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Blue Oar, now Astaire, fined 225,000 by LSE for breaching Aim regulations

STOCKBROKER Blue Oar Securities, which recently changed its name to Astaire, was yesterday hit with a &pound;225,000 fine from the London Stock Exchange (LSE) and publicly censured for breaching the Aim market rules.<br /><br />The LSE said Blue Oar failed in its duty as a nominated adviser (Nomad) to Worthington Nicholls, now called Managed Support Services, for over a year between 2006 and 2007. It said Blue Oar did not adequately assess the firm&rsquo;s appropriateness for Aim prior to admission and that it did not carry out appropriate due diligence or advise the firm properly on certain issues at and after admission.<br /><br />In December 2007, following a lengthy accounting investigation, Worthington Nicholls said asset writedowns would be more than double what it had been expecting.<br /><br />Astaire said it welcomed the conclusion of the matter and reiterated that none of the executives involved remain employed by the company.<br /><br />The firm rebranded under the 49-year-old Astaire name last week as part of a restructuring under new chief executive Edward Vandyk.