.

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