LONDON, March 16 (Reuters) - Close Brothers' shares tumbled 15% on Monday after short seller Viceroy Research posted a report on its website saying it was short the British financial services firm.
Close Brothers' Shares Tumble 15% After Short Seller Report and Official Response
Market Reaction and Company Response
Immediate Share Price Impact
LONDON, March 16 (Reuters) - Close Brothers' shares tumbled 15% on Monday after short seller Viceroy Research posted a report on its website saying it was short the British financial services firm.
Company's Official Statement
Disagreement with Short Seller Claims
Close Brothers said it "strongly disagrees" with the report, which focuses on the company's provisioning approach for motor finance commissions and the resulting impact on its capital position.
Compliance and Governance
The firm added that its provisioning in relation to the matter complies with UK-adopted international accounting standards and follows a "robust" governance process.
Upcoming Financial Results
Half-Year Results Announcement
Close Brothers is scheduled to report half-year results for the six months to January 31, on March 17.
Reporting Team
(Reporting by Samuel Indyk, Alun John and Aatrayee ChatterjeeEditing by Tomasz Janowski and Alan Barona)
