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Quest Capital : (QCC.L) AIM and (QC.t) Canada


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Quest Capital shares hit new low on restated financials


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Friday, August 10, 2007, 03:53 PM

Canadian based, Quest Capital Corporation (AIM:QCC)issued restated financial statements for the Year Ending December 2006 and for the quarter ending March 2007.


Management identified an accounting error related tax planning by its wholly owned U.S. subsidiary Viceroy Gold. Accordingly the company made an adjustment to its 2006 accounts totalling US$4.2 million to take into account taxes for the period from 2000 to 2003.


Subsequently the company made an additional and related adjustment of US1.3 million to the accounts for the quarter ending March 2007.


Quest Capital aims to become Canada‘s largest non-bank, asset-backed lender to the commercial, industrial and resource sectors. Yesterday the company announced its financial results for the quarter to the end of June and the payment of a dividend of CAD$0.025 per share to be paid on September 26th.


The company's shares dropped 15p (11.32%) to 117.5p on today's news.


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