FSA drops inquiry into Adamind

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The Independent Online

The Financial Services Authority has discontinued an inquiry into the former mobile phone services provider Adamind after first confirming the company was under investigation six months ago.

The investigation was focused on a profit warning the company made in June 2006 and whether or not the statement was made in a "timely fashion". An offer was subsequently made for the company by its rival Mobixell which did not lead to a formal bid.

Adamind, which has sold off all of its operations and is now a cash shell, plans to return its surplus capital, approximately $25m, to shareholders as soon as is "legally feasible".

Adamind shares, which were trading at more than 130p on the eve of the FSA investigation, rallied 1.25p to close at 26p.

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