19 May 2010 UPDATE:

Rakesh Patel and Kirti Patel have decided to step down from active management of Goldshield to focus on other business interests. They remain significant shareholders in the business.  The board wishes to thank them for their considerable efforts in building the business to the success it is today and looks forward to working with them as shareholders.

The board is delighted to announce that John Beighton will take over as CEO with immediate effect.  John has considerable experience as the previous UK MD of Teva.  John is joined by a new Chairman, Richard Connell.  Richard has extensive financial and commercial experience as a private equity chairman.

 
5 May 2010 UPDATE:

Following its announcement regarding Goldshield Group on 2 March 2010, HgCapital LLP is pleased to report that the investigation into the integrity of Goldshield Group Limited’s financial accounting has been completed and the company’s board has decided that there is no basis for further action regarding the company’s management.

London, 2 March, 2010:
HgCapital LLP (“HgCapital”), the sector focused European mid market private equity firm wishes to update the market with regard to its recent investment in Goldshield Group plc (“Goldshield”) completed on 29 December 2009, in accordance with the Walker Guidelines.

In the course of its normal review of any new investment’s financial reporting systems, HgCapital discovered evidence suggesting that Goldshield may have understated its reported profits over a number of years, whilst it was a listed company, and prior to its acquisition by Midas Bidco (“Midas”), a new company financed by HgCapital.

HgCapital takes the integrity of financial reporting very seriously and, together with the board of Midas, is taking all appropriate action and will resolve this matter expeditiously.

Goldshield is trading ahead of prior year and at least in line with its investment plan. In accordance with its normal and consistent application of the IPEV guidelines, HgCapital currently has no reason to believe that any adjustment to the book value of this investment is necessary for its clients.

Contacts:

HgCapital 
Ian Armitage (Chairman, HgCapital) Tel: +44 (0) 207 089 7979
 
Maitland 
Neil Bennett
Rowan Brown                                  Tel: +44 (0) 207 379 5151