THE stock market comeback plans of Robert Bonnier, the enfant terrible of the dot-com era, lay in tatters yesterday after he abruptly quit his listed vehicle, Future Internet Technologies (FIT).

The departure follows a London Stock Exchange inquiry into his suitability to head a listed company in the wake of a £290,000 fine from the Financial Services Authority for market abuse.

FIT, a telecoms company, announced that Mr Bonnier had left the company and that a planned £50 million placing to bankroll his ambitious plans, unveiled in March, had been shelved.

Friends of Mr Bonnier said yesterday that he had quit because of a change of strategy at FIT and not because of any pressure from the Exchange, which regulates AIM-listed companies. However, it is understood that some Exchange officials were deeply unhappy with the elevation of Mr Bonnier to run an AIM- listed company, concerned that it could bring the junior market into disrepute. Those concerns were communicated to the nominated advisers (nomads) to FIT.

Mr Bonnier’s exit comes only a month after FIT’s old nomad Insinger de Beaufort was replaced by Deloitte Corporate Finance, without explanation. Exchange officials had been disappointed that Insinger failed to consult them before allowing Mr Bonnier to lead the company.

An Exchange spokeswoman declined to comment on Mr Bonnier’s specific case yesterday, but said: “Ultimately, it is the nomad’s responsibility to ensure that a company is suitable for listing on AIM on an ongoing basis and that the directors are suitable.”

Nomads that fail to uphold AIM rules can be publicly censured and persistent offenders can have their licence to float companies revoked.

In a complex restructuring outlined yesterday, FIT is handing its consumer-serving businesses plus £100,000 to Mr Bonnier, who is assuming £3 million of their existing liabilities. FIT stands to receive up to £15 million in deferred consideration.

Mr Bonnier is also being allowed to exercise five million warrants convertible into ordinary shares at 12p. Their value is impossible to judge because FIT shares have been suspended since March. He still owns a 20 per cent stake in FIT and other warrants.

The company has also won a three-month extension to the normal six-month deadline at which suspended AIM companies face delisting. FIT said that it envisaged sending a circular to shareholders on or around December 15.

Paul Gratton, the former chief executive of the online bank Egg, who was appointed chairman of FIT in June, has assumed the role of acting chief executive.

John Morley, the former chairman, a strong ally of Mr Bonnier, who stepped down to non-executive director in June, has quit the board completely.

Tom Casaer, a former Microsoft executive, has been hired as a non-executive director.

With the disposal of its consumer-serving businesses, FIT aims to concentrate on business-to-business operations.

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