The issue arose after MHA used an independent expert during the FY25 audit to verify valuations of film rights, which British & American Investment Trust plc (BAIT) described as ‘unnecessary’.

The company confirmed the resignation of MHA as statutory auditors to the company with effect from 5 June 2026, saying the board was ‘surprised by MHA’s sudden and unexpected decision to resign’.

The resignation of AIM-listed MHA followed the completion of the firm’s audit in April of the company’s results for year end 31 December 2025, which ‘received an unqualified audit opinion’.

The trust is made of up four entities, the overarching investment trust, two holding holdings, and a film investment company.