CTPartners defers filing annual report
1 April 2015
US-listed global executive search firm CTPartners has delayed the filing of its annual report, stating yesterday (31 March) that it expected to file by 15 April 2015.
Wed, 01 Apr 2015US-listed global executive search firm CTPartners has delayed the filing of its annual report, stating yesterday (31 March) that it expected to file by 15 April 2015.
A statement on the firm’s website said this was due to discussions with “an institutional lender” in connection with second-lien financing and with investment bank JP Morgan in connection with an amendment to its existing credit facility.
The outcomes of those discussions could affect information contained in the annual report.
The company also expected to announce its fourth-quarter and full-year 2014 financial results by the extended deadline. The company previously said its Q4 results would be announced on 31 March.
As a consequence of the delayed filing, Brian Sullivan will continue to serve as chief executive until the report has been filed.
As Recruiter previously reported, Sullivan was due to step down on 2 April with Sylvain Dhenin taking over. Dhenin will now take over as soon as the report has been filed.
Sullivan will leave his position as chairman of the board of directors on 2 April, as previously announced.
Michael Feiner, an independent director, has agreed to serve as interim chairman of the board.
The statement also mentioned the special committee of the board, formed in February to review “strategic alternatives”, had been “working actively with its advisors”.
No further information was available.
A statement released on 24 February said the special committee was formed of independent directors to review strategic alternatives, including an unsolicited, non-binding proposal from DHR International, also an executive search firm, to acquire all outstanding shares of CTPartners.
A statement on the firm’s website said this was due to discussions with “an institutional lender” in connection with second-lien financing and with investment bank JP Morgan in connection with an amendment to its existing credit facility.
The outcomes of those discussions could affect information contained in the annual report.
The company also expected to announce its fourth-quarter and full-year 2014 financial results by the extended deadline. The company previously said its Q4 results would be announced on 31 March.
As a consequence of the delayed filing, Brian Sullivan will continue to serve as chief executive until the report has been filed.
As Recruiter previously reported, Sullivan was due to step down on 2 April with Sylvain Dhenin taking over. Dhenin will now take over as soon as the report has been filed.
Sullivan will leave his position as chairman of the board of directors on 2 April, as previously announced.
Michael Feiner, an independent director, has agreed to serve as interim chairman of the board.
The statement also mentioned the special committee of the board, formed in February to review “strategic alternatives”, had been “working actively with its advisors”.
No further information was available.
A statement released on 24 February said the special committee was formed of independent directors to review strategic alternatives, including an unsolicited, non-binding proposal from DHR International, also an executive search firm, to acquire all outstanding shares of CTPartners.
